Xact Kapitalforvaltning AB raised its stake in Prudential Financial Inc (NYSE:PRU) by 13.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,773 shares of the financial services provider’s stock after buying an additional 11,305 shares during the period. Xact Kapitalforvaltning AB’s holdings in Prudential Financial were worth $9,897,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Norway Savings Bank purchased a new stake in Prudential Financial during the fourth quarter worth $120,000. Adirondack Trust Co. raised its stake in shares of 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 in the last quarter. Seven Eight Capital LP bought a new stake in shares of Prudential Financial during the fourth quarter worth approximately $130,000. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Prudential Financial during the fourth quarter worth approximately $134,000. Finally, Quadrant Capital Group LLC raised its stake in shares of 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 in the last quarter. Institutional investors own 60.91% of the company’s stock.
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Shares of Prudential Financial Inc (NYSE:PRU) opened at 107.75 on Friday. The stock has a market capitalization of $46.22 billion, a price-to-earnings ratio of 10.93 and a beta of 1.69. The firm’s 50 day moving average is $106.36 and its 200 day moving average is $106.47. Prudential Financial Inc has a 52-week low of $66.51 and a 52-week high of $114.55.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data 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 return on equity of 7.96% and a net margin of 7.63%. The firm had revenue of $13.24 billion during the quarter, compared to analyst estimates of $12.75 billion. During the same quarter last year, the firm earned $2.18 EPS. Equities analysts expect that Prudential Financial Inc will post $10.64 earnings per share for the current year.
The firm also recently disclosed 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 is Friday, May 19th. This represents a $3.00 dividend on an annualized basis and a yield of 2.78%. Prudential Financial’s dividend payout ratio (DPR) is presently 28.90%.
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Several brokerages have weighed in on PRU. Wells Fargo & Co reaffirmed a “hold” rating on shares of Prudential Financial in a report on Tuesday, June 6th. ValuEngine raised shares of Prudential Financial from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Credit Suisse Group AG lowered their price target on shares of Prudential Financial from $121.00 to $120.00 and set a “neutral” rating on the stock in a report on Tuesday, May 23rd. Deutsche Bank AG boosted their target price on shares of Prudential Financial from $114.00 to $117.00 and gave the stock a “buy” rating in a report on Wednesday, April 19th. Finally, Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 target price on the stock in a report on Tuesday, April 18th. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus 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 the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $108.04, for a total transaction of $24,077,470.28. Following the completion of the sale, the insider now owns 151,418 shares in the company, 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 company 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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