OLD National Bancorp IN Trims Holdings in Prudential Financial, Inc. $PRU

OLD National Bancorp IN lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 5.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,620 shares of the financial services provider’s stock after selling 364 shares during the period. OLD National Bancorp IN’s holdings in Prudential Financial were worth $711,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Nuveen LLC acquired a new stake in shares of Prudential Financial in the first quarter worth $90,010,000. Goldman Sachs Group Inc. boosted its holdings in Prudential Financial by 19.2% in the first quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider’s stock valued at $469,777,000 after purchasing an additional 678,028 shares during the last quarter. Amundi grew its position in Prudential Financial by 14.1% during 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. AQR Capital Management LLC raised its stake in shares of Prudential Financial by 72.8% during the 1st quarter. AQR Capital Management LLC now owns 424,659 shares of the financial services provider’s stock valued at $46,789,000 after buying an additional 178,888 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Prudential Financial by 2.7% in 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 last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PRU. Morgan Stanley lifted their price target on Prudential Financial from $113.00 to $117.00 and gave the company an “equal weight” rating in a research report on Monday, August 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prudential Financial in a report on Saturday, September 27th. Wolfe Research started coverage on shares of Prudential Financial in a report on Tuesday, September 16th. They set a “peer perform” rating on the stock. Piper Sandler cut their price objective on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, July 16th. Finally, Barclays increased their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $122.08.

Prudential Financial Stock Performance

PRU opened at $103.21 on Tuesday. The company has a market cap of $36.33 billion, a price-to-earnings ratio of 22.88, a PEG ratio of 0.92 and a beta of 1.04. The firm’s fifty day simple moving average is $105.18 and its two-hundred day simple moving average is $104.74. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.22 by $0.36. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The firm had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. During the same period last year, the company posted $3.39 EPS. Prudential Financial’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were paid a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. Prudential Financial’s payout ratio is currently 119.73%.

Insider Activity at Prudential Financial

In related news, EVP Ann M. Kappler sold 4,000 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $109.65, for a total value of $438,600.00. Following the completion of the transaction, the executive vice president directly owned 21,506 shares of the company’s stock, valued at approximately $2,358,132.90. This represents a 15.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.25% of the company’s stock.

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.