Prudential Financial, Inc. (NYSE:PRU) Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. cut its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 16.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,988 shares of the financial services provider’s stock after selling 1,579 shares during the quarter. iA Global Asset Management Inc.’s holdings in Prudential Financial were worth $936,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PRU. Atlas Capital Advisors LLC acquired a new position in Prudential Financial in the second quarter valued at $984,000. Signaturefd LLC increased its position in Prudential Financial by 4.3% during the second quarter. Signaturefd LLC now owns 10,845 shares of the financial services provider’s stock worth $1,271,000 after purchasing an additional 447 shares during the last quarter. Oxler Private Wealth LLC raised its stake in Prudential Financial by 1.1% during the second quarter. Oxler Private Wealth LLC now owns 10,848 shares of the financial services provider’s stock worth $1,271,000 after purchasing an additional 121 shares during the period. Nations Financial Group Inc. IA ADV boosted its holdings in shares of Prudential Financial by 3.0% in the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 6,549 shares of the financial services provider’s stock valued at $768,000 after purchasing an additional 191 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Prudential Financial by 6.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,058 shares of the financial services provider’s stock valued at $34,929,000 after buying an additional 19,221 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of Prudential Financial stock in a transaction that occurred on Thursday, June 20th. The shares were purchased at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the purchase, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Ann M. Kappler sold 2,839 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total transaction of $322,027.77. Following the completion of the transaction, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was bought at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the acquisition, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial Trading Up 1.1 %

Shares of PRU opened at $121.16 on Friday. The stock has a 50-day moving average price of $118.03 and a 200 day moving average price of $115.13. Prudential Financial, Inc. has a one year low of $87.95 and a one year high of $128.52. The company has a market capitalization of $43.50 billion, a P/E ratio of 20.61, a P/E/G ratio of 0.89 and a beta of 1.34. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The company had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. Sell-side analysts forecast that Prudential Financial, Inc. will post 13.33 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Tuesday, August 20th. Prudential Financial’s dividend payout ratio is presently 88.44%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PRU shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a report on Wednesday, August 21st. Wells Fargo & Company upgraded shares of Prudential Financial from an “underweight” rating to an “equal weight” rating and set a $113.00 price target on the stock in a report on Monday, August 12th. Morgan Stanley dropped their price objective on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Argus raised shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Jefferies Financial Group lowered their price target on Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $119.33.

Prudential Financial 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.