TRUE Private Wealth Advisors bought a new position in Prudential Financial Inc (NYSE:PRU) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,556 shares of the financial services provider’s stock, valued at approximately $157,000.
A number of other hedge funds and other institutional investors have also modified their holdings of PRU. Geode Capital Management LLC raised its holdings in shares of Prudential Financial by 6.8% during the 4th quarter. Geode Capital Management LLC now owns 5,129,191 shares of the financial services provider’s stock worth $417,519,000 after acquiring an additional 326,075 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Prudential Financial during the 1st quarter worth approximately $636,000. First Manhattan Co. raised its holdings in shares of Prudential Financial by 31.4% during the 1st quarter. First Manhattan Co. now owns 644 shares of the financial services provider’s stock worth $59,000 after acquiring an additional 154 shares in the last quarter. Sciencast Management LP purchased a new stake in shares of Prudential Financial during the 1st quarter worth approximately $351,000. Finally, Allred Capital Management LLC raised its holdings in shares of Prudential Financial by 16.4% during the 1st quarter. Allred Capital Management LLC now owns 3,556 shares of the financial services provider’s stock worth $338,000 after acquiring an additional 500 shares in the last quarter. 63.65% of the stock is currently owned by hedge funds and other institutional investors.
PRU has been the topic of several analyst reports. ValuEngine downgraded Prudential Financial from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. Barclays set a $108.00 target price on Prudential Financial and gave the company a “buy” rating in a research report on Monday. UBS Group downgraded Prudential Financial from a “buy” rating to a “neutral” rating and cut their target price for the company from $116.00 to $112.00 in a research report on Monday, May 13th. Wells Fargo & Co set a $115.00 target price on Prudential Financial and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, B. Riley downgraded Prudential Financial from a “buy” rating to a “neutral” rating and cut their target price for the company from $122.00 to $100.00 in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $103.59.
Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, July 31st. The financial services provider reported $3.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.22 by ($0.08). The company had revenue of $14.11 billion for the quarter, compared to the consensus estimate of $13.63 billion. Prudential Financial had a net margin of 6.92% and a return on equity of 9.24%. During the same period in the prior year, the firm posted $3.01 EPS. Sell-side analysts forecast that Prudential Financial Inc will post 12.49 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 4.96%. The ex-dividend date is Monday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 34.22%.
About Prudential Financial
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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