SevenBridge Financial Group LLC Lowers Holdings in Prudential Financial Inc (PRU)

SevenBridge Financial Group LLC trimmed its stake in Prudential Financial Inc (NYSE:PRU) by 24.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,233 shares of the financial services provider’s stock after selling 2,315 shares during the period. SevenBridge Financial Group LLC’s holdings in Prudential Financial were worth $733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Natixis lifted its position in shares of Prudential Financial by 6,036.0% in the 2nd quarter. Natixis now owns 845,049 shares of the financial services provider’s stock worth $79,021,000 after purchasing an additional 831,277 shares during the period. NEXT Financial Group Inc purchased a new stake in shares of Prudential Financial in the 3rd quarter worth approximately $232,000. Putnam Investments LLC lifted its position in shares of Prudential Financial by 4.3% in the 2nd quarter. Putnam Investments LLC now owns 382,036 shares of the financial services provider’s stock worth $35,724,000 after purchasing an additional 15,636 shares during the period. Renaissance Technologies LLC lifted its position in shares of Prudential Financial by 31.2% in the 2nd quarter. Renaissance Technologies LLC now owns 822,747 shares of the financial services provider’s stock worth $76,935,000 after purchasing an additional 195,647 shares during the period. Finally, Summit Financial Wealth Advisors LLC purchased a new stake in shares of Prudential Financial in the 3rd quarter worth approximately $3,965,000. 63.75% of the stock is owned by institutional investors.

NYSE:PRU traded down $2.25 during midday trading on Thursday, reaching $86.93. 471,814 shares of the stock traded hands, compared to its average volume of 2,254,572. Prudential Financial Inc has a 12-month low of $88.48 and a 12-month high of $127.14. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $36.83 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 0.81 and a beta of 1.41.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, November 7th. The financial services provider reported $3.15 EPS for the quarter, missing the Zacks’ consensus estimate of $3.16 by ($0.01). Prudential Financial had a net margin of 12.59% and a return on equity of 10.20%. The firm had revenue of $14.43 billion for the quarter, compared to analysts’ expectations of $13.51 billion. During the same period in the previous year, the company earned $3.01 EPS. As a group, analysts expect that Prudential Financial Inc will post 12.19 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Monday, November 26th will be given a dividend of $0.90 per share. The ex-dividend date is Friday, November 23rd. This represents a $3.60 dividend on an annualized basis and a yield of 4.14%. Prudential Financial’s payout ratio is 34.03%.

In other Prudential Financial news, insider Scott Sleyster sold 23,300 shares of the company’s stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $99.74, for a total transaction of $2,323,942.00. Following the transaction, the insider now owns 57,758 shares in the company, valued at approximately $5,760,782.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Prudential Financial Inc purchased 880,000 shares of the business’s stock in a transaction on Tuesday, October 16th. The shares were bought at an average price of $25.00 per share, for a total transaction of $22,000,000.00. The disclosure for this purchase can be found here. Corporate insiders own 0.66% of the company’s stock.

Several equities research analysts have recently weighed in on PRU shares. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 price target for the company in a research report on Monday, October 8th. UBS Group upped their price target on shares of Prudential Financial from $125.00 to $126.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. Goldman Sachs Group raised shares of Prudential Financial from a “buy” rating to a “conviction-buy” rating in a research report on Monday, September 10th. Morgan Stanley lowered their price target on shares of Prudential Financial from $122.00 to $120.00 and set an “equal weight” rating for the company in a research report on Thursday, November 8th. Finally, Credit Suisse Group lowered their price target on shares of Prudential Financial from $102.00 to $98.00 and set a “neutral” rating for the company in a research report on Friday, August 17th. One research analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Prudential Financial currently has an average rating of “Buy” and a consensus price target of $119.31.

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Prudential Financial Company Profile

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through U.S. Individual Solutions, U.S. Workplace Solutions, Investment Management, and International Insurance divisions.

Read More: How are institutional investors different from individual investors?

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

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