Handelsbanken Fonder AB bought a new position in shares of Prudential Financial Inc (NYSE:PRU) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 96,607 shares of the financial services provider’s stock, valued at approximately $5,883,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Pathstone Family Office LLC boosted its stake in Prudential Financial by 46.0% in the 1st quarter. Pathstone Family Office LLC now owns 524 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 165 shares during the period. Baystate Wealth Management LLC boosted its stake in Prudential Financial by 954.5% during the second quarter. Baystate Wealth Management LLC now owns 464 shares of the financial services provider’s stock valued at $28,000 after buying an additional 420 shares during the period. HHM Wealth Advisors LLC bought a new position in Prudential Financial in the 1st quarter worth about $31,000. Tarbox Family Office Inc. raised its holdings in shares of Prudential Financial by 59.5% in the 2nd quarter. Tarbox Family Office Inc. now owns 555 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 207 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. bought a new position in shares of Prudential Financial in the second quarter worth approximately $37,000. 57.10% of the stock is currently owned by institutional investors.
In other news, SVP Timothy L. Schmidt sold 5,334 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $69.54, for a total transaction of $370,926.36. Following the transaction, the senior vice president now directly owns 27,784 shares of the company’s stock, valued at $1,932,099.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.33% of the company’s stock.
PRU traded up $0.16 during trading on Friday, hitting $68.75. 32,911 shares of the stock traded hands, compared to its average volume of 3,148,353. The firm has a market capitalization of $27.09 billion, a P/E ratio of -110.63, a price-to-earnings-growth ratio of 0.81 and a beta of 1.69. Prudential Financial Inc has a 12-month low of $38.62 and a 12-month high of $97.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a 50-day moving average of $68.08 and a 200 day moving average of $61.27.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $1.85 EPS for the quarter, beating the consensus estimate of $1.72 by $0.13. The firm had revenue of $13.08 billion during the quarter, compared to the consensus estimate of $12.85 billion. Prudential Financial had a negative net margin of 0.25% and a positive return on equity of 6.13%. During the same period in the prior year, the firm posted $3.03 earnings per share. As a group, equities analysts predict that Prudential Financial Inc will post 9.37 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 6.40%. The ex-dividend date was Monday, August 24th. Prudential Financial’s payout ratio is 37.64%.
Several analysts have recently weighed in on PRU shares. ValuEngine cut shares of Prudential Financial from a “sell” rating to a “strong sell” rating in a research report on Monday, August 3rd. Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Morgan Stanley increased their target price on shares of Prudential Financial from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Thursday, August 20th. Finally, Piper Sandler decreased their target price on shares of Prudential Financial from $67.00 to $63.00 and set a “neutral” rating on the stock in a research report on Thursday, July 2nd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $75.82.
Prudential Financial Company Profile
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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