Bank of New York Mellon Corp Trims Stake in Prudential Financial, Inc. $PRU

Bank of New York Mellon Corp lowered its holdings in Prudential Financial, Inc. (NYSE:PRU) by 4.1% during the 1st quarter, HoldingsChannel.com reports. The fund owned 1,996,075 shares of the financial services provider’s stock after selling 85,299 shares during the quarter. Bank of New York Mellon Corp’s holdings in Prudential Financial were worth $194,997,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PRU. Brighton Jones LLC grew its stake in Prudential Financial by 3.7% in the 4th quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock worth $436,000 after buying an additional 133 shares in the last quarter. Empowered Funds LLC lifted its stake in Prudential Financial by 30.5% during the first quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider’s stock worth $1,976,000 after purchasing an additional 4,134 shares during the last quarter. Brown Advisory Inc. lifted its stake in Prudential Financial by 3.5% during the second quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider’s stock worth $447,000 after purchasing an additional 140 shares during the last quarter. AXA S.A. boosted its holdings in shares of Prudential Financial by 25.8% in the 2nd quarter. AXA S.A. now owns 56,700 shares of the financial services provider’s stock worth $6,092,000 after purchasing an additional 11,630 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in shares of Prudential Financial by 15.1% during the 2nd quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider’s stock valued at $4,005,000 after purchasing an additional 4,895 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Piper Sandler raised their price objective on Prudential Financial from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, June 24th. Wells Fargo & Company increased their price target on shares of Prudential Financial from $100.00 to $103.00 and gave the company an “underweight” rating in a research report on Thursday, July 9th. Bank of America decreased their price target on shares of Prudential Financial from $112.00 to $104.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 14th. Argus cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, June 9th. Finally, Wall Street Zen raised shares of Prudential Financial from a “hold” rating to a “buy” rating in a report on Saturday. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $104.58.

Prudential Financial Trading Up 0.7%

Shares of PRU opened at $119.05 on Friday. The stock has a market capitalization of $41.31 billion, a P/E ratio of 12.25, a PEG ratio of 2.44 and a beta of 0.85. Prudential Financial, Inc. has a twelve month low of $91.89 and a twelve month high of $120.53. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The firm has a fifty day simple moving average of $107.27 and a two-hundred day simple moving average of $104.17.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.52. The firm had revenue of $15.23 billion for the quarter, compared to analysts’ expectations of $14.10 billion. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. During the same quarter in the previous year, the company earned $3.29 earnings per share. On average, research analysts anticipate that Prudential Financial, Inc. will post 13.79 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Tuesday, May 26th. Prudential Financial’s payout ratio is currently 57.61%.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.