Ontario Teachers Pension Plan Board lessened its stake in Prudential Financial Inc (NYSE:PRU) by 54.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,240 shares of the financial services provider’s stock after selling 21,857 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Prudential Financial were worth $951,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Savant Capital LLC raised its stake in Prudential Financial by 1.9% in the fourth quarter. Savant Capital LLC now owns 6,335 shares of the financial services provider’s stock valued at $594,000 after purchasing an additional 116 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in Prudential Financial by 6.9% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,787 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 116 shares in the last quarter. Wealthspire Advisors L.P. raised its stake in Prudential Financial by 2.0% in the fourth quarter. Wealthspire Advisors L.P. now owns 5,782 shares of the financial services provider’s stock valued at $542,000 after purchasing an additional 116 shares in the last quarter. Carlton Hofferkamp & Jenks Wealth Management LLC raised its stake in Prudential Financial by 1.9% in the fourth quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 6,407 shares of the financial services provider’s stock valued at $579,000 after purchasing an additional 118 shares in the last quarter. Finally, Prestige Wealth Management Group LLC raised its stake in Prudential Financial by 13.0% in the fourth quarter. Prestige Wealth Management Group LLC now owns 1,059 shares of the financial services provider’s stock valued at $99,000 after purchasing an additional 122 shares in the last quarter. 63.37% of the stock is owned by institutional investors and hedge funds.
In related news, SVP Nicholas C. Silitch sold 8,200 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $88.17, for a total value of $722,994.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.33% of the company’s stock.
A number of research firms recently commented on PRU. DOWLING & PARTN downgraded Prudential Financial from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 28th. Morgan Stanley lowered their target price on Prudential Financial from $102.00 to $64.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 17th. Bank of America lowered their target price on Prudential Financial from $71.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Credit Suisse Group reissued a “hold” rating and set a $64.00 target price on shares of Prudential Financial in a research note on Wednesday, May 6th. Finally, Royal Bank of Canada downgraded Prudential Financial from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $110.00 to $68.00 in a research note on Friday, March 20th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. Prudential Financial presently has a consensus rating of “Hold” and a consensus target price of $79.71.
NYSE:PRU opened at $56.28 on Friday. The stock has a market cap of $22.78 billion, a P/E ratio of 7.81, a price-to-earnings-growth ratio of 0.70 and a beta of 1.71. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.33. The stock’s 50-day moving average is $55.39 and its 200-day moving average is $78.11. Prudential Financial Inc has a 1-year low of $38.62 and a 1-year high of $103.56.
Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $2.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.84 by ($0.52). Prudential Financial had a return on equity of 7.13% and a net margin of 5.16%. The firm had revenue of $13.33 billion for the quarter, compared to the consensus estimate of $14.81 billion. During the same quarter last year, the firm posted $3.00 earnings per share. As a group, equities analysts forecast that Prudential Financial Inc will post 9.2 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Tuesday, May 26th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 7.82%. The ex-dividend date of this dividend is Friday, May 22nd. Prudential Financial’s payout ratio is presently 37.64%.
About Prudential Financial
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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