Rhumbline Advisers Sells 8,882 Shares of Prudential Financial, Inc. $PRU

Rhumbline Advisers trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 678,046 shares of the financial services provider’s stock after selling 8,882 shares during the quarter. Rhumbline Advisers’ holdings in Prudential Financial were worth $70,340,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Prudential Financial by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 42,502,160 shares of the financial services provider’s stock worth $4,566,432,000 after acquiring an additional 600,482 shares during the last quarter. Geode Capital Management LLC boosted its stake in Prudential Financial by 1.8% in the second quarter. Geode Capital Management LLC now owns 9,402,393 shares of the financial services provider’s stock worth $1,010,474,000 after purchasing an additional 163,874 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Prudential Financial by 1.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,408,942 shares of the financial services provider’s stock worth $258,817,000 after purchasing an additional 31,088 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Prudential Financial by 1.9% in the third quarter. Nordea Investment Management AB now owns 1,752,952 shares of the financial services provider’s stock valued at $180,344,000 after buying an additional 32,171 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Prudential Financial in the second quarter valued at about $122,778,000. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Down 1.1%

Shares of NYSE PRU opened at $104.12 on Friday. Prudential Financial, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $119.76. The firm has a market capitalization of $36.44 billion, a P/E ratio of 10.41, a P/E/G ratio of 1.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. The company’s 50 day simple moving average is $112.02 and its 200 day simple moving average is $107.36.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 EPS for the quarter, missing the consensus estimate of $3.37 by ($0.07). The business had revenue of $15.69 billion for the quarter, compared to the consensus estimate of $14.48 billion. Prudential Financial had a net margin of 6.20% and a return on equity of 16.32%. During the same quarter in the previous year, the firm posted $2.96 EPS. On average, analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Tuesday, February 17th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 5.4%. The ex-dividend date is Tuesday, February 17th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.35. Prudential Financial’s dividend payout ratio is presently 54.00%.

Analysts Set New Price Targets

A number of equities research analysts have commented on PRU shares. UBS Group increased their price objective on shares of Prudential Financial from $111.00 to $116.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Keefe, Bruyette & Woods increased their price target on shares of Prudential Financial from $117.00 to $118.00 and gave the company a “market perform” rating in a research note on Monday, November 3rd. Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $113.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 13th. Wall Street Zen downgraded Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, JPMorgan Chase & Co. lowered their target price on Prudential Financial from $133.00 to $127.00 and set a “neutral” rating for the company in a research note on Wednesday, February 4th. One research analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $117.11.

Insider Buying and Selling

In related news, SVP Timothy L. Schmidt sold 8,000 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $107.69, for a total value of $861,520.00. Following the sale, the senior vice president directly owned 11,535 shares in the company, valued at $1,242,204.15. This trade represents a 40.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jacques Chappuis acquired 1,000 shares of Prudential Financial stock in a transaction that occurred on Friday, February 6th. The shares were purchased at an average cost of $100.97 per share, for a total transaction of $100,970.00. Following the purchase, the executive vice president directly owned 1,000 shares in the company, valued at $100,970. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 1,408,139 shares of company stock worth $35,128,697 over the last quarter. Insiders own 0.25% of the company’s stock.

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.