CI Investments Inc. Purchases 8,799 Shares of Prudential Financial, Inc. $PRU

CI Investments Inc. boosted its position in Prudential Financial, Inc. (NYSE:PRU) by 19.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,039 shares of the financial services provider’s stock after buying an additional 8,799 shares during the quarter. CI Investments Inc.’s holdings in Prudential Financial were worth $5,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in PRU. Jessup Wealth Management Inc bought a new position in shares of Prudential Financial during the 4th quarter worth $25,000. Garton & Associates Financial Advisors LLC bought a new stake in Prudential Financial in the 4th quarter valued at about $26,000. Salomon & Ludwin LLC raised its stake in Prudential Financial by 98.3% in the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 114 shares during the period. SJS Investment Consulting Inc. lifted its holdings in Prudential Financial by 93.1% during the first quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 134 shares during the last quarter. Finally, Lodestone Wealth Management LLC bought a new position in Prudential Financial during the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

NYSE:PRU opened at $117.78 on Friday. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $120.58. The stock has a fifty day moving average of $108.55 and a 200 day moving average of $104.25. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market capitalization of $40.87 billion, a price-to-earnings ratio of 12.12, a P/E/G ratio of 2.36 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.52. The firm had revenue of $15.23 billion for the quarter, compared to analysts’ expectations of $14.10 billion. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.During the same quarter last year, the firm posted $3.29 EPS. On average, research analysts expect that Prudential Financial, Inc. will post 13.83 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend was Tuesday, May 26th. Prudential Financial’s dividend payout ratio (DPR) is currently 57.61%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRU. Weiss Ratings raised shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Zacks Research raised shares of Prudential Financial from a “strong sell” rating to a “hold” rating in a report on Friday, June 12th. Wells Fargo & Company lifted their price objective on shares of Prudential Financial from $100.00 to $103.00 and gave the company an “underweight” rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. boosted their target price on shares of Prudential Financial from $117.00 to $129.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, UBS Group cut their price target on Prudential Financial from $105.00 to $98.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. One analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $105.46.

About Prudential Financial

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.