Penserra Capital Management LLC Trims Stake in Prudential Financial, Inc. (NYSE:PRU)

Penserra Capital Management LLC lowered its holdings in Prudential Financial, Inc. (NYSE:PRU) by 31.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,751 shares of the financial services provider’s stock after selling 822 shares during the quarter. Penserra Capital Management LLC’s holdings in Prudential Financial were worth $195,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. McGlone Suttner Wealth Management Inc. raised its position in Prudential Financial by 15.1% in the first quarter. McGlone Suttner Wealth Management Inc. now owns 7,763 shares of the financial services provider’s stock valued at $867,000 after purchasing an additional 1,020 shares during the period. Concurrent Investment Advisors LLC raised its holdings in shares of Prudential Financial by 8.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 14,516 shares of the financial services provider’s stock valued at $1,621,000 after buying an additional 1,151 shares during the period. Wayfinding Financial LLC purchased a new stake in shares of Prudential Financial in the 1st quarter valued at $181,000. Olde Wealth Management LLC purchased a new stake in shares of Prudential Financial in the 1st quarter valued at $42,000. Finally, Impax Asset Management Group plc raised its holdings in shares of Prudential Financial by 3.6% in the 1st quarter. Impax Asset Management Group plc now owns 8,224 shares of the financial services provider’s stock valued at $918,000 after buying an additional 283 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Down 1.3%

NYSE:PRU opened at $105.80 on Friday. The stock has a 50-day simple moving average of $105.23 and a 200-day simple moving average of $108.86. The stock has a market cap of $37.45 billion, a P/E ratio of 16.77, a P/E/G ratio of 1.01 and a beta of 1.07. Prudential Financial, Inc. has a 1 year low of $90.38 and a 1 year high of $130.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.11. The business had revenue of $13.61 billion during the quarter, compared to analysts’ expectations of $14.76 billion. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The business’s quarterly revenue was down 38.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.12 EPS. As a group, analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend was Tuesday, May 20th. Prudential Financial’s dividend payout ratio is presently 85.58%.

Analyst Upgrades and Downgrades

PRU has been the topic of several research analyst reports. Wall Street Zen downgraded Prudential Financial from a “hold” rating to a “sell” rating in a report on Saturday, July 5th. UBS Group cut their price objective on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, May 27th. Barclays boosted their price objective on Prudential Financial from $109.00 to $119.00 and gave the company an “equal weight” rating in a report on Monday, July 7th. Wells Fargo & Company boosted their target price on Prudential Financial from $113.00 to $116.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods lowered their target price on Prudential Financial from $120.00 to $117.00 and set a “market perform” rating for the company in a research note on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $122.15.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of Prudential Financial stock in a transaction on Monday, June 16th. The stock was purchased at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the purchase, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. The trade was a 112.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is currently owned by corporate 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.