Prudential Financial, Inc. (NYSE:PRU) Shares Sold by ING Groep NV

ING Groep NV reduced its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 60.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,439 shares of the financial services provider's stock after selling 26,411 shares during the period. ING Groep NV's holdings in Prudential Financial were worth $2,112,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Legal & General Group Plc boosted its position in 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 purchasing an additional 305,143 shares in the last quarter. abrdn plc grew its stake in Prudential Financial by 4.0% in the 3rd quarter. abrdn plc now owns 1,309,155 shares of the financial services provider's stock valued at $158,120,000 after acquiring an additional 50,026 shares during the last quarter. International Assets Investment Management LLC increased its holdings in Prudential Financial by 4,130.8% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider's stock valued at $157,219,000 after acquiring an additional 1,267,571 shares in the last quarter. AustralianSuper Pty Ltd lifted its holdings in shares of Prudential Financial by 2.3% in the third quarter. AustralianSuper Pty Ltd now owns 1,265,996 shares of the financial services provider's stock valued at $153,312,000 after purchasing an additional 28,459 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Prudential Financial by 8.8% in the second quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider's stock valued at $120,181,000 after purchasing an additional 82,620 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of Prudential Financial stock in a transaction dated Tuesday, October 8th. The shares were acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This trade represents a 6.61 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total transaction of $322,027.77. Following the sale, the executive vice president now directly owns 14,535 shares in the company, valued at $1,648,705.05. This trade represents a 16.34 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PRU has been the topic of a number of recent research reports. Morgan Stanley reduced their target price on Prudential Financial from $123.00 to $122.00 and set an "equal weight" rating on the stock in a research note on Monday, August 19th. Bank of America increased their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a "neutral" rating in a research note on Thursday, October 10th. Barclays upped their target price on shares of Prudential Financial from $118.00 to $119.00 and gave the company an "equal weight" rating in a report on Friday, November 1st. Evercore ISI upgraded shares of Prudential Financial from an "underperform" rating to an "inline" rating and lifted their price target for the stock from $117.00 to $140.00 in a report on Thursday. Finally, UBS Group upped their price objective on shares of Prudential Financial from $112.00 to $119.00 and gave the company a "neutral" rating in a research note on Tuesday, August 13th. Eleven equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $125.69.

Prudential Financial Price Performance

PRU stock opened at $127.41 on Friday. The company has a market cap of $45.36 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average price of $122.20 and a two-hundred day moving average price of $119.28. Prudential Financial, Inc. has a 12-month low of $93.32 and a 12-month high of $129.13.

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

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be issued a dividend of $1.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.08%. Prudential Financial's payout ratio is 46.22%.

About Prudential Financial

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.