QS Investors LLC boosted its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 19.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,273 shares of the financial services provider’s stock after purchasing an additional 5,141 shares during the period. QS Investors LLC’s holdings in Prudential Financial were worth $3,205,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in PRU. Bank of New York Mellon Corp raised its stake in shares of Prudential Financial by 20.9% in the second quarter. Bank of New York Mellon Corp now owns 3,492,504 shares of the financial services provider’s stock valued at $357,876,000 after acquiring an additional 603,664 shares during the last quarter. Barclays PLC raised its position in Prudential Financial by 81.7% in the 1st quarter. Barclays PLC now owns 1,032,617 shares of the financial services provider’s stock worth $94,073,000 after purchasing an additional 464,434 shares during the last quarter. FMR LLC raised its position in Prudential Financial by 14.6% in the 2nd quarter. FMR LLC now owns 3,629,537 shares of the financial services provider’s stock worth $371,918,000 after purchasing an additional 463,275 shares during the last quarter. OLD Republic International Corp bought a new position in Prudential Financial in the 2nd quarter worth approximately $40,988,000. Finally, Bessemer Group Inc. raised its position in Prudential Financial by 48.4% in the 1st quarter. Bessemer Group Inc. now owns 1,197,345 shares of the financial services provider’s stock worth $109,079,000 after purchasing an additional 390,467 shares during the last quarter. Hedge funds and other institutional investors own 56.14% of the company’s stock.
Shares of PRU opened at $107.45 on Thursday. Prudential Financial, Inc. has a 52 week low of $60.39 and a 52 week high of $111.91. The firm has a market cap of $41.48 billion, a P/E ratio of 5.93, a price-to-earnings-growth ratio of 0.65 and a beta of 1.70. The firm’s 50-day simple moving average is $105.34 and its 200 day simple moving average is $102.69. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.11 and a current ratio of 0.11.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 16th. Shareholders of record on Tuesday, August 24th were given a dividend of $1.15 per share. The ex-dividend date was Monday, August 23rd. This represents a $4.60 dividend on an annualized basis and a dividend yield of 4.28%. Prudential Financial’s payout ratio is presently 45.05%.
A number of analysts have commented on the stock. Morgan Stanley lowered their target price on shares of Prudential Financial from $107.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, August 4th. boosted their price target on shares of Prudential Financial from $97.00 to $100.00 and gave the company a “neutral” rating in a report on Monday, June 21st. Barclays upped their target price on shares of Prudential Financial from $102.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 16th. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 target price for the company in a research note on Friday, June 18th. Finally, Royal Bank of Canada upped their target price on shares of Prudential Financial from $108.00 to $112.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 5th. They noted that the move was a valuation call. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial presently has an average rating of “Hold” and a consensus target price of $101.50.
In related news, CEO Charles F. Lowrey sold 37,011 shares of Prudential Financial stock in a transaction on Friday, October 8th. The shares were sold at an average price of $110.00, for a total transaction of $4,071,210.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Timothy L. Schmidt sold 6,579 shares of the firm’s stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $104.91, for a total transaction of $690,202.89. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company’s stock.
Prudential Financial Company Profile
Prudential Financial, Inc engages in the provision of financial products and services including life insurance, annuities, mutual funds, and investment management to both individual and institutional customers. It operates through the following segments: PGIM, International Businesses, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, Closed Block, and Corporate and Others.
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