Sumitomo Mitsui Asset Management Company LTD Lowers Stake in Prudential Financial, Inc. (NYSE:PRU)

Sumitomo Mitsui Asset Management Company LTD lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 3.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 34,283 shares of the financial services provider’s stock after selling 1,152 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Prudential Financial were worth $3,707,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Prudential Financial by 3,296.9% in the first quarter. BlackRock Inc. now owns 32,220,957 shares of the financial services provider’s stock worth $3,437,330,000 after buying an additional 31,272,429 shares during the last quarter. Vanguard Group Inc. increased its stake in Prudential Financial by 3.3% in the first quarter. Vanguard Group Inc. now owns 30,272,486 shares of the financial services provider’s stock worth $3,229,469,000 after buying an additional 968,500 shares during the last quarter. Old Mutual Global Investors UK Ltd. increased its stake in Prudential Financial by 971,689.7% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 942,636 shares of the financial services provider’s stock worth $100,560,000 after buying an additional 942,539 shares during the last quarter. Acadian Asset Management LLC increased its stake in Prudential Financial by 2,179.5% in the second quarter. Acadian Asset Management LLC now owns 730,899 shares of the financial services provider’s stock worth $79,040,000 after buying an additional 698,835 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in Prudential Financial by 85.2% in the second quarter. Bank of Montreal Can now owns 1,452,721 shares of the financial services provider’s stock worth $157,097,000 after buying an additional 668,233 shares during the last quarter. Institutional investors and hedge funds own 63.58% of the company’s stock.

Prudential Financial, Inc. (NYSE:PRU) opened at 101.95 on Friday. The firm has a 50-day moving average of $110.29 and a 200-day moving average of $108.05. The company has a market cap of $43.53 billion, a PE ratio of 11.38 and a beta of 1.50. Prudential Financial, Inc. has a one year low of $75.50 and a one year high of $115.26.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.70 by $0.61. Prudential Financial had a return on equity of 8.98% and a net margin of 7.15%. The company had revenue of $13.03 billion for the quarter, compared to analyst estimates of $12.45 billion. During the same quarter in the previous year, the company posted $1.84 earnings per share. On average, analysts predict that Prudential Financial, Inc. will post $10.18 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Tuesday, August 22nd will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.94%. Prudential Financial’s payout ratio is 33.63%.

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A number of analysts have recently commented on PRU shares. BidaskClub downgraded Prudential Financial from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Credit Suisse Group lowered their price target on Prudential Financial from $121.00 to $120.00 and set a “neutral” rating for the company in a report on Tuesday, May 23rd. ValuEngine upgraded Prudential Financial from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Wells Fargo & Company reiterated a “hold” rating on shares of Prudential Financial in a report on Thursday, May 4th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $113.00 price target on shares of Prudential Financial in a report on Tuesday, June 27th. Ten equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Prudential Financial has an average rating of “Buy” and an average target price of $111.21.

In related news, Chairman John R. Strangfeld, Jr. sold 201,585 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $110.00, for a total transaction of $22,174,350.00. Following the completion of the sale, the chairman now directly owns 456,121 shares of the company’s stock, valued at $50,173,310. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Stephen Pelletier sold 4,133 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $112.18, for a total transaction of $463,639.94. Following the sale, the insider now directly owns 10,924 shares of the company’s stock, valued at $1,225,454.32. The disclosure for this sale can be found here. Insiders have sold 220,615 shares of company stock worth $24,276,660 over the last quarter. 0.66% of the stock is owned by company insiders.

About Prudential Financial

Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.

Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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