Havemeyer Place LP Invests $612,000 in Prudential Financial, Inc. $PRU

Havemeyer Place LP acquired a new position in Prudential Financial, Inc. (NYSE:PRU) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,418 shares of the financial services provider’s stock, valued at approximately $612,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRU. Norges Bank purchased a new stake in shares of Prudential Financial in the fourth quarter worth $140,530,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Prudential Financial by 183.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 804,316 shares of the financial services provider’s stock worth $83,440,000 after purchasing an additional 520,425 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Prudential Financial by 209.2% during the second quarter. Canada Pension Plan Investment Board now owns 520,025 shares of the financial services provider’s stock worth $55,871,000 after acquiring an additional 351,849 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in Prudential Financial during the fourth quarter valued at $37,912,000. Finally, Woodline Partners LP purchased a new position in Prudential Financial during the third quarter valued at $32,894,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

PRU stock opened at $103.81 on Tuesday. Prudential Financial, Inc. has a 52 week low of $91.89 and a 52 week high of $119.76. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The company has a fifty day simple moving average of $99.72 and a two-hundred day simple moving average of $104.31. The firm has a market capitalization of $36.02 billion, a P/E ratio of 10.68, a price-to-earnings-growth ratio of 1.90 and a beta of 0.86.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, beating the consensus estimate of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The business had revenue of $15.23 billion during the quarter, compared to analyst estimates of $14.10 billion. During the same quarter last year, the business earned $3.29 earnings per share. Analysts anticipate that Prudential Financial, Inc. will post 13.84 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Shareholders of record on Tuesday, May 26th will be given a dividend of $1.40 per share. The ex-dividend date is Tuesday, May 26th. This represents a $5.60 annualized dividend and a yield of 5.4%. Prudential Financial’s dividend payout ratio (DPR) is 57.61%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Prudential Financial from $93.00 to $100.00 and gave the company an “underweight” rating in a research note on Tuesday, May 12th. Morgan Stanley reaffirmed an “underweight” rating and set a $92.00 target price (down from $106.00) on shares of Prudential Financial in a research note on Monday, May 4th. Zacks Research cut shares of Prudential Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 29th. UBS Group cut their target price on shares of Prudential Financial from $105.00 to $98.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Finally, Evercore reaffirmed a “negative” rating on shares of Prudential Financial in a research note on Friday, March 6th. Nine analysts have rated the stock with a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Prudential Financial has a consensus rating of “Reduce” and an average target price of $101.50.

Prudential Financial Profile

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.