State of Michigan Retirement System Sells 1,100 Shares of Prudential Financial, Inc. (NYSE:PRU)

State of Michigan Retirement System lowered its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 106,355 shares of the financial services provider’s stock after selling 1,100 shares during the period. State of Michigan Retirement System’s holdings in Prudential Financial were worth $12,464,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Callan Family Office LLC purchased a new stake in shares of Prudential Financial in the 2nd quarter valued at about $211,000. Verdence Capital Advisors LLC lifted its position in Prudential Financial by 6.1% during the second quarter. Verdence Capital Advisors LLC now owns 2,453 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 141 shares during the last quarter. AlphaCentric Advisors LLC purchased a new position in Prudential Financial in the 2nd quarter worth approximately $80,000. TFG Advisers LLC increased its holdings in shares of Prudential Financial by 3.2% in the 2nd quarter. TFG Advisers LLC now owns 15,555 shares of the financial services provider’s stock worth $1,823,000 after buying an additional 477 shares during the last quarter. Finally, Raymond James Trust N.A. raised its position in shares of Prudential Financial by 1.1% during the 2nd quarter. Raymond James Trust N.A. now owns 8,117 shares of the financial services provider’s stock valued at $951,000 after buying an additional 87 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of Prudential Financial stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Prudential Financial news, EVP Ann M. Kappler sold 2,839 shares of the firm’s 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 completion of the transaction, the executive vice president now owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of Prudential Financial stock in a transaction dated Thursday, June 20th. The stock was acquired at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the transaction, the insider now directly owns 3,883,390 shares in the company, valued at $107,065,062.30. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by company insiders.

Prudential Financial Price Performance

Shares of Prudential Financial stock opened at $117.98 on Tuesday. The company’s fifty day simple moving average is $117.87 and its two-hundred day simple moving average is $114.98. Prudential Financial, Inc. has a 12-month low of $87.95 and a 12-month high of $128.52. The firm has a market cap of $42.35 billion, a PE ratio of 20.07, a price-to-earnings-growth ratio of 0.89 and a beta of 1.34. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The business had revenue of $13.84 billion for the quarter, compared to analysts’ expectations of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. As a group, equities analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 20th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date of this dividend is Tuesday, August 20th. Prudential Financial’s payout ratio is 88.44%.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Jefferies Financial Group cut their target price on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research report on Friday, June 28th. UBS Group increased their price objective on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Citigroup boosted their target price on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Morgan Stanley reduced their price target on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Finally, Wells Fargo & Company upgraded shares of Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price objective for the company in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $119.33.

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.