Keystone Financial Group acquired a new position in shares of Prudential Financial Inc (NYSE:PRU) in the 1st quarter, Holdings Channel reports. The fund acquired 2,174 shares of the financial services provider’s stock, valued at approximately $200,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Sumitomo Mitsui Asset Management Company LTD lifted its position in Prudential Financial by 47.9% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 40,928 shares of the financial services provider’s stock worth $3,760,000 after purchasing an additional 13,260 shares during the period. Tradition Capital Management LLC lifted its position in Prudential Financial by 27.2% in the first quarter. Tradition Capital Management LLC now owns 47,495 shares of the financial services provider’s stock worth $4,363,000 after purchasing an additional 10,154 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in Prudential Financial by 12.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 96,825 shares of the financial services provider’s stock worth $8,896,000 after purchasing an additional 10,550 shares during the period. Alerus Financial NA lifted its position in Prudential Financial by 7.1% in the first quarter. Alerus Financial NA now owns 31,796 shares of the financial services provider’s stock worth $2,921,000 after purchasing an additional 2,107 shares during the period. Finally, Moors & Cabot Inc. acquired a new stake in Prudential Financial in the first quarter worth approximately $380,000. Institutional investors and hedge funds own 66.25% of the company’s stock.
NYSE PRU opened at $99.41 on Friday. The firm has a market capitalization of $39.88 billion, a price-to-earnings ratio of 8.50, a P/E/G ratio of 0.85 and a beta of 1.48. Prudential Financial Inc has a 1 year low of $75.61 and a 1 year high of $106.64. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.33.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, May 1st. The financial services provider reported $3.00 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.14 by ($0.14). The company had revenue of $13.65 billion during the quarter, compared to the consensus estimate of $13.74 billion. Prudential Financial had a net margin of 6.18% and a return on equity of 9.87%. During the same period in the prior year, the company posted $3.08 EPS. As a group, analysts anticipate that Prudential Financial Inc will post 12.81 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Tuesday, May 28th will be issued a $1.00 dividend. The ex-dividend date is Friday, May 24th. This represents a $4.00 annualized dividend and a dividend yield of 4.02%. Prudential Financial’s dividend payout ratio is currently 34.22%.
In other Prudential Financial news, insider Nicholas C. Silitch sold 13,000 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $95.25, for a total value of $1,238,250.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stephen Pelletier sold 26,006 shares of the company’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $94.04, for a total value of $2,445,604.24. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.
A number of research firms have weighed in on PRU. UBS Group downgraded Prudential Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $116.00 to $112.00 in a research report on Monday. Deutsche Bank upped their target price on Prudential Financial from $97.00 to $104.00 and gave the stock a “hold” rating in a research report on Friday, April 12th. Zacks Investment Research cut Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. Finally, ValuEngine raised Prudential Financial from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Prudential Financial has an average rating of “Buy” and a consensus target price of $111.71.
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Prudential Financial Profile
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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