Comerica Bank Has $10.03 Million Holdings in Prudential Financial Inc (PRU)

Comerica Bank reduced its stake in shares of Prudential Financial Inc (NYSE:PRU) by 16.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,433 shares of the financial services provider’s stock after selling 20,741 shares during the quarter. Comerica Bank’s holdings in Prudential Financial were worth $10,025,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. LSV Asset Management increased its stake in Prudential Financial by 2.9% during the second quarter. LSV Asset Management now owns 3,513,504 shares of the financial services provider’s stock worth $328,547,000 after acquiring an additional 98,792 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Prudential Financial by 2.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 2,814,489 shares of the financial services provider’s stock worth $263,183,000 after acquiring an additional 61,889 shares during the last quarter. Swiss National Bank increased its stake in Prudential Financial by 2.6% during the second quarter. Swiss National Bank now owns 1,395,287 shares of the financial services provider’s stock worth $130,473,000 after acquiring an additional 35,000 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Prudential Financial by 6.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,318,425 shares of the financial services provider’s stock worth $123,286,000 after acquiring an additional 83,712 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in Prudential Financial by 1.1% during the second quarter. CIBC Private Wealth Group LLC now owns 1,240,670 shares of the financial services provider’s stock worth $116,015,000 after acquiring an additional 12,967 shares during the last quarter. 63.15% of the stock is currently owned by institutional investors.

Shares of NYSE:PRU opened at $96.97 on Friday. Prudential Financial Inc has a 1 year low of $89.33 and a 1 year high of $127.14. The company has a market cap of $41.02 billion, a price-to-earnings ratio of 9.17, a price-to-earnings-growth ratio of 0.90 and a beta of 1.44. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.34.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, November 7th. The financial services provider reported $3.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.16 by ($0.01). The business had revenue of $14.43 billion for the quarter, compared to analysts’ expectations of $13.51 billion. Prudential Financial had a net margin of 13.16% and a return on equity of 9.98%. During the same quarter last year, the firm earned $3.01 EPS. Analysts anticipate that Prudential Financial Inc will post 12.21 EPS for the current fiscal year.

Several brokerages have weighed in on PRU. Zacks Investment Research raised Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 price objective on the stock in a research note on Monday, October 8th. UBS Group boosted their target price on Prudential Financial from $125.00 to $126.00 and gave the company a “buy” rating in a research report on Monday, October 8th. B. Riley boosted their target price on Prudential Financial from $116.00 to $124.00 and gave the company a “buy” rating in a research report on Tuesday, August 7th. Royal Bank of Canada restated a “buy” rating and set a $122.00 target price on shares of Prudential Financial in a research report on Friday, August 3rd. Finally, ValuEngine upgraded Prudential Financial from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $119.31.

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

ILLEGAL ACTIVITY WARNING: This piece of content was first posted by WKRB News and is the property of of WKRB News. If you are viewing this piece of content on another website, it was illegally copied and reposted in violation of international copyright laws. The original version of this piece of content can be accessed at https://www.wkrb13.com/2018/11/09/comerica-bank-has-10-03-million-holdings-in-prudential-financial-inc-pru.html.

About Prudential Financial

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.

Further Reading: Penny Stocks, Risk and Reward Factors

Want to see what other hedge funds are holding PRU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prudential Financial Inc (NYSE:PRU).

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

Receive News & Ratings for Prudential Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prudential Financial and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply