Fifth Third Bancorp Reduces Stake in Prudential Financial, Inc.

Fifth Third Bancorp has decreased its shareholding in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 8.3% during the fourth quarter. This change was reported in their latest Form 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 3,955 shares, Fifth Third Bancorp now owns 43,597 shares of this financial services provider. As per their most recent SEC filing, these holdings are valued at approximately $5,168,000.

Changes in Institutional Holdings

Other institutional investors have also made adjustments to their investment in Prudential Financial lately. Apricus Wealth LLC increased its stake by 2.2% during the fourth quarter, owning 5,286 shares valued at $627,000 after acquiring an additional 113 shares. Similarly, Exchange Traded Concepts LLC raised its holdings by 9.4%, bringing its total to 2,279 shares worth $270,000 after purchasing 195 more shares. CX Institutional significantly grew its investment by 32.6%, now holding 43,724 shares valued at $5,183,000, increased by an additional 10,751 shares. Meanwhile, Sound Income Strategies LLC upped its position by 13.2%, owning 32,495 shares after gaining 3,787 shares during the same period. RFG Advisory LLC also boosted its position by 16.5%, now owning 10,489 shares worth $1,243,000. Overall, institutional investors control about 56.83% of Prudential Financial's stock.

Current Trading Statistics

As of Monday, shares of PRU opened at $117.22. The company presents financial ratios indicating a current ratio of 0.14, a quick ratio of 0.14, and a debt-to-equity ratio of 0.60. Over the past year, Prudential Financial has seen a low of $100.60 and a high of $130.55. Its market capitalization stands at $41.73 billion, with a P/E ratio of 10.42, a P/E/G ratio of 1.09, and a beta of 1.31. Additionally, the stock's 50-day moving average price is $121.29, while the 200-day moving average price is $120.68.

Quarterly Earnings Results

Prudential Financial recently shared its quarterly earnings on October 30th, reporting an earnings per share (EPS) of $3.48, slightly edging past the analyst consensus of $3.47 by $0.01. The firm experienced a net margin of 6.03% and a return on equity of 15.30%, generating $19.48 billion in revenue versus an estimate of $14.57 billion. This is an increase from the same quarter last year, where the posted EPS stood at $3.44. Analysts predict that Prudential Financial, Inc. will achieve an EPS of 13.24 for the current year.

Dividend Declaration

In further updates, Prudential Financial declared a quarterly dividend, paid on December 12th. Shareholders on record by November 19th received a dividend of $1.30 per share, resulting in an annualized dividend of $5.20, equating to a yield of 4.44%. The ex-dividend date was also November 19th, and the company's payout ratio is recorded at 46.22%.

Insider Transactions

In other company news, a major shareholder, Insurance Company Of America Prudential, acquired 537,249 shares on November 25th. This purchase was made at an average price of $27.92 per share, totaling approximately $14,999,992.08. Following this transaction, the insider now possesses 4,780,293 shares valued at about $133,465,780.56, reflecting a 12.66% rise in their ownership. This transaction has been disclosed to the SEC.

Analyst Opinions

Recent evaluations by several brokerages have provided varying perspectives on Prudential Financial. Evercore ISI upgraded the company from an "underperform" rating to an "inline" rating, increasing the price target from $117.00 to $140.00. Keefe, Bruyette & Woods adjusted its price target down from $135.00 to $129.00, recommending a "market perform" rating. Barclays also raised their target from $127.00 to $128.00, maintaining an "equal weight" rating. BMO Capital Markets began coverage with an "underperform" rating, setting a target price at $101.00. Wells Fargo cut their price objective from $117.00 to $115.00, continuing to hold an "equal weight" rating. Currently, one analyst rates the stock as a sell, eleven as hold, one as buy, and one as strong buy. The consensus for Prudential Financial stands at a "Hold" rating with an average price target of $125.31.

About Prudential Financial

Prudential Financial, Inc., along with its subsidiaries, offers insurance, investment management, and other financial products and services across the United States and globally. The company's operations span several segments, including PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses.

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