Wealthfront Advisers LLC Invests $9.47 Million in Prudential Financial, Inc. $PRU

Wealthfront Advisers LLC purchased a new position in Prudential Financial, Inc. (NYSE:PRU) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 87,709 shares of the financial services provider’s stock, valued at approximately $9,466,000.

Other hedge funds have also recently bought and sold shares of the company. Foster & Motley Inc. purchased a new stake in Prudential Financial during the 2nd quarter worth approximately $4,323,000. First National Bank of Omaha acquired a new stake in shares of Prudential Financial during the second quarter worth approximately $10,231,000. Meeder Advisory Services Inc. bought a new stake in shares of Prudential Financial in the second quarter worth $769,000. Citizens Financial Group Inc. RI bought a new position in Prudential Financial during the 2nd quarter valued at $593,000. Finally, MidFirst Bank acquired a new position in Prudential Financial during the 2nd quarter worth $256,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PRU shares. Keefe, Bruyette & Woods upped their target price on shares of Prudential Financial from $113.00 to $123.00 and gave the company a “market perform” rating in a research note on Tuesday, August 11th. Wall Street Zen lowered Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Morgan Stanley restated an “underweight” rating and set a $92.00 price objective (down from $106.00) on shares of Prudential Financial in a research note on Monday, May 4th. Argus downgraded Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. Finally, TD Cowen boosted their price target on Prudential Financial from $102.00 to $114.00 and gave the company a “hold” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $108.31.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the sale, the insider owned 7,973,657 shares of the company’s stock, valued at approximately $197,348,010.75. This trade represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ann M. Kappler sold 7,652 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the transaction, the executive vice president owned 14,407 shares of the company’s stock, valued at $1,801,019.07. This represents a 34.69% decrease in their position. The SEC filing for this sale provides additional information. 0.05% of the stock is currently owned by corporate insiders.

Prudential Financial Trading Down 1.9%

NYSE PRU opened at $122.21 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a one year low of $91.89 and a one year high of $127.72. The company has a 50-day simple moving average of $116.12 and a 200-day simple moving average of $105.53. The firm has a market capitalization of $42.16 billion, a PE ratio of 11.07, a price-to-earnings-growth ratio of 2.37 and a beta of 0.84.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The firm had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. During the same quarter in the prior year, the business earned $3.58 earnings per share. On average, equities analysts forecast that Prudential Financial, Inc. will post 14.17 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Tuesday, August 25th. Prudential Financial’s dividend payout ratio is presently 50.72%.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.