The Manufacturers Life Insurance Company Has $26.01 Million Stake in Prudential Financial, Inc. (NYSE:PRU)

The Manufacturers Life Insurance Company lowered its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 2.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,812 shares of the financial services provider's stock after selling 5,600 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Prudential Financial worth $26,014,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Lynx Investment Advisory acquired a new position in Prudential Financial during the 2nd quarter worth about $29,000. Ashton Thomas Securities LLC bought a new stake in shares of Prudential Financial during the third quarter valued at approximately $31,000. Strategic Financial Concepts LLC increased its holdings in shares of Prudential Financial by 1,312.4% in the second quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 25,027 shares in the last quarter. Bank & Trust Co acquired a new position in Prudential Financial during the 2nd quarter worth $37,000. Finally, Hobbs Group Advisors LLC bought a new position in Prudential Financial in the 2nd quarter valued at $38,000. 56.83% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the business's stock in a transaction on Monday, November 25th. The shares were purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the transaction, the insider now directly owns 4,780,293 shares of the company's stock, valued at $133,465,780.56. This represents a 12.66 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares of the company's stock, valued at approximately $1,220,694.75. This represents a 9.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company's stock.

Prudential Financial Trading Down 0.1 %

NYSE:PRU traded down $0.11 on Friday, reaching $129.41. The company's stock had a trading volume of 781,112 shares, compared to its average volume of 1,621,168. Prudential Financial, Inc. has a 1-year low of $96.45 and a 1-year high of $130.55. The business's 50-day moving average price is $124.24 and its two-hundred day moving average price is $120.12. The firm has a market cap of $46.07 billion, a PE ratio of 11.50, a PEG ratio of 0.93 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14.

Prudential Financial (NYSE:PRU - Get Free Report) last posted 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 period in the prior year, the business earned $3.44 EPS. Equities research analysts anticipate that Prudential Financial, Inc. will post 13.35 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial's payout ratio is presently 46.22%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PRU. Piper Sandler boosted their target price on Prudential Financial from $121.00 to $127.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 2nd. TD Cowen upped their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the company a "hold" rating in a research report on Wednesday. Argus upgraded shares of Prudential Financial to a "strong-buy" rating in a research report on Thursday, August 8th. Wells Fargo & Company boosted their price target on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Finally, UBS Group raised 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 research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Prudential Financial currently has an average rating of "Hold" and an average price target of $125.92.

Prudential Financial Company 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.