Dai ichi Life Insurance Company Ltd Sells 22,238 Shares of Prudential Financial, Inc. (NYSE:PRU)

Dai ichi Life Insurance Company Ltd lessened its stake in Prudential Financial, Inc. (NYSE:PRU) by 30.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,513 shares of the financial services provider’s stock after selling 22,238 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Prudential Financial were worth $6,238,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Bank of Montreal Can raised its position in Prudential Financial by 10.2% in the 3rd quarter. Bank of Montreal Can now owns 715,070 shares of the financial services provider’s stock worth $86,388,000 after purchasing an additional 66,434 shares during the last quarter. Private Trust Co. NA raised its position in Prudential Financial by 11.3% in the 3rd quarter. Private Trust Co. NA now owns 4,092 shares of the financial services provider’s stock worth $496,000 after purchasing an additional 417 shares during the last quarter. Truvestments Capital LLC bought a new position in Prudential Financial in the 3rd quarter worth approximately $108,000. Brown Brothers Harriman & Co. raised its position in Prudential Financial by 16.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,408 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 196 shares during the last quarter. Finally, DRW Securities LLC bought a new position in Prudential Financial in the 3rd quarter worth approximately $3,048,000. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $129.11 on Wednesday. The firm has a market cap of $45.96 billion, a PE ratio of 11.48, a PEG ratio of 0.91 and a beta of 1.29. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 1-year low of $94.92 and a 1-year high of $129.69. The company has a fifty day moving average price of $123.72 and a 200 day moving average price of $119.89.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. The firm had revenue of $19.48 billion during the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. During the same period in the prior year, the business earned $3.44 EPS. Research analysts predict that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 19th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s payout ratio is presently 46.22%.

Insider Buying and Selling

In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction dated 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 directly 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 filing with the SEC, which is available through this link. Also, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were acquired at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the completion of the transaction, the insider now directly owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This represents a 6.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Argus raised shares of Prudential Financial to a “strong-buy” rating in a report on Thursday, August 8th. Piper Sandler lifted their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and lifted their target price for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. TD Cowen assumed coverage on shares of Prudential Financial in a report on Wednesday, October 9th. They set a “hold” rating and a $130.00 target price for the company. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a report on Wednesday, August 21st. Eleven analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $125.69.

About Prudential Financial

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.