Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Municipal Employees Retirement System of Michigan

Municipal Employees Retirement System of Michigan lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 5.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,120 shares of the financial services provider’s stock after selling 1,240 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Prudential Financial were worth $2,284,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Two Sigma Investments LP purchased a new stake in shares of Prudential Financial during the fourth quarter worth about $220,000. Quadrature Capital Ltd purchased 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 during the period. 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 during the period. 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 during the period. 63.51% of the stock is owned by institutional investors.

Prudential Financial, Inc. (NYSE:PRU) traded down 0.35% on Friday, reaching $105.69. 2,239,384 shares of the company traded hands. The firm has a 50 day moving average of $110.42 and a 200-day moving average of $108.12. Prudential Financial, Inc. has a one year low of $75.20 and a one year high of $115.26. The stock has a market capitalization of $45.13 billion, a PE ratio of 11.80 and a beta of 1.50.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share for the quarter, missing analysts’ consensus estimates of $2.70 by $0.61. The firm had revenue of $13.03 billion for the quarter, compared to analyst estimates of $12.45 billion. Prudential Financial had a net margin of 7.15% and a return on equity of 8.98%. During the same period in the prior year, the company posted $1.84 EPS. On average, analysts anticipate that Prudential Financial, Inc. will post $10.22 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Tuesday, August 22nd will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Friday, August 18th. Prudential Financial’s dividend payout ratio is presently 33.63%.

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Several equities research analysts have weighed in on PRU shares. Keefe, Bruyette & Woods restated a “buy” rating on shares of Prudential Financial in a research report on Friday. Wells Fargo & Company restated a “hold” rating on shares of Prudential Financial in a research report on Thursday, August 3rd. BidaskClub upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, June 14th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $113.00 price objective on shares of Prudential Financial in a research report on Tuesday, June 27th. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Prudential Financial presently has a consensus rating of “Buy” and an average price target of $111.21.

In other Prudential Financial news, insider Nicholas C. Silitch sold 14,897 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $110.00, for a total transaction of $1,638,670.00. Following the transaction, the insider now directly owns 21,274 shares in the company, valued at approximately $2,340,140. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen Pelletier sold 4,133 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $112.18, for a total value of $463,639.94. Following the transaction, the insider now owns 10,924 shares in the company, valued at $1,225,454.32. The disclosure for this sale can be found here. Insiders have sold a total of 220,615 shares of company stock valued at $24,276,660 in the last three months. Insiders own 0.66% of the company’s stock.

About Prudential Financial

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.

Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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