Mackenzie Financial Corp lowered its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 23.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,599 shares of the financial services provider’s stock after selling 5,060 shares during the period. Mackenzie Financial Corp’s holdings in Prudential Financial were worth $1,765,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Sei Investments Co. lifted its holdings in shares of Prudential Financial by 92.3% during the 2nd quarter. Sei Investments Co. now owns 68,728 shares of the financial services provider’s stock valued at $7,433,000 after purchasing an additional 32,989 shares in the last quarter. Global X Management Co. LLC lifted its holdings in shares of Prudential Financial by 27.8% during the 2nd quarter. Global X Management Co. LLC now owns 3,331 shares of the financial services provider’s stock valued at $360,000 after purchasing an additional 725 shares in the last quarter. National Planning Corp lifted its holdings in shares of Prudential Financial by 58.1% during the 2nd quarter. National Planning Corp now owns 4,032 shares of the financial services provider’s stock valued at $444,000 after purchasing an additional 1,481 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Prudential Financial by 93.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 86,361 shares of the financial services provider’s stock valued at $9,339,000 after purchasing an additional 41,614 shares in the last quarter. Finally, Sigma Planning Corp lifted its holdings in shares of Prudential Financial by 10.7% during the 2nd quarter. Sigma Planning Corp now owns 3,817 shares of the financial services provider’s stock valued at $413,000 after purchasing an additional 368 shares in the last quarter. Hedge funds and other institutional investors own 64.65% of the company’s stock.
Several equities analysts have recently weighed in on PRU shares. Citigroup upgraded Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 price objective on the stock in a report on Tuesday, October 17th. Morgan Stanley lifted their price objective on Prudential Financial from $118.00 to $123.00 and gave the company an “equal weight” rating in a report on Thursday, October 5th. Royal Bank Of Canada reiterated a “hold” rating and set a $119.00 price objective on shares of Prudential Financial in a report on Friday, November 3rd. Zacks Investment Research upgraded Prudential Financial from a “hold” rating to a “buy” rating and set a $122.00 price objective on the stock in a report on Tuesday, October 10th. Finally, ValuEngine upgraded Prudential Financial from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 5th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Prudential Financial has a consensus rating of “Buy” and an average target price of $115.64.
In related news, EVP Timothy P. Harris sold 10,527 shares of Prudential Financial stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $115.00, for a total value of $1,210,605.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Nicholas C. Silitch sold 44,860 shares of Prudential Financial stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $111.77, for a total value of $5,014,002.20. Following the completion of the sale, the insider now directly owns 27,927 shares in the company, valued at approximately $3,121,400.79. The disclosure for this sale can be found here. In the last three months, insiders sold 100,017 shares of company stock worth $11,219,151. 0.66% of the stock is owned by insiders.
Shares of Prudential Financial, Inc. (PRU) traded up $0.82 during trading on Monday, reaching $117.15. The company had a trading volume of 1,184,200 shares, compared to its average volume of 1,844,590. Prudential Financial, Inc. has a 1-year low of $97.88 and a 1-year high of $117.99. The firm has a market cap of $50,420.00, a price-to-earnings ratio of 11.32, a PEG ratio of 1.32 and a beta of 1.55. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.13 and a current ratio of 0.13.
Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.71 by $0.30. Prudential Financial had a return on equity of 9.51% and a net margin of 7.71%. The business had revenue of $13.36 billion for the quarter, compared to analyst estimates of $12.24 billion. During the same quarter last year, the firm earned $2.66 EPS. analysts anticipate that Prudential Financial, Inc. will post 10.44 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Monday, November 27th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend is Friday, November 24th. Prudential Financial’s dividend payout ratio is presently 30.24%.
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Prudential Financial Profile
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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