KBC Group NV Cuts Stake in Prudential Financial, Inc. (NYSE:PRU)

16 Nov 2024, 10:47 by Kim Johansen · The Markets Daily

KBC Group NV cut its holdings in Prudential Financial, Inc. (NYSE:PRU – Free Report) by 55.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 171,994 shares of the financial services provider’s stock after selling 215,547 shares during the period. KBC Group NV’s holdings in Prudential Financial were worth $20,829,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Creekmur Asset Management LLC grew its stake in Prudential Financial by 78.8% during the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 108 shares in the last quarter. Lynx Investment Advisory purchased a new position in shares of Prudential Financial during the second quarter valued at about $29,000. Ashton Thomas Securities LLC purchased a new stake in shares of Prudential Financial in the third quarter worth about $31,000. Crewe Advisors LLC bought a new position in Prudential Financial during the first quarter valued at approximately $33,000. Finally, ESL Trust Services LLC purchased a new position in Prudential Financial during the 1st quarter valued at approximately $34,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Stock Up 1.3 %

Shares of PRU opened at $127.41 on Friday. The firm has a market capitalization of $45.36 billion, a P/E ratio of 11.33, a P/E/G ratio of 0.89 and a beta of 1.29. Prudential Financial, Inc. has a 12-month low of $93.32 and a 12-month high of $129.13. The firm has a fifty day moving average price of $121.92 and a 200-day moving average price of $119.11. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU – Get Free Report) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The business had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. During the same period in the prior year, the firm earned $3.44 EPS. Equities research analysts expect that Prudential Financial, Inc. will post 13.33 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial’s dividend payout ratio is 46.22%.

Insider Activity

In other news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now directly owns 10,175 shares in the company, valued at approximately $1,220,694.75. This trade represents a 9.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ann M. Kappler sold 2,839 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total transaction of $322,027.77. Following the sale, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The trade was a 16.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays increased their target price on Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Bank of America increased their price objective on shares of Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Citigroup upped their target price on shares of Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Evercore ISI upgraded Prudential Financial from an “underperform” rating to an “inline” rating and lifted their price target for the stock from $117.00 to $140.00 in a research report on Thursday. Finally, UBS Group raised their price objective on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Eleven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $125.69.

Read Our Latest Analysis on PRU

About Prudential Financial

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