Resona Asset Management Co. Ltd. Takes $12.73 Million Position in Prudential Financial, Inc. (NYSE:PRU)

Resona Asset Management Co. Ltd. acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 107,328 shares of the financial services provider’s stock, valued at approximately $12,730,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. HighTower Advisors LLC raised its position in shares of Prudential Financial by 18.7% in the 3rd quarter. HighTower Advisors LLC now owns 69,542 shares of the financial services provider’s stock valued at $8,395,000 after acquiring an additional 10,964 shares during the period. Janus Henderson Group PLC raised its holdings in Prudential Financial by 2.3% in the third quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider’s stock worth $9,597,000 after purchasing an additional 1,765 shares during the period. Quarry LP boosted its position in shares of Prudential Financial by 376.3% during the third quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 222 shares in the last quarter. EP Wealth Advisors LLC boosted its position in shares of Prudential Financial by 7.1% during the third quarter. EP Wealth Advisors LLC now owns 6,787 shares of the financial services provider’s stock worth $822,000 after purchasing an additional 448 shares in the last quarter. Finally, National Bank of Canada FI grew its holdings in shares of Prudential Financial by 53.6% in the 3rd quarter. National Bank of Canada FI now owns 234,224 shares of the financial services provider’s stock valued at $28,365,000 after buying an additional 81,730 shares during the period. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

NYSE:PRU opened at $96.27 on Monday. The stock’s 50-day simple moving average is $112.03 and its 200 day simple moving average is $118.62. Prudential Financial, Inc. has a 52-week low of $87.90 and a 52-week high of $130.55. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market cap of $34.12 billion, a P/E ratio of 12.89, a P/E/G ratio of 0.98 and a beta of 1.11.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.61%. The ex-dividend date of this dividend was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is 72.29%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Keefe, Bruyette & Woods reduced their target price on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Morgan Stanley cut their price objective on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. UBS Group lowered their target price on Prudential Financial from $130.00 to $122.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. reduced their price target on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a report on Wednesday, April 2nd. Finally, Barclays raised their price objective on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Prudential Financial currently has an average rating of “Hold” and a consensus price target of $126.08.

Insider Transactions at Prudential Financial

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now directly owns 27,072 shares in the company, valued at $2,869,090.56. The trade was a 18.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $28.72 per share, with a total value of $2,499,989.84. Following the purchase, the insider now owns 87,047 shares in the company, valued at $2,499,989.84. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.31% of the stock is owned by company insiders.

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.