Principal Financial Group Inc. cut its position in shares of Prudential Financial Inc (NYSE:PRU) by 12.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 659,649 shares of the financial services provider’s stock after selling 97,635 shares during the period. Principal Financial Group Inc. owned about 0.16% of Prudential Financial worth $61,835,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRU. Nippon Life Insurance Co. raised its position in Prudential Financial by 72.0% in the third quarter. Nippon Life Insurance Co. now owns 4,401,995 shares of the financial services provider’s stock worth $395,959,000 after purchasing an additional 1,841,995 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Prudential Financial by 6.2% in the 2nd quarter. BlackRock Inc. now owns 31,395,669 shares of the financial services provider’s stock worth $3,170,962,000 after buying an additional 1,840,652 shares in the last quarter. Railway Pension Investments Ltd raised its holdings in shares of Prudential Financial by 185.2% in the 3rd quarter. Railway Pension Investments Ltd now owns 347,147 shares of the financial services provider’s stock worth $31,225,000 after buying an additional 225,419 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Prudential Financial in the 3rd quarter worth approximately $18,733,000. Finally, California Public Employees Retirement System lifted its position in shares of Prudential Financial by 20.0% during the 3rd quarter. California Public Employees Retirement System now owns 988,909 shares of the financial services provider’s stock worth $88,952,000 after buying an additional 164,497 shares during the period. Institutional investors and hedge funds own 62.01% of the company’s stock.
In other Prudential Financial news, CEO Charles F. Lowrey sold 33,603 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $96.32, for a total transaction of $3,236,640.96. Following the sale, the chief executive officer now owns 95,189 shares of the company’s stock, valued at approximately $9,168,604.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Falzon sold 39,748 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $96.44, for a total transaction of $3,833,297.12. Following the sale, the executive vice president now directly owns 85,396 shares in the company, valued at approximately $8,235,590.24. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
PRU stock traded down $1.10 during midday trading on Friday, reaching $94.47. 50,981 shares of the company’s stock traded hands, compared to its average volume of 1,910,114. The company has a 50-day simple moving average of $94.12 and a two-hundred day simple moving average of $90.61. The company has a quick ratio of 0.11, a current ratio of 0.10 and a debt-to-equity ratio of 0.29. Prudential Financial Inc has a 1-year low of $77.65 and a 1-year high of $106.39. The company has a market cap of $38.15 billion, a price-to-earnings ratio of 9.32, a PEG ratio of 0.85 and a beta of 1.53.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.31. Prudential Financial had a return on equity of 7.81% and a net margin of 7.20%. The company had revenue of $17.45 billion for the quarter, compared to analyst estimates of $14.23 billion. During the same quarter in the previous year, the firm earned $2.44 earnings per share. Equities research analysts forecast that Prudential Financial Inc will post 12.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Tuesday, February 18th will be issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 4.66%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Friday, February 14th. Prudential Financial’s payout ratio is currently 34.22%.
Prudential Financial Company Profile
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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