Resona Asset Management Co. Ltd. Trims Holdings in Prudential Financial, Inc. $PRU

Resona Asset Management Co. Ltd. reduced its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 115,929 shares of the financial services provider’s stock after selling 5,805 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Prudential Financial were worth $12,028,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mattson Financial Services LLC raised its stake in shares of Prudential Financial by 312.8% during the third quarter. Mattson Financial Services LLC now owns 12,119 shares of the financial services provider’s stock worth $1,257,000 after purchasing an additional 9,183 shares during the last quarter. First Horizon Corp acquired a new position in Prudential Financial in the 3rd quarter valued at $5,856,000. Econ Financial Services Corp purchased a new position in Prudential Financial during the 2nd quarter worth $1,662,000. Capital Advisors Inc. OK lifted its stake in shares of Prudential Financial by 28.4% in the 3rd quarter. Capital Advisors Inc. OK now owns 384,404 shares of the financial services provider’s stock worth $39,878,000 after acquiring an additional 85,072 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of Prudential Financial by 31.9% in the third quarter. Oregon Public Employees Retirement Fund now owns 40,254 shares of the financial services provider’s stock valued at $4,176,000 after acquiring an additional 9,741 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRU has been the subject of a number of recent analyst reports. Mizuho assumed coverage on shares of Prudential Financial in a research report on Tuesday, December 16th. They issued a “neutral” rating and a $125.00 price objective for the company. Wall Street Zen cut Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Piper Sandler upped their price objective on Prudential Financial from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, December 23rd. Weiss Ratings raised Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Finally, UBS Group upped their price target on shares of Prudential Financial from $111.00 to $116.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $120.78.

Prudential Financial Stock Down 1.1%

Prudential Financial stock opened at $107.60 on Monday. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $123.88. The firm has a market capitalization 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 stock’s fifty day moving average is $112.29 and its two-hundred day moving average is $107.24. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $4.26 EPS for the quarter, topping the consensus estimate of $3.72 by $0.54. Prudential Financial had a net margin of 4.65% and a return on equity of 16.60%. The business had revenue of $17.89 billion for the quarter, compared to analyst estimates of $13.77 billion. During the same period in the previous year, the firm earned $3.48 EPS. Analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Tuesday, November 18th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend was Tuesday, November 18th. Prudential Financial’s dividend payout ratio (DPR) is 74.18%.

Insider Buying and Selling

In related news, SVP Timothy L. Schmidt sold 8,000 shares of Prudential Financial stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $107.69, for a total transaction of $861,520.00. Following the completion of the transaction, the senior vice president directly owned 11,535 shares in the company, valued at $1,242,204.15. The trade was a 40.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Charles F. Lowrey sold 48,164 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $107.39, for a total value of $5,172,331.96. Following the sale, the chairman owned 165,564 shares in the company, valued at approximately $17,779,917.96. This trade represents a 22.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 62,719 shares of company stock worth $6,796,067 in the last ninety days. Insiders own 0.25% of the company’s stock.

Prudential Financial Profile

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.