Tokio Marine Asset Management Co. Ltd. Boosts Stake in Prudential Financial, Inc. (NYSE:PRU)

Tokio Marine Asset Management Co. Ltd. lifted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 7.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,404 shares of the financial services provider’s stock after buying an additional 550 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Prudential Financial were worth $872,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC boosted its position in Prudential Financial by 9,281.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock worth $141,962,000 after purchasing an additional 1,354,248 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in shares of Prudential Financial in the third quarter worth $34,251,000. abrdn plc raised its holdings in shares of Prudential Financial by 37.5% in the fourth quarter. abrdn plc now owns 1,107,210 shares of the financial services provider’s stock worth $114,829,000 after acquiring an additional 302,164 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Prudential Financial by 39.2% in the third quarter. Envestnet Asset Management Inc. now owns 1,004,087 shares of the financial services provider’s stock worth $95,278,000 after acquiring an additional 282,667 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Prudential Financial by 80.6% in the third quarter. AQR Capital Management LLC now owns 562,875 shares of the financial services provider’s stock worth $53,411,000 after acquiring an additional 251,269 shares during the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Prudential Financial

In other news, EVP Andrew F. Sullivan sold 7,685 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $111.57, for a total transaction of $857,415.45. Following the sale, the executive vice president now directly owns 13,691 shares in the company, valued at approximately $1,527,504.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Timothy L. Schmidt sold 7,912 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $108.13, for a total value of $855,524.56. Following the sale, the senior vice president now directly owns 14,754 shares in the company, valued at approximately $1,595,350.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew F. Sullivan sold 7,685 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $111.57, for a total value of $857,415.45. Following the completion of the sale, the executive vice president now owns 13,691 shares in the company, valued at $1,527,504.87. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,255 shares of company stock worth $3,215,664. 0.31% of the stock is currently owned by company insiders.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $110.50 on Friday. Prudential Financial, Inc. has a 1-year low of $77.22 and a 1-year high of $118.69. The business has a 50-day moving average of $111.75 and a 200-day moving average of $103.73. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market capitalization of $39.67 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 0.75 and a beta of 1.37.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, February 6th. The financial services provider reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.67 by ($0.09). Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The business had revenue of $13.02 billion during the quarter, compared to analysts’ expectations of $12.99 billion. During the same period in the prior year, the company posted $2.42 EPS. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. On average, equities analysts anticipate that Prudential Financial, Inc. will post 13.38 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Tuesday, February 20th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date was Friday, February 16th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.25. Prudential Financial’s dividend payout ratio (DPR) is currently 77.73%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PRU shares. Wells Fargo & Company upped their target price on Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a research note on Thursday, April 11th. Raymond James lowered Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, February 9th. Evercore ISI upped their target price on Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a research note on Thursday. Piper Sandler upped their target price on Prudential Financial from $114.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Finally, TheStreet upgraded Prudential Financial from a “c+” rating to an “a-” rating in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, Prudential Financial currently has a consensus rating of “Hold” and a consensus price target of $111.42.

Prudential Financial Profile

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.