Cornerstone Wealth Group LLC Has $8.34 Million Stake in Prudential Financial, Inc. $PRU

Cornerstone Wealth Group LLC grew its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 20.4% in the first quarter, HoldingsChannel.com reports. The fund owned 86,476 shares of the financial services provider’s stock after acquiring an additional 14,632 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Prudential Financial were worth $8,341,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PRU. Brighton Jones LLC increased its holdings in Prudential Financial by 3.7% in the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock worth $436,000 after purchasing an additional 133 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Prudential Financial by 30.5% during the 1st quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider’s stock worth $1,976,000 after buying an additional 4,134 shares in the last quarter. Brown Advisory Inc. grew its position in shares of Prudential Financial by 3.5% during the 2nd quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider’s stock worth $447,000 after buying an additional 140 shares during the period. AXA S.A. increased its stake in shares of Prudential Financial by 25.8% in the 2nd quarter. AXA S.A. now owns 56,700 shares of the financial services provider’s stock valued at $6,092,000 after acquiring an additional 11,630 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Prudential Financial by 15.1% in the 2nd quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider’s stock valued at $4,005,000 after acquiring an additional 4,895 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Stock Performance

Shares of PRU stock opened at $108.38 on Friday. The firm has a market capitalization of $37.61 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 1.97 and a beta of 0.86. The firm has a fifty day simple moving average of $102.51 and a two-hundred day simple moving average of $104.28. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. Prudential Financial, Inc. has a 12 month low of $91.89 and a 12 month high of $119.76.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.52. The firm had revenue of $15.23 billion for the quarter, compared to the consensus estimate of $14.10 billion. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. During the same quarter in the prior year, the company posted $3.29 earnings per share. Analysts forecast that Prudential Financial, Inc. will post 13.81 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date was Tuesday, May 26th. Prudential Financial’s dividend payout ratio is currently 57.61%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Morgan Stanley reissued 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 raised shares of Prudential Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 12th. Argus cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, June 9th. Mizuho raised their target price on Prudential Financial from $96.00 to $101.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Bank of America decreased their target price on Prudential Financial from $112.00 to $104.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. Eleven equities research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prudential Financial currently has an average rating of “Reduce” and a consensus price target of $101.92.

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.