Carlton Hofferkamp & Jenks Wealth Management LLC raised its stake in Prudential Financial Inc (NYSE:PRU) by 60.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,289 shares of the financial services provider’s stock after buying an additional 2,377 shares during the quarter. Carlton Hofferkamp & Jenks Wealth Management LLC’s holdings in Prudential Financial were worth $551,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Coastal Capital Group Inc. bought a new stake in shares of Prudential Financial in the 2nd quarter valued at about $25,000. WealthStone Inc. purchased a new stake in Prudential Financial in the 2nd quarter worth $25,000. Ibex Wealth Advisors purchased a new stake in Prudential Financial in the 2nd quarter worth $26,000. Virtus ETF Advisers LLC purchased a new stake in Prudential Financial in the 2nd quarter worth $26,000. Finally, Bartlett & Co. LLC increased its holdings in Prudential Financial by 163.0% in the 2nd quarter. Bartlett & Co. LLC now owns 263 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 163 shares in the last quarter. 63.18% of the stock is currently owned by institutional investors.
In related news, CFO Kenneth Tanji bought 2,500 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were bought at an average price of $83.84 per share, with a total value of $209,600.00. Following the completion of the transaction, the chief financial officer now directly owns 19,285 shares of the company’s stock, valued at approximately $1,616,854.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert Falzon bought 3,580 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was bought at an average cost of $83.98 per share, for a total transaction of $300,648.40. Following the transaction, the executive vice president now directly owns 64,228 shares of the company’s stock, valued at $5,393,867.44. The disclosure for this purchase can be found here. Insiders acquired 13,580 shares of company stock worth $1,137,848 in the last ninety days. 0.76% of the stock is currently owned by corporate insiders.
Shares of PRU stock traded up $2.25 on Friday, hitting $89.92. 85,305 shares of the stock traded hands, compared to its average volume of 2,296,631. The firm’s 50-day moving average price is $85.23 and its two-hundred day moving average price is $94.59. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.11 and a current ratio of 0.11. The stock has a market capitalization of $34.15 billion, a PE ratio of 7.70, a PEG ratio of 0.76 and a beta of 1.57. Prudential Financial Inc has a twelve month low of $75.61 and a twelve month high of $106.39.
Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $3.14 EPS for the quarter, missing the Zacks’ consensus estimate of $3.22 by ($0.08). Prudential Financial had a net margin of 6.92% and a return on equity of 9.24%. The company had revenue of $14.11 billion during the quarter, compared to analyst estimates of $13.63 billion. During the same period in the previous year, the company earned $3.01 EPS. On average, equities research analysts anticipate that Prudential Financial Inc will post 12.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were given a $1.00 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $4.00 dividend on an annualized basis and a yield of 4.45%. Prudential Financial’s payout ratio is currently 34.22%.
Several equities research analysts recently commented on PRU shares. Barclays set a $108.00 price target on shares of Prudential Financial and gave the stock a “buy” rating in a report on Monday, August 12th. Zacks Investment Research raised shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $89.00 target price on the stock in a research note on Tuesday, September 10th. Citigroup lowered their price target on shares of Prudential Financial from $94.00 to $88.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. UBS Group boosted their price target on shares of Prudential Financial from $84.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Atlantic Securities cut shares of Prudential Financial from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $99.71.
Prudential Financial Company 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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