Sumitomo Life Insurance Co. boosted its holdings in shares of Prudential Financial Inc (NYSE:PRU) by 3.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,354 shares of the financial services provider’s stock after purchasing an additional 690 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Prudential Financial were worth $1,955,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Moors & Cabot Inc. grew its position in shares of Prudential Financial by 2.4% in the 2nd quarter. Moors & Cabot Inc. now owns 4,252 shares of the financial services provider’s stock worth $431,000 after acquiring an additional 100 shares in the last quarter. Resources Investment Advisors Inc. grew its position in shares of Prudential Financial by 9.7% in the 1st quarter. Resources Investment Advisors Inc. now owns 1,205 shares of the financial services provider’s stock worth $111,000 after acquiring an additional 107 shares in the last quarter. GAM Holding AG grew its position in shares of Prudential Financial by 1.7% in the 1st quarter. GAM Holding AG now owns 7,063 shares of the financial services provider’s stock worth $649,000 after acquiring an additional 117 shares in the last quarter. ACG Wealth grew its position in shares of Prudential Financial by 2.3% in the 1st quarter. ACG Wealth now owns 5,500 shares of the financial services provider’s stock worth $505,000 after acquiring an additional 126 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its position in shares of Prudential Financial by 23.5% in the 1st quarter. Parkside Financial Bank & Trust now owns 736 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 140 shares in the last quarter. Institutional investors own 63.04% of the company’s stock.
NYSE:PRU traded down $2.66 during midday trading on Wednesday, reaching $83.57. 91,843 shares of the company traded hands, compared to its average volume of 1,908,627. Prudential Financial Inc has a twelve month low of $75.61 and a twelve month high of $106.64. The stock has a market capitalization of $33.88 billion, a price-to-earnings ratio of 7.17, a price-to-earnings-growth ratio of 0.78 and a beta of 1.49. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.29. The firm has a fifty day moving average of $99.73.
Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.22 by ($0.08). Prudential Financial had a net margin of 6.92% and a return on equity of 9.24%. The company had revenue of $14.11 billion for the quarter, compared to analyst estimates of $13.63 billion. During the same quarter in the prior year, the firm earned $3.01 EPS. On average, sell-side analysts predict that Prudential Financial Inc will post 12.58 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 4.79%. Prudential Financial’s payout ratio is currently 34.22%.
Several research analysts have recently commented on PRU shares. Wells Fargo & Co set a $115.00 target price on Prudential Financial and gave the stock a “buy” rating in a research report on Wednesday, July 31st. UBS Group lowered Prudential Financial from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $116.00 to $112.00 in a research report on Monday, May 13th. Citigroup lowered Prudential Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $112.00 to $94.00 in a research report on Monday. B. Riley lowered Prudential Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $122.00 to $100.00 in a research report on Thursday, August 1st. Finally, Deutsche Bank boosted their price objective on Prudential Financial from $97.00 to $104.00 and gave the company a “hold” rating in a research report on Friday, April 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Prudential Financial currently has an average rating of “Hold” and a consensus price target of $105.45.
Prudential Financial 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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