Guggenheim Capital LLC Decreases Stake in Prudential Financial Inc (NYSE:PRU)
Guggenheim Capital LLC lowered its position in Prudential Financial Inc (NYSE:PRU) by 11.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 199,285 shares of the financial services provider’s stock after selling 25,726 shares during the period. Guggenheim Capital LLC owned 0.05% of Prudential Financial worth $10,391,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in PRU. BlackRock Inc. raised its holdings in shares of Prudential Financial by 6.1% during the 1st quarter. BlackRock Inc. now owns 33,671,521 shares of the financial services provider’s stock worth $1,755,633,000 after acquiring an additional 1,927,927 shares during the period. Geode Capital Management LLC raised its holdings in shares of Prudential Financial by 4.1% during the 1st quarter. Geode Capital Management LLC now owns 6,153,791 shares of the financial services provider’s stock worth $320,617,000 after acquiring an additional 244,761 shares during the period. Norges Bank purchased a new position in shares of Prudential Financial during the 4th quarter worth $536,603,000. Nuveen Asset Management LLC raised its holdings in shares of Prudential Financial by 3.2% during the 4th quarter. Nuveen Asset Management LLC now owns 3,197,396 shares of the financial services provider’s stock worth $299,724,000 after acquiring an additional 98,930 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Prudential Financial by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 3,062,134 shares of the financial services provider’s stock worth $159,660,000 after acquiring an additional 93,365 shares during the period. Institutional investors own 60.59% of the company’s stock.
PRU has been the topic of several analyst reports. Bank of America reduced their price target on Prudential Financial from $71.00 to $67.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Piper Sandler lowered Prudential Financial from an “overweight” rating to a “neutral” rating in a report on Wednesday, May 6th. Morgan Stanley cut their price objective on Prudential Financial from $102.00 to $64.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 17th. JPMorgan Chase & Co. cut their price objective on Prudential Financial from $108.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Finally, DOWLING & PARTN downgraded Prudential Financial from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $79.71.
Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, May 5th. The financial services provider reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.84 by ($0.52). The firm had revenue of $13.33 billion during the quarter, compared to analyst estimates of $14.81 billion. Prudential Financial had a net margin of 5.16% and a return on equity of 7.13%. During the same period in the prior year, the firm earned $3.00 earnings per share. On average, sell-side analysts anticipate that Prudential Financial Inc will post 9.19 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Tuesday, May 26th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 7.65%. The ex-dividend date of this dividend was Friday, May 22nd. Prudential Financial’s dividend payout ratio is currently 37.64%.
Prudential Financial Profile
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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