Kentucky Retirement Systems Insurance Trust Fund Decreases Position in Prudential Financial, Inc. (NYSE:PRU)

Kentucky Retirement Systems Insurance Trust Fund trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 8.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,570 shares of the financial services provider’s stock after selling 1,009 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Prudential Financial were worth $1,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. National Bank of Canada FI grew its stake in shares of Prudential Financial by 44.9% during the first quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider’s stock worth $27,327,000 after acquiring an additional 71,274 shares during the last quarter. ORG Partners LLC purchased a new stake in Prudential Financial during the 2nd quarter worth approximately $156,000. PGGM Investments increased its stake in Prudential Financial by 98.0% during the 2nd quarter. PGGM Investments now owns 64,277 shares of the financial services provider’s stock valued at $7,533,000 after purchasing an additional 31,807 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Prudential Financial by 12.9% during the first quarter. Sei Investments Co. now owns 57,853 shares of the financial services provider’s stock worth $6,791,000 after buying an additional 6,609 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in shares of Prudential Financial by 49.5% during the first quarter. Janus Henderson Group PLC now owns 80,148 shares of the financial services provider’s stock valued at $9,409,000 after buying an additional 26,520 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction 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 sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. The trade was a 9.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total transaction of $322,027.77. Following the completion of the sale, the executive vice president now owns 14,535 shares of the company’s stock, valued at $1,648,705.05. This trade represents a 16.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and lifted their price target for the stock from $117.00 to $140.00 in a research report on Thursday. Wells Fargo & Company upped their target price on Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $121.00 price target on shares of Prudential Financial in a research report on Wednesday, August 21st. Piper Sandler upped 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. Finally, Argus upgraded shares of Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Eleven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $125.69.

Prudential Financial Price Performance

NYSE:PRU opened at $127.41 on Friday. The stock has a market capitalization of $45.36 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. Prudential Financial, Inc. has a 52 week low of $93.32 and a 52 week high of $129.13. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The stock’s 50-day moving average price is $122.20 and its 200-day moving average price is $119.28.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The business had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. During the same period in the previous year, the business earned $3.44 earnings per share. As a group, equities analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.08%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s payout ratio is 46.22%.

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.