IFM Investors Pty Ltd grew its position in Prudential Financial, Inc. (NYSE:PRU – Get Rating) by 9.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,531 shares of the financial services provider’s stock after acquiring an additional 6,086 shares during the period. IFM Investors Pty Ltd’s holdings in Prudential Financial were worth $7,035,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Marcum Wealth LLC boosted its holdings in Prudential Financial by 6.1% in the 2nd quarter. Marcum Wealth LLC now owns 2,944 shares of the financial services provider’s stock valued at $282,000 after purchasing an additional 168 shares during the period. Raymond James Trust N.A. boosted its holdings in Prudential Financial by 29.0% in the 2nd quarter. Raymond James Trust N.A. now owns 8,536 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 1,920 shares during the period. Highland Capital Management LLC bought a new stake in Prudential Financial in the 2nd quarter valued at about $4,249,000. BerganKDV Wealth Management LLC boosted its holdings in Prudential Financial by 55.6% in the 2nd quarter. BerganKDV Wealth Management LLC now owns 4,077 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 1,456 shares during the period. Finally, KMG Fiduciary Partners LLC raised its position in shares of Prudential Financial by 8.9% in the 2nd quarter. KMG Fiduciary Partners LLC now owns 23,414 shares of the financial services provider’s stock valued at $2,240,000 after buying an additional 1,909 shares in the last quarter. Institutional investors own 57.74% of the company’s stock.
Wall Street Analysts Forecast Growth
PRU has been the subject of several analyst reports. Jefferies Financial Group boosted their target price on shares of Prudential Financial from $78.00 to $79.00 and gave the company an “underperform” rating in a research report on Thursday, September 8th. JPMorgan Chase & Co. boosted their target price on shares of Prudential Financial from $120.00 to $122.00 in a research report on Monday, July 11th. Raymond James assumed coverage on shares of Prudential Financial in a research report on Wednesday. They set a “strong-buy” rating and a $115.00 price objective for the company. TheStreet cut shares of Prudential Financial from a “b-” rating to a “c+” rating in a research report on Thursday, August 4th. Finally, Royal Bank of Canada reduced their target price on shares of Prudential Financial from $125.00 to $112.00 and set a “sector perform” rating on the stock in a report on Monday, July 11th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $105.62.
Prudential Financial Stock Performance
Prudential Financial Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Tuesday, August 23rd were issued a $1.20 dividend. The ex-dividend date of this dividend was Monday, August 22nd. This represents a $4.80 annualized dividend and a dividend yield of 5.28%. Prudential Financial’s dividend payout ratio is currently 88.89%.
About Prudential Financial
Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.
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