British Columbia Investment Management Corp cut its position in Prudential Financial Inc (NYSE:PRU) by 17.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 248,953 shares of the financial services provider’s stock after selling 53,455 shares during the period. British Columbia Investment Management Corp owned about 0.06% of Prudential Financial worth $26,558,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the company. Sigma Planning Corp increased its position in shares of Prudential Financial by 0.3% in the first quarter. Sigma Planning Corp now owns 3,449 shares of the financial services provider’s stock worth $368,000 after buying an additional 10 shares during the period. Koshinski Asset Management Inc. increased its position in shares of Prudential Financial by 0.4% in the first quarter. Koshinski Asset Management Inc. now owns 5,541 shares of the financial services provider’s stock worth $591,000 after buying an additional 24 shares during the last quarter. Wetherby Asset Management Inc. increased its position in shares of Prudential Financial by 0.4% in the fourth quarter. Wetherby Asset Management Inc. now owns 6,639 shares of the financial services provider’s stock worth $690,000 after buying an additional 26 shares during the last quarter. Formidable Asset Management LLC increased its position in shares of Prudential Financial by 1.0% in the fourth quarter. Formidable Asset Management LLC now owns 4,635 shares of the financial services provider’s stock worth $482,000 after buying an additional 47 shares during the last quarter. Finally, Pegasus Partners Ltd. raised its stake in shares of Prudential Financial by 0.7% in the first quarter. Pegasus Partners Ltd. now owns 8,821 shares of the financial services provider’s stock worth $941,000 after buying an additional 65 shares during the period. 60.91% of the stock is owned by institutional investors.
Prudential Financial Inc (NYSE:PRU) traded down 0.26% during mid-day trading on Friday, hitting $106.42. 1,899,358 shares of the stock traded hands. Prudential Financial Inc has a 12-month low of $66.51 and a 12-month high of $114.55. The company has a market cap of $45.65 billion, a price-to-earnings ratio of 10.80 and a beta of 1.69. The firm’s 50-day moving average is $106.32 and its 200-day moving average is $106.25.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, May 3rd. The financial services provider reported $2.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.64 by $0.15. Prudential Financial had a net margin of 7.63% and a return on equity of 7.96%. The firm had revenue of $13.24 billion for the quarter, compared to the consensus estimate of $12.75 billion. During the same quarter in the previous year, the company earned $2.18 earnings per share. Equities research analysts expect that Prudential Financial Inc will post $10.65 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Tuesday, May 23rd will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, May 19th. This represents a $3.00 dividend on an annualized basis and a yield of 2.82%. Prudential Financial’s dividend payout ratio is currently 28.90%.
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A number of equities research analysts have recently weighed in on PRU shares. Vetr raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $109.90 price objective on the stock in a report on Wednesday, March 22nd. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 price target on the stock in a report on Tuesday, April 18th. Deutsche Bank AG upped their price target on shares of Prudential Financial from $114.00 to $117.00 and gave the company a “buy” rating in a report on Wednesday, April 19th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $117.00 price target on shares of Prudential Financial in a report on Tuesday, March 21st. Finally, Atlantic Securities lowered shares of Prudential Financial from an “overweight” rating to a “neutral” rating in a report on Friday, February 10th. They noted that the move was a valuation call. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $108.84.
In other Prudential Financial news, insider Charles F. Lowrey sold 222,857 shares of Prudential Financial stock in a transaction on Monday, May 8th. The shares were sold at an average price of $108.04, for a total transaction of $24,077,470.28. Following the sale, the insider now owns 151,418 shares in the company, valued at $16,359,200.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is owned by insiders.
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.
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