Bank of New York Mellon Corp reduced its position in shares of Prudential Financial Inc (NYSE:PRU) by 9.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,746,281 shares of the financial services provider’s stock after selling 634,174 shares during the period. Bank of New York Mellon Corp owned 1.34% of Prudential Financial worth $613,012,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norway Savings Bank acquired a new stake in Prudential Financial during the fourth quarter worth $120,000. Adirondack Trust Co. boosted its stake in Prudential Financial by 7.6% in the first quarter. Adirondack Trust Co. now owns 1,133 shares of the financial services provider’s stock worth $121,000 after buying an additional 80 shares during the last quarter. Seven Eight Capital LP acquired a new stake in Prudential Financial during the fourth quarter worth $130,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Prudential Financial during the fourth quarter worth $134,000. Finally, Quadrant Capital Group LLC boosted its stake in Prudential Financial by 11.1% in the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the financial services provider’s stock worth $139,000 after buying an additional 137 shares during the last quarter. Institutional investors and hedge funds own 60.91% of the company’s stock.
Prudential Financial Inc (NYSE:PRU) opened at 107.75 on Friday. The firm has a market capitalization of $46.22 billion, a PE ratio of 10.93 and a beta of 1.69. The company has a 50-day moving average price of $106.36 and a 200-day moving average price of $106.47. Prudential Financial Inc has a 12-month low of $66.51 and a 12-month high of $114.55.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, May 3rd. The financial services provider reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $12.75 billion. During the same period in the prior year, the firm earned $2.18 EPS. On average, analysts predict that Prudential Financial Inc will post $10.64 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Tuesday, May 23rd will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date is Friday, May 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 28.90%.
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A number of brokerages have commented on PRU. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $117.00 price target on shares of Prudential Financial in a research report on Tuesday, March 21st. Zacks Investment Research raised Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 price target for the company in a research report on Tuesday, April 18th. Vetr raised Prudential Financial from a “hold” rating to a “buy” rating and set a $109.90 price objective for the company in a report on Wednesday, March 22nd. Barclays PLC reissued a “buy” rating and issued a $129.00 price objective on shares of Prudential Financial in a report on Sunday, February 19th. Finally, Atlantic Securities cut 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 investment 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 stock. The stock presently has an average rating of “Buy” and a consensus price target of $108.84.
In other Prudential Financial news, insider Charles F. Lowrey sold 222,857 shares of the stock in a transaction on Monday, May 8th. The shares were sold at an average price of $108.04, for a total value of $24,077,470.28. Following the completion of the sale, the insider now directly owns 151,418 shares of the company’s stock, valued at approximately $16,359,200.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.20% of the stock is owned by corporate insiders.
Prudential Financial Company Profile
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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