Stoneridge Investment Partners LLC purchased a new stake in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,964 shares of the financial services provider’s stock, valued at approximately $972,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its position in Prudential Financial by 1.2% during the fourth quarter. State Street Corp now owns 17,234,061 shares of the financial services provider’s stock valued at $1,945,381,000 after buying an additional 210,959 shares during the period. Geode Capital Management LLC boosted its holdings in Prudential Financial by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider’s stock valued at $1,078,904,000 after acquiring an additional 26,414 shares during the period. Morgan Stanley grew its position in Prudential Financial by 6.7% during the 4th quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider’s stock worth $750,562,000 after acquiring an additional 420,081 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Prudential Financial by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock valued at $367,089,000 after purchasing an additional 166,641 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Prudential Financial by 95.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after purchasing an additional 1,247,371 shares during the period. 56.83% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts recently commented on the stock. Argus downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, June 9th. Wells Fargo & Company increased their price target on shares of Prudential Financial from $100.00 to $103.00 and gave the company an “underweight” rating in a research report on Thursday, July 9th. Mizuho boosted their price objective on shares of Prudential Financial from $101.00 to $109.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Zacks Research raised shares of Prudential Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 12th. Finally, Weiss Ratings upgraded shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, Prudential Financial presently has an average rating of “Reduce” and an average target price of $107.62.
Insiders Place Their Bets
In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the transaction, the insider owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.05% of the company’s stock.
Prudential Financial Stock Up 0.2%
Shares of NYSE PRU opened at $125.05 on Friday. The firm has a fifty day simple moving average of $114.94 and a two-hundred day simple moving average of $105.23. Prudential Financial, Inc. has a 12 month low of $91.89 and a 12 month high of $127.72. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $43.14 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 2.38 and a beta of 0.84.
Prudential Financial (NYSE:PRU – Get Free Report) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The firm had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. During the same quarter in the previous year, the firm posted $3.58 EPS. Equities analysts expect that Prudential Financial, Inc. will post 14.17 earnings per share for the current year.
Prudential Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 25th. Prudential Financial’s payout ratio is presently 50.72%.
About Prudential Financial
Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.
Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.
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