Public Employees Retirement Association of Colorado cut its stake in shares of Prudential Financial Inc. (NYSE:PRU) by 0.5% during the second quarter, Holdings Channel reports. The firm owned 900,568 shares of the company’s stock after selling 4,901 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Prudential Financial were worth $64,247,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the stock. Acadian Asset Management LLC raised its stake in shares of Prudential Financial by 22.2% in the first quarter. Acadian Asset Management LLC now owns 7,432 shares of the company’s stock valued at $536,000 after buying an additional 1,350 shares during the period. Glenmede Trust Co. NA raised its stake in shares of Prudential Financial by 28.9% in the first quarter. Glenmede Trust Co. NA now owns 14,345 shares of the company’s stock valued at $1,035,000 after buying an additional 3,216 shares during the period. Prudential Financial Inc. raised its stake in shares of Prudential Financial by 61.6% in the first quarter. Prudential Financial Inc. now owns 614,473 shares of the company’s stock valued at $44,378,000 after buying an additional 234,250 shares during the period. FDO Partners LLC acquired a new stake in shares of Prudential Financial during the first quarter valued at about $222,000. Finally, Howard Hughes Medical Institute acquired a new stake in shares of Prudential Financial during the first quarter valued at about $119,000. 60.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Prudential Financial Inc. (NYSE:PRU) traded down 0.56% during mid-day trading on Friday, hitting $84.53. 2,470,106 shares of the company were exchanged. The firm has a 50 day moving average of $79.54 and a 200 day moving average of $76.11. Prudential Financial Inc. has a 12-month low of $57.19 and a 12-month high of $88.77. The company has a market capitalization of $36.94 billion, a price-to-earnings ratio of 8.68 and a beta of 1.68.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $1.84 EPS for the quarter, missing the Zacks’ consensus estimate of $2.51 by $0.67. Prudential Financial had a net margin of 8.90% and a return on equity of 8.11%. During the same period last year, the company posted $2.91 earnings per share. Equities research analysts forecast that Prudential Financial Inc. will post ($0.01) earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Tuesday, August 23rd were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Friday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 28.78%.
PRU has been the topic of several analyst reports. Zacks Investment Research lowered shares of Prudential Financial from a “hold” rating to a “sell” rating in a report on Tuesday, June 21st. Bank of America Corp. lowered shares of Prudential Financial from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 29th. Evercore ISI initiated coverage on shares of Prudential Financial in a report on Wednesday, July 6th. They issued a “hold” rating and a $78.00 price target on the stock. Citigroup Inc. lowered their price target on shares of Prudential Financial from $83.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, July 7th. Finally, Deutsche Bank AG lowered their price target on shares of Prudential Financial from $90.00 to $83.00 and set a “buy” rating on the stock in a report on Thursday, July 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $89.33.
In other Prudential Financial news, insider Charles F. Lowrey sold 41,644 shares of Prudential Financial stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $80.00, for a total value of $3,331,520.00. Following the transaction, the insider now owns 98,307 shares in the company, valued at $7,864,560. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robert Falzon sold 33,820 shares of Prudential Financial stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $77.13, for a total value of $2,608,536.60. Following the completion of the transaction, the chief financial officer now owns 70,264 shares in the company, valued at approximately $5,419,462.32. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.
About Prudential Financial
Prudential Financial, Inc is a financial services company. The Company, through its subsidiaries and affiliates, provides a range of financial products and services, including life insurance, annuities and investment management. The Company’s divisions include U.S. Retirement Solutions and Investment Management Division; U.S.
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