Sumitomo Life Insurance Co. raised its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 21,959 shares of the financial services provider’s stock after buying an additional 926 shares during the period. Sumitomo Life Insurance Co.’s holdings in Prudential Financial were worth $2,375,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Two Sigma Investments LP purchased a new stake in Prudential Financial during the fourth quarter valued at approximately $220,000. Quadrature Capital Ltd bought a new stake in shares of Prudential Financial during the fourth quarter worth about $343,000. Beacon Financial Group boosted its stake in shares of Prudential Financial by 10.1% in the first quarter. Beacon Financial Group now owns 10,379 shares of the financial services provider’s stock worth $1,113,000 after buying an additional 950 shares in the last quarter. Chevy Chase Trust Holdings Inc. boosted its stake in shares of Prudential Financial by 3.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 371,282 shares of the financial services provider’s stock worth $39,608,000 after buying an additional 10,770 shares in the last quarter. Finally, CENTRAL TRUST Co boosted its stake in shares of Prudential Financial by 4.1% in the first quarter. CENTRAL TRUST Co now owns 5,399 shares of the financial services provider’s stock worth $576,000 after buying an additional 211 shares in the last quarter. Institutional investors and hedge funds own 63.51% of the company’s stock.
Shares of Prudential Financial, Inc. (PRU) traded down 0.35% during mid-day trading on Friday, hitting $105.69. The company had a trading volume of 2,239,384 shares. The company’s 50-day moving average is $110.42 and its 200 day moving average is $108.12. The company has a market capitalization of $45.13 billion, a PE ratio of 11.80 and a beta of 1.50. Prudential Financial, Inc. has a one year low of $75.20 and a one year high of $115.26.
Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, August 2nd. The financial services provider reported $2.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by $0.61. Prudential Financial had a return on equity of 8.98% and a net margin of 7.15%. The business had revenue of $13.03 billion for the quarter, compared to analysts’ expectations of $12.45 billion. During the same quarter in the previous year, the firm earned $1.84 earnings per share. On average, equities research analysts forecast that Prudential Financial, Inc. will post $10.22 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Tuesday, August 22nd will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.84%. The ex-dividend date is Friday, August 18th. Prudential Financial’s payout ratio is 33.63%.
PRU has been the topic of a number of analyst reports. Deutsche Bank AG upped their price objective on Prudential Financial from $114.00 to $117.00 and gave the stock a “buy” rating in a research note on Wednesday, April 19th. Wells Fargo & Company reissued a “hold” rating on shares of Prudential Financial in a report on Thursday, August 3rd. BidaskClub raised Prudential Financial from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. ValuEngine raised Prudential Financial from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research lowered Prudential Financial from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $111.21.
In other news, insider Nicholas C. Silitch sold 14,897 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $110.00, for a total value of $1,638,670.00. Following the completion of the sale, the insider now owns 21,274 shares of the company’s stock, valued at approximately $2,340,140. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Stephen Pelletier sold 4,133 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $112.18, for a total value of $463,639.94. Following the completion of the sale, the insider now directly owns 10,924 shares of the company’s stock, valued at approximately $1,225,454.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 220,615 shares of company stock valued at $24,276,660. 0.66% of the stock is owned by company insiders.
Prudential Financial Company Profile
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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