Advisors Asset Management Inc. Lowers Stake in Prudential Financial, Inc. (NYSE:PRU)

Advisors Asset Management Inc. lowered its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 17.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,046 shares of the financial services provider's stock after selling 9,673 shares during the quarter. Advisors Asset Management Inc.'s holdings in Prudential Financial were worth $5,576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Legal & General Group Plc raised its position in shares of Prudential Financial by 9.4% during the second quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider's stock worth $415,134,000 after acquiring an additional 305,143 shares during the last quarter. abrdn plc raised its holdings in Prudential Financial by 4.0% during the 3rd quarter. abrdn plc now owns 1,309,155 shares of the financial services provider's stock worth $158,120,000 after purchasing an additional 50,026 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Prudential Financial by 4,130.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider's stock worth $157,219,000 after purchasing an additional 1,267,571 shares during the period. AustralianSuper Pty Ltd increased its position in shares of Prudential Financial by 2.3% during the third quarter. AustralianSuper Pty Ltd now owns 1,265,996 shares of the financial services provider's stock worth $153,312,000 after buying an additional 28,459 shares during the period. Finally, Swiss National Bank boosted its position in Prudential Financial by 0.3% during the third quarter. Swiss National Bank now owns 1,065,600 shares of the financial services provider's stock valued at $129,044,000 after acquiring an additional 2,700 shares during the last quarter. Institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Performance

Shares of PRU stock traded up $1.63 during trading on Friday, hitting $127.89. The company's stock had a trading volume of 1,006,278 shares, compared to its average volume of 1,499,722. The business has a fifty day moving average of $123.06 and a 200-day moving average of $119.61. The company has a market cap of $45.53 billion, a PE ratio of 11.22, a P/E/G ratio of 0.89 and a beta of 1.29. Prudential Financial, Inc. has a 52 week low of $94.92 and a 52 week high of $129.13. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping analysts' consensus estimates of $3.47 by $0.01. The company had revenue of $19.48 billion for the quarter, compared to analysts' expectations of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same period in the previous year, the business posted $3.44 EPS. As a group, research analysts anticipate that Prudential Financial, Inc. will post 13.33 earnings per share for the current year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.07%. The ex-dividend date is Tuesday, November 19th. Prudential Financial's dividend payout ratio (DPR) is 46.22%.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of Prudential Financial stock in a transaction dated Tuesday, October 8th. The stock was bought at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the transaction, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This trade represents a 6.61 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. This trade represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Morgan Stanley lowered their target price on Prudential Financial from $123.00 to $122.00 and set an "equal weight" rating for the company in a report on Monday, August 19th. Argus upgraded shares of Prudential Financial to a "strong-buy" rating in a report on Thursday, August 8th. Barclays boosted their target price on Prudential Financial from $118.00 to $119.00 and gave the company an "equal weight" rating in a research report on Friday, November 1st. Wells Fargo & Company raised their price objective on Prudential Financial from $116.00 to $117.00 and gave the company an "equal weight" rating in a research note on Tuesday, November 5th. Finally, TD Cowen started coverage on Prudential Financial in a report on Wednesday, October 9th. They issued a "hold" rating and a $130.00 target price on the stock. Eleven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Prudential Financial presently has a consensus rating of "Hold" and an average price target of $125.69.

Prudential Financial Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.