Prudential Financial, Inc. (NYSE:PRU) Shares Sold by AIA Group Ltd

AIA Group Ltd decreased its holdings in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 54.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,379 shares of the financial services provider's stock after selling 23,205 shares during the quarter. AIA Group Ltd's holdings in Prudential Financial were worth $2,297,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. O Shaughnessy Asset Management LLC increased its position in Prudential Financial by 3.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 129,272 shares of the financial services provider's stock valued at $15,323,000 after acquiring an additional 4,232 shares during the last quarter. Allianz SE purchased a new stake in shares of Prudential Financial during the 4th quarter valued at about $195,000. Allstate Corp bought a new position in shares of Prudential Financial in the 4th quarter worth approximately $1,231,000. Maridea Wealth Management LLC bought a new stake in Prudential Financial during the fourth quarter valued at approximately $207,000. Finally, Brown Brothers Harriman & Co. increased its holdings in Prudential Financial by 7.0% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,506 shares of the financial services provider's stock valued at $179,000 after buying an additional 98 shares during the last quarter. Institutional investors own 56.83% of the company's stock.

Prudential Financial Price Performance

Shares of Prudential Financial stock traded down $7.55 during trading hours on Friday, reaching $97.24. The company's stock had a trading volume of 1,884,204 shares, compared to its average volume of 1,552,029. The firm has a 50 day moving average price of $112.45 and a 200-day moving average price of $118.78. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a market cap of $34.81 billion, a P/E ratio of 13.02, a P/E/G ratio of 0.98 and a beta of 1.28. Prudential Financial, Inc. has a one year low of $95.73 and a one year high of $130.55.

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Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. On average, analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were paid a dividend of $1.35 per share. The ex-dividend date was Tuesday, February 18th. This represents a $5.40 annualized dividend and a dividend yield of 5.55%. This is a positive change from Prudential Financial's previous quarterly dividend of $1.30. Prudential Financial's dividend payout ratio (DPR) is currently 72.29%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PRU. UBS Group cut their price objective on shares of Prudential Financial from $130.00 to $122.00 and set a "neutral" rating for the company in a research report on Wednesday. BMO Capital Markets started coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an "underperform" rating and a $101.00 price objective on the stock. Wells Fargo & Company increased their target price on shares of Prudential Financial from $113.00 to $118.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 19th. Piper Sandler lowered their price target on shares of Prudential Financial from $124.00 to $122.00 and set a "neutral" rating on the stock in a report on Wednesday. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Prudential Financial from $129.00 to $125.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $126.08.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the purchase, the insider now directly owns 87,047 shares of the company's stock, valued at $2,499,989.84. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the sale, the executive vice president now owns 27,072 shares in the company, valued at $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

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.