State of Tennessee Treasury Department increased its stake in Prudential Financial Inc (NYSE:PRU) by 23.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 616,817 shares of the financial services provider’s stock after buying an additional 115,370 shares during the period. State of Tennessee Treasury Department owned 0.14% of Prudential Financial worth $65,802,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of PRU. Sigma Planning Corp raised its position in Prudential Financial by 0.3% in the first quarter. Sigma Planning Corp now owns 3,449 shares of the financial services provider’s stock valued at $368,000 after buying an additional 10 shares during the last quarter. Koshinski Asset Management Inc. raised its position in 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 valued at $591,000 after buying an additional 24 shares during the last quarter. Wetherby Asset Management Inc. raised its position in 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 valued at $690,000 after buying an additional 26 shares during the last quarter. First Personal Financial Services raised its position in Prudential Financial by 3.4% in the first quarter. First Personal Financial Services now owns 1,407 shares of the financial services provider’s stock valued at $150,000 after buying an additional 46 shares during the last quarter. Finally, Formidable Asset Management LLC raised its position in 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 valued at $482,000 after buying an additional 47 shares during the last quarter. Institutional investors and hedge funds own 60.91% of the company’s stock.
Prudential Financial Inc (PRU) traded up 2.22% on Friday, hitting $107.75. The stock had a trading volume of 2,032,756 shares. The firm has a market cap of $46.22 billion, a PE ratio of 10.93 and a beta of 1.69. Prudential Financial Inc has a 52-week low of $66.51 and a 52-week high of $114.55. The company has a 50-day moving average price of $106.36 and a 200 day moving average price of $106.47.
Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, May 3rd. The financial services provider reported $2.79 earnings per share (EPS) for the quarter, beating 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 company had revenue of $13.24 billion during the quarter, compared to analysts’ expectations of $12.75 billion. During the same period last year, the company posted $2.18 earnings per share. Equities analysts forecast that Prudential Financial Inc will post $10.64 earnings per share for the current fiscal year.
The business also recently announced 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. 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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A number of equities research analysts have recently weighed in on the company. Deutsche Bank AG lifted their price objective on Prudential Financial from $114.00 to $117.00 and gave the stock a “buy” rating in a research report on Wednesday, April 19th. J P Morgan Chase & Co lifted their price objective on Prudential Financial from $108.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, April 3rd. Wells Fargo & Co restated a “hold” rating on shares of Prudential Financial in a research report on Tuesday, June 6th. Credit Suisse Group dropped their price target on Prudential Financial from $121.00 to $120.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 23rd. Finally, ValuEngine upgraded Prudential Financial from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $108.84.
In other Prudential Financial news, insider Charles F. Lowrey sold 222,857 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 151,418 shares of the company’s stock, valued at $16,359,200.72. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.20% of the company’s stock.
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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