Clark Capital Management Group Inc. Raises Stake in Prudential Financial, Inc. (PRU)

Clark Capital Management Group Inc. raised its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 79.8% during the first quarter, Holdings Channel reports. The institutional investor owned 287,291 shares of the financial services provider’s stock after buying an additional 127,477 shares during the period. Prudential Financial makes up approximately 1.4% of Clark Capital Management Group Inc.’s investment portfolio, making the stock its 9th largest position. Clark Capital Management Group Inc.’s holdings in Prudential Financial were worth $30,648,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Teachers Advisors LLC increased its position in shares of Prudential Financial by 4.4% in the first quarter. Teachers Advisors LLC now owns 923,775 shares of the financial services provider’s stock worth $98,548,000 after buying an additional 39,090 shares in the last quarter. Advantus Capital Management Inc increased its position in shares of Prudential Financial by 0.6% in the first quarter. Advantus Capital Management Inc now owns 43,181 shares of the financial services provider’s stock worth $4,607,000 after buying an additional 249 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Prudential Financial by 1.3% in the first quarter. Stratos Wealth Partners LTD. now owns 6,103 shares of the financial services provider’s stock worth $651,000 after buying an additional 77 shares in the last quarter. Rafferty Asset Management LLC increased its position in shares of Prudential Financial by 83.6% in the first quarter. Rafferty Asset Management LLC now owns 135,787 shares of the financial services provider’s stock worth $14,486,000 after buying an additional 61,818 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in shares of Prudential Financial by 20.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 77,504 shares of the financial services provider’s stock worth $8,268,000 after buying an additional 13,086 shares in the last quarter. Institutional investors own 62.99% of the company’s stock.

Prudential Financial, Inc. (PRU) opened at 103.67 on Tuesday. The firm has a market cap of $44.47 billion, a P/E ratio of 10.52 and a beta of 1.49. Prudential Financial, Inc. has a one year low of $66.51 and a one year high of $114.55. The firm’s 50-day moving average price is $106.54 and its 200 day moving average price is $106.89.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, May 3rd. The financial services provider reported $2.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.64 by $0.15. The firm had revenue of $13.24 billion for the quarter, compared to analyst estimates of $12.75 billion. Prudential Financial had a return on equity of 8.52% and a net margin of 7.78%. During the same quarter in the previous year, the firm earned $2.18 EPS. On average, equities research analysts forecast that Prudential Financial, Inc. will post $10.64 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Tuesday, May 23rd were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.89%. The ex-dividend date was Friday, May 19th. Prudential Financial’s dividend payout ratio (DPR) is 30.46%.

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A number of brokerages have recently weighed in on PRU. BidaskClub upgraded Prudential Financial from a “sell” rating to a “hold” rating in a report on Friday, June 16th. Zacks Investment Research downgraded Prudential Financial from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Wells Fargo & Company restated a “hold” rating on shares of Prudential Financial in a report on Tuesday, June 6th. ValuEngine upgraded Prudential Financial from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Finally, Credit Suisse Group dropped their price objective on Prudential Financial from $121.00 to $120.00 and set a “neutral” rating on the stock in a report on Tuesday, May 23rd. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Prudential Financial currently has a consensus rating of “Buy” and a consensus target price of $108.84.

In other Prudential Financial news, insider Charles F. Lowrey sold 222,857 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $108.04, for a total transaction of $24,077,470.28. Following the transaction, the insider now owns 151,418 shares of the company’s stock, valued at approximately $16,359,200.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by insiders.

About Prudential Financial

Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.

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

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