Resona Asset Management Co. Ltd. Lowers Stake in Prudential Financial, Inc. $PRU

Resona Asset Management Co. Ltd. decreased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 115,929 shares of the financial services provider’s stock after selling 5,805 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Prudential Financial were worth $12,028,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRU. Darwin Wealth Management LLC purchased a new position in shares of Prudential Financial during the 2nd quarter worth $36,000. AlphaCore Capital LLC acquired a new position in Prudential Financial in the second quarter valued at $39,000. Capital A Wealth Management LLC lifted its position in Prudential Financial by 4,600.0% during the second quarter. Capital A Wealth Management LLC now owns 376 shares of the financial services provider’s stock worth $39,000 after buying an additional 368 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in Prudential Financial in the 2nd quarter worth about $51,000. Finally, Crews Bank & Trust grew its holdings in Prudential Financial by 36.4% in the 2nd quarter. Crews Bank & Trust now owns 547 shares of the financial services provider’s stock valued at $59,000 after buying an additional 146 shares during the period. 56.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PRU shares. UBS Group raised their target price on shares of Prudential Financial from $111.00 to $116.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Barclays decreased their price target on shares of Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their price objective on Prudential Financial from $117.00 to $118.00 and gave the stock a “market perform” rating in a report on Monday, November 3rd. Wall Street Zen cut Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, Mizuho initiated coverage on Prudential Financial in a research report on Tuesday, December 16th. They set a “neutral” rating and a $125.00 price target for the company. One equities research analyst has rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, Prudential Financial currently has an average rating of “Hold” and an average target price of $120.78.

Insider Activity

In related news, EVP Caroline Feeney sold 6,555 shares of Prudential Financial stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $116.28, for a total transaction of $762,215.40. Following the sale, the executive vice president owned 22,523 shares of the company’s stock, valued at $2,618,974.44. The trade was a 22.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Charles F. Lowrey sold 48,164 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $107.39, for a total transaction of $5,172,331.96. Following the completion of the transaction, the chairman directly owned 165,564 shares of the company’s stock, valued at approximately $17,779,917.96. The trade was a 22.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,719 shares of company stock worth $6,796,067 over the last 90 days. Company insiders own 0.25% of the company’s stock.

Prudential Financial Stock Down 1.1%

Shares of Prudential Financial stock opened at $107.60 on Monday. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $123.88. The stock has a market cap of $37.66 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 0.92 and a beta of 0.97. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. The company has a fifty day moving average price of $112.29 and a 200 day moving average price of $107.24.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $4.26 EPS for the quarter, topping analysts’ consensus estimates of $3.72 by $0.54. Prudential Financial had a return on equity of 16.60% and a net margin of 4.65%.The company had revenue of $17.89 billion for the quarter, compared to analysts’ expectations of $13.77 billion. During the same quarter in the previous year, the firm posted $3.48 earnings per share. Equities research analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date was Tuesday, November 18th. Prudential Financial’s dividend payout ratio is currently 74.18%.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.