Sompo Asset Management Co. Ltd. Has $1.92 Million Holdings in Prudential Financial, Inc. (NYSE:PRU)

Sompo Asset Management Co. Ltd. raised its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 7.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,830 shares of the financial services provider’s stock after purchasing an additional 1,040 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Prudential Financial were worth $1,917,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PRU. International Assets Investment Management LLC raised its holdings in Prudential Financial by 4,130.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock worth $157,219,000 after acquiring an additional 1,267,571 shares during the period. AQR Capital Management LLC increased its stake in shares of Prudential Financial by 97.4% in the second quarter. AQR Capital Management LLC now owns 724,244 shares of the financial services provider’s stock worth $84,874,000 after purchasing an additional 357,300 shares during the period. Swedbank AB acquired a new position in shares of Prudential Financial during the 1st quarter worth about $35,855,000. Legal & General Group Plc boosted its stake in Prudential Financial by 9.4% during the 2nd quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock valued at $415,134,000 after purchasing an additional 305,143 shares during the period. Finally, Capital Advisors Inc. OK bought a new position in Prudential Financial in the 3rd quarter worth approximately $30,226,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Up 1.3 %

Shares of NYSE:PRU opened at $127.89 on Friday. The company’s fifty day moving average is $123.30 and its 200-day moving average is $119.72. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14. Prudential Financial, Inc. has a 52 week low of $94.92 and a 52 week high of $129.13. The company has a market capitalization of $45.53 billion, a PE ratio of 11.37, a P/E/G ratio of 0.90 and a beta of 1.29.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.01. The company 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 quarter last year, the business posted $3.44 earnings per share. Equities research analysts predict that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 4.07%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio is currently 46.22%.

Insider Transactions at Prudential Financial

In related news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This trade represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of Prudential Financial stock in a transaction on Tuesday, October 8th. The shares were purchased at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This represents a 6.61 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRU. Argus raised shares of Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Piper Sandler boosted their price objective 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. UBS Group increased their target price on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Wells Fargo & Company boosted their price target on Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Bank of America raised their price objective on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Eleven investment analysts have rated the stock with 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 currently has a consensus rating of “Hold” and a consensus price target 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.