Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. trimmed its position in Prudential Financial, Inc. (NYSE:PRUGet Rating) by 11.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 233,559 shares of the financial services provider’s stock after selling 30,199 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Prudential Financial were worth $20,035,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cowa LLC boosted its holdings in shares of Prudential Financial by 9,930.2% during the 1st quarter. Cowa LLC now owns 771,824 shares of the financial services provider’s stock worth $912,000 after purchasing an additional 764,129 shares during the last quarter. Mariner LLC raised its position in shares of Prudential Financial by 2,197.4% during the 1st quarter. Mariner LLC now owns 690,184 shares of the financial services provider’s stock valued at $81,560,000 after buying an additional 660,142 shares during the period. Charles Schwab Investment Management Inc. raised its position in Prudential Financial by 6.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,353,887 shares of the financial services provider’s stock valued at $750,839,000 after purchasing an additional 356,957 shares during the period. AustralianSuper Pty Ltd raised its position in Prudential Financial by 102.9% in the third quarter. AustralianSuper Pty Ltd now owns 496,298 shares of the financial services provider’s stock valued at $42,572,000 after purchasing an additional 251,751 shares during the period. Finally, Legal & General Group Plc grew its stake in shares of Prudential Financial by 6.4% in the second quarter. Legal & General Group Plc now owns 3,276,897 shares of the financial services provider’s stock worth $313,535,000 after acquiring an additional 198,205 shares in the last quarter. 56.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on PRU. Morgan Stanley boosted their price target on shares of Prudential Financial from $112.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 10th. The Goldman Sachs Group downgraded shares of Prudential Financial from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $98.00 to $96.00 in a research note on Monday, January 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $110.00 target price on shares of Prudential Financial in a research note on Thursday, February 9th. Raymond James downgraded shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research note on Wednesday, November 23rd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Prudential Financial from $118.00 to $114.00 and set a “neutral” rating for the company in a research note on Wednesday, February 8th. Four equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and a consensus target price of $103.00.

Insiders Place Their Bets

In other news, EVP Andrew F. Sullivan sold 4,126 shares of Prudential Financial stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $99.20, for a total value of $409,299.20. Following the completion of the transaction, the executive vice president now directly owns 12,241 shares of the company’s stock, valued at approximately $1,214,307.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Prudential Financial news, EVP Andrew F. Sullivan sold 11,405 shares of the business’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $100.95, for a total transaction of $1,151,334.75. Following the sale, the executive vice president now directly owns 12,300 shares in the company, valued at approximately $1,241,685. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andrew F. Sullivan sold 4,126 shares of Prudential Financial stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $99.20, for a total transaction of $409,299.20. Following the completion of the transaction, the executive vice president now directly owns 12,241 shares in the company, valued at $1,214,307.20. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

Prudential Financial Stock Performance

Shares of NYSE PRU opened at $82.19 on Friday. Prudential Financial, Inc. has a 1 year low of $76.90 and a 1 year high of $122.54. The firm’s 50 day moving average price is $98.82 and its 200 day moving average price is $99.00. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.07 and a current ratio of 0.07.

Prudential Financial (NYSE:PRUGet Rating) last issued its earnings results on Tuesday, February 7th. The financial services provider reported $2.42 EPS for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.15). Prudential Financial had a negative net margin of 2.33% and a positive return on equity of 13.31%. The business had revenue of $12.65 billion during the quarter, compared to analysts’ expectations of $12.78 billion. During the same period in the prior year, the business posted $3.18 EPS. Equities analysts forecast that Prudential Financial, Inc. will post 12.2 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 16th. Shareholders of record on Tuesday, February 21st were issued a dividend of $1.25 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a yield of 6.08%. The ex-dividend date of this dividend was Friday, February 17th. Prudential Financial’s dividend payout ratio (DPR) is currently -126.90%.

Prudential Financial declared that its board has approved a stock buyback plan on Tuesday, February 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

About Prudential Financial

(Get Rating)

Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.

Further Reading

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Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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