The Manufacturers Life Insurance Company reduced its stake in Prudential Financial, Inc. (NYSE:PRU) by 14.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 406,462 shares of the financial services provider’s stock after selling 70,187 shares during the period. The Manufacturers Life Insurance Company owned 0.10% of Prudential Financial worth $25,818,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the company. Edge Capital Group LLC lifted its stake in shares of Prudential Financial by 6.1% in the 3rd quarter. Edge Capital Group LLC now owns 4,259 shares of the financial services provider’s stock worth $271,000 after acquiring an additional 246 shares during the period. HawsGoodwin Investment Management LLC raised its holdings in shares of Prudential Financial by 2.0% in the 3rd quarter. HawsGoodwin Investment Management LLC now owns 15,624 shares of the financial services provider’s stock worth $992,000 after purchasing an additional 309 shares in the last quarter. OPSEU Pension Plan Trust Fund raised its holdings in shares of Prudential Financial by 4.4% in the 3rd quarter. OPSEU Pension Plan Trust Fund now owns 4,786 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 202 shares in the last quarter. Integrated Advisors Network LLC bought a new stake in shares of Prudential Financial in the 3rd quarter worth approximately $201,000. Finally, LPL Financial LLC raised its holdings in shares of Prudential Financial by 5.4% in the 3rd quarter. LPL Financial LLC now owns 176,411 shares of the financial services provider’s stock worth $11,206,000 after purchasing an additional 9,108 shares in the last quarter. 57.10% of the stock is owned by institutional investors.
In related news, SVP Timothy L. Schmidt sold 5,334 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $69.54, for a total transaction of $370,926.36. Following the completion of the sale, the senior vice president now owns 27,784 shares in the company, valued at approximately $1,932,099.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.33% of the company’s stock.
Prudential Financial stock opened at $75.65 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market cap of $29.96 billion, a PE ratio of -122.02, a P/E/G ratio of 0.77 and a beta of 1.69. Prudential Financial, Inc. has a twelve month low of $38.62 and a twelve month high of $97.24. The firm’s 50 day moving average price is $67.59 and its two-hundred day moving average price is $64.68.
Prudential Financial (NYSE:PRU) last posted its earnings results on Tuesday, November 3rd. The financial services provider reported $3.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.69 by $0.52. Prudential Financial had a negative net margin of 0.25% and a positive return on equity of 6.13%. During the same period in the prior year, the business earned $3.22 earnings per share. Equities analysts anticipate that Prudential Financial, Inc. will post 9.45 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Tuesday, November 24th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date of this dividend is Monday, November 23rd. Prudential Financial’s dividend payout ratio is 37.64%.
A number of analysts recently commented on the stock. Morgan Stanley boosted their target price on shares of Prudential Financial from $76.00 to $85.00 and gave the stock an “equal weight” rating in a report on Wednesday. Barclays assumed coverage on shares of Prudential Financial in a report on Tuesday, November 17th. They issued an “equal weight” rating and a $76.00 target price on the stock. Wells Fargo & Company boosted their target price on shares of Prudential Financial from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Zacks Investment Research upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $67.00 target price on the stock in a report on Wednesday, October 28th. Finally, ValuEngine downgraded shares of Prudential Financial from a “sell” rating to a “strong sell” rating in a report on Monday, August 3rd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $73.00.
About Prudential Financial
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.
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