California Public Employees Retirement System Cuts Holdings in Prudential Financial, Inc. (NYSE:PRU)

California Public Employees Retirement System trimmed its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 927,934 shares of the financial services provider’s stock after selling 26,751 shares during the period. California Public Employees Retirement System’s holdings in Prudential Financial were worth $95,085,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PRU. Vident Investment Advisory LLC increased its stake in Prudential Financial by 207.0% in the 1st quarter. Vident Investment Advisory LLC now owns 34,870 shares of the financial services provider’s stock valued at $3,177,000 after purchasing an additional 23,512 shares in the last quarter. Reilly Financial Advisors LLC increased its stake in Prudential Financial by 33.7% in the 2nd quarter. Reilly Financial Advisors LLC now owns 173,632 shares of the financial services provider’s stock valued at $17,792,000 after purchasing an additional 43,736 shares in the last quarter. Morgan Stanley increased its stake in Prudential Financial by 1.4% in the 1st quarter. Morgan Stanley now owns 4,196,046 shares of the financial services provider’s stock valued at $382,259,000 after purchasing an additional 56,748 shares in the last quarter. Eagle Capital Management LLC acquired a new stake in Prudential Financial during the 2nd quarter valued at $3,576,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Prudential Financial during the 2nd quarter valued at $1,793,000. 56.14% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE PRU opened at $107.45 on Thursday. Prudential Financial, Inc. has a 1 year low of $60.39 and a 1 year high of $111.91. The firm has a market cap of $41.48 billion, a price-to-earnings ratio of 5.93, a PEG ratio of 0.65 and a beta of 1.70. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.11 and a current ratio of 0.11. The stock’s 50-day simple moving average is $105.34 and its 200-day simple moving average is $102.69.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, August 3rd. The financial services provider reported $3.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.04 by $0.75. Prudential Financial had a return on equity of 8.87% and a net margin of 13.09%. The business had revenue of $13.10 billion for the quarter, compared to analyst estimates of $13.83 billion. As a group, research analysts predict that Prudential Financial, Inc. will post 13.54 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 16th. Investors of record on Tuesday, August 24th were paid a $1.15 dividend. The ex-dividend date was Monday, August 23rd. This represents a $4.60 dividend on an annualized basis and a yield of 4.28%. Prudential Financial’s dividend payout ratio (DPR) is 45.05%.

A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 target price on the stock in a report on Friday, June 18th. Barclays raised their price objective on Prudential Financial from $102.00 to $110.00 and gave the stock an “equal weight” rating in a report on Thursday, September 16th. raised their price objective on Prudential Financial from $97.00 to $100.00 and gave the stock a “neutral” rating in a report on Monday, June 21st. Morgan Stanley decreased their price objective on Prudential Financial from $107.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 4th. Finally, Royal Bank of Canada raised their price objective on Prudential Financial from $108.00 to $112.00 and gave the stock a “sector perform” rating in a report on Thursday, August 5th. They noted that the move was a valuation call. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $101.50.

In other Prudential Financial news, SVP Timothy L. Schmidt sold 6,579 shares of Prudential Financial stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $104.91, for a total value of $690,202.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Charles F. Lowrey sold 37,011 shares of Prudential Financial stock in a transaction that occurred on Friday, October 8th. The shares were sold at an average price of $110.00, for a total value of $4,071,210.00. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by company insiders.

Prudential Financial Company Profile

Prudential Financial, Inc engages in the provision of financial products and services including life insurance, annuities, mutual funds, and investment management to both individual and institutional customers. It operates through the following segments: PGIM, International Businesses, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, Closed Block, and Corporate and Others.

Further Reading: What Factors Can Affect Return on Equity?

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Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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