Saudi Central Bank Increases Stock Position in Prudential Financial, Inc. $PRU

Saudi Central Bank lifted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 88.5% in the second quarter, HoldingsChannel reports. The firm owned 24,347 shares of the financial services provider’s stock after acquiring an additional 11,428 shares during the period. Saudi Central Bank’s holdings in Prudential Financial were worth $2,628,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of PRU. Jessup Wealth Management Inc acquired a new stake in Prudential Financial during the 4th quarter valued at $25,000. Archer Investment Corp acquired a new position in shares of Prudential Financial in the second quarter worth $26,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Prudential Financial in the fourth quarter valued at $26,000. SJS Investment Consulting Inc. increased its position in Prudential Financial by 93.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 134 shares in the last quarter. Finally, Basepoint Wealth LLC acquired a new position in Prudential Financial in the 4th quarter valued at about $30,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the sale, the insider owned 7,973,657 shares of the company’s stock, valued at $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann Kappler sold 7,652 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the sale, the executive vice president owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on PRU. Wall Street Zen raised shares of Prudential Financial from a “hold” rating to a “buy” rating in a research note on Saturday, August 29th. Barclays upped their price objective on shares of Prudential Financial from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Tuesday, July 7th. Mizuho lifted their target price on shares of Prudential Financial from $101.00 to $109.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. TD Cowen boosted their price target on Prudential Financial from $102.00 to $114.00 and gave the company a “hold” rating in a report on Wednesday, July 22nd. Finally, Piper Sandler increased their price target on Prudential Financial from $110.00 to $128.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $109.31.

Prudential Financial Stock Up 0.0%

Shares of NYSE:PRU opened at $122.06 on Tuesday. The stock has a 50-day simple moving average of $119.43 and a 200-day simple moving average of $106.98. The stock has a market capitalization of $42.11 billion, a P/E ratio of 11.06, a PEG ratio of 1.84 and a beta of 0.83. Prudential Financial, Inc. has a 1 year low of $91.89 and a 1 year high of $127.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The firm had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.36 billion. During the same period in the previous year, the company posted $3.58 earnings per share. Equities analysts forecast that Prudential Financial, Inc. will post 14.51 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be given a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 annualized dividend and a yield of 4.6%. Prudential Financial’s dividend payout ratio (DPR) is 50.72%.

Prudential Financial Company 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.