Marshall Wace LLP Cuts Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Marshall Wace LLP cut its holdings in Prudential Financial, Inc. (NYSE:PRU) by 98.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,400 shares of the financial services provider’s stock after selling 150,174 shares during the quarter. Marshall Wace LLP’s holdings in Prudential Financial were worth $281,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Prudential Financial by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after purchasing an additional 5,154,865 shares during the period. Swedbank AB purchased a new position in Prudential Financial in the first quarter worth about $35,855,000. OFI Invest Asset Management grew its position in Prudential Financial by 10,529.7% in the second quarter. OFI Invest Asset Management now owns 155,513 shares of the financial services provider’s stock worth $17,004,000 after acquiring an additional 154,050 shares in the last quarter. Cullinan Associates Inc. lifted its stake in Prudential Financial by 2,355.0% in the first quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock worth $17,798,000 after purchasing an additional 145,423 shares during the last quarter. Finally, Natixis raised its stake in shares of Prudential Financial by 815.4% during the first quarter. Natixis now owns 129,959 shares of the financial services provider’s stock valued at $15,257,000 after acquiring an additional 115,762 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Citigroup upped their target price on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Barclays started coverage on shares of Prudential Financial in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $118.00 price target on the stock. Argus raised shares of Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Finally, Jefferies Financial Group decreased their price target on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Prudential Financial presently has an average rating of “Hold” and a consensus target price of $123.69.

Prudential Financial Price Performance

Prudential Financial stock opened at $123.72 on Friday. The stock has a market cap of $44.42 billion, a P/E ratio of 21.04, a price-to-earnings-growth ratio of 0.97 and a beta of 1.30. The company has a fifty day simple moving average of $116.93 and a 200-day simple moving average of $117.14. Prudential Financial, Inc. has a 12-month low of $87.95 and a 12-month high of $128.52. The company has a current ratio of 0.13, a quick 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 EPS for the quarter, missing the consensus estimate of $3.43 by ($0.04). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The company had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Equities analysts expect that Prudential Financial, Inc. will post 13.28 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were paid a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.20%. Prudential Financial’s dividend payout ratio (DPR) is 88.44%.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were purchased at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the acquisition, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Caroline Feeney sold 1,110 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The shares were bought at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the transaction, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.31% of the stock is owned by insiders.

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.