Zullo Investment Group Inc. Trims Stock Position in Prudential Financial, Inc. $PRU

Zullo Investment Group Inc. cut its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 3.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 9,024 shares of the financial services provider’s stock after selling 355 shares during the quarter. Zullo Investment Group Inc.’s holdings in Prudential Financial were worth $970,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Invesco Ltd. lifted its position in Prudential Financial by 2.7% during the first quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider’s stock worth $495,859,000 after buying an additional 116,079 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Prudential Financial by 19.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider’s stock worth $469,777,000 after purchasing an additional 678,028 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Prudential Financial by 5.6% in the 1st quarter. Ameriprise Financial Inc. now owns 1,801,551 shares of the financial services provider’s stock worth $201,201,000 after purchasing an additional 95,021 shares during the period. Amundi raised its holdings in shares of Prudential Financial by 14.1% in the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider’s stock worth $183,571,000 after purchasing an additional 216,119 shares during the period. Finally, Deutsche Bank AG raised its holdings in shares of Prudential Financial by 2.3% in the 1st quarter. Deutsche Bank AG now owns 1,284,466 shares of the financial services provider’s stock worth $143,449,000 after purchasing an additional 29,025 shares during the period. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the sale, the executive vice president owned 21,506 shares in the company, valued at $2,358,132.90. This trade represents a 15.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is currently owned by company insiders.

Prudential Financial Stock Performance

Shares of NYSE:PRU opened at $99.08 on Friday. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The business’s 50-day simple moving average is $105.15 and its 200 day simple moving average is $104.54. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market cap of $34.88 billion, a P/E ratio of 21.97, a PEG ratio of 0.91 and a beta of 1.04.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share for the quarter. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The firm had revenue of $8.35 billion during the quarter. On average, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date was Tuesday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is 119.73%.

Analyst Ratings Changes

A number of research firms have recently commented on PRU. Weiss Ratings restated a “hold (c)” rating on shares of Prudential Financial in a report on Wednesday. Wolfe Research began coverage on Prudential Financial in a report on Tuesday, September 16th. They issued a “peer perform” rating on the stock. Piper Sandler cut their price objective on Prudential Financial from $109.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, July 16th. Barclays dropped their target price on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. raised their target price on Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $122.27.

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.