Verition Fund Management LLC Increases Stake in Prudential Financial Inc (PRU)

Verition Fund Management LLC lifted its holdings in shares of Prudential Financial Inc (NYSE:PRU) by 30.4% during the first quarter, Holdings Channel reports. The fund owned 36,181 shares of the financial services provider’s stock after purchasing an additional 8,438 shares during the quarter. Verition Fund Management LLC’s holdings in Prudential Financial were worth $3,747,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PRU. Victory Capital Management Inc. grew its position in shares of Prudential Financial by 9.8% during the fourth quarter. Victory Capital Management Inc. now owns 96,863 shares of the financial services provider’s stock worth $11,137,000 after acquiring an additional 8,627 shares during the last quarter. Pegasus Partners Ltd. grew its position in shares of Prudential Financial by 31.7% during the fourth quarter. Pegasus Partners Ltd. now owns 12,224 shares of the financial services provider’s stock worth $1,406,000 after acquiring an additional 2,944 shares during the last quarter. New Mexico Educational Retirement Board grew its position in shares of Prudential Financial by 3.0% during the fourth quarter. New Mexico Educational Retirement Board now owns 41,031 shares of the financial services provider’s stock worth $4,718,000 after acquiring an additional 1,200 shares during the last quarter. Barings LLC grew its position in shares of Prudential Financial by 47.3% during the fourth quarter. Barings LLC now owns 24,812 shares of the financial services provider’s stock worth $2,853,000 after acquiring an additional 7,970 shares during the last quarter. Finally, Cetera Advisors LLC grew its position in shares of Prudential Financial by 20.4% during the fourth quarter. Cetera Advisors LLC now owns 3,404 shares of the financial services provider’s stock worth $392,000 after acquiring an additional 576 shares during the last quarter. Institutional investors and hedge funds own 64.46% of the company’s stock.

Prudential Financial opened at $99.03 on Thursday, MarketBeat Ratings reports. Prudential Financial Inc has a 1-year low of $94.51 and a 1-year high of $127.14. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $42.35 billion, a P/E ratio of 9.36, a PEG ratio of 0.98 and a beta of 1.46.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, May 2nd. The financial services provider reported $3.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.98 by $0.10. Prudential Financial had a net margin of 13.57% and a return on equity of 9.25%. The firm had revenue of $12.88 billion for the quarter, compared to analyst estimates of $13.68 billion. During the same period last year, the firm posted $2.79 EPS. analysts forecast that Prudential Financial Inc will post 12.15 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 14th. Shareholders of record on Tuesday, May 22nd will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Monday, May 21st. Prudential Financial’s dividend payout ratio (DPR) is currently 34.03%.

A number of brokerages have recently issued reports on PRU. Goldman Sachs Group upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $117.00 to $114.00 in a research report on Monday, June 4th. ValuEngine lowered shares of Prudential Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a research report on Monday, June 4th. Deutsche Bank lowered their target price on shares of Prudential Financial from $125.00 to $113.00 and set a “hold” rating on the stock in a research report on Friday, May 4th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $125.00 price objective on shares of Prudential Financial in a research report on Thursday, April 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company’s stock. Prudential Financial has an average rating of “Buy” and a consensus target price of $114.75.

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.

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

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