Sompo Japan Nipponkoa Asset Management CO. LTD. Grows Stake in Prudential Financial Inc (PRU)

Sompo Japan Nipponkoa Asset Management CO. LTD. raised its holdings in shares of Prudential Financial Inc (NYSE:PRU) by 11.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,010 shares of the financial services provider’s stock after buying an additional 4,980 shares during the quarter. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in Prudential Financial were worth $4,763,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its position in shares of Prudential Financial by 8.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 119,039 shares of the financial services provider’s stock valued at $11,128,000 after acquiring an additional 8,870 shares during the last quarter. Denali Advisors LLC boosted its position in shares of Prudential Financial by 180.8% during the 2nd quarter. Denali Advisors LLC now owns 20,500 shares of the financial services provider’s stock valued at $1,917,000 after acquiring an additional 13,200 shares during the last quarter. Ledyard National Bank boosted its position in shares of Prudential Financial by 14.1% during the 2nd quarter. Ledyard National Bank now owns 48,476 shares of the financial services provider’s stock valued at $4,533,000 after acquiring an additional 5,994 shares during the last quarter. Raymond James Trust N.A. boosted its position in shares of Prudential Financial by 6.0% during the 2nd quarter. Raymond James Trust N.A. now owns 12,525 shares of the financial services provider’s stock valued at $1,171,000 after acquiring an additional 709 shares during the last quarter. Finally, Vigilant Capital Management LLC acquired a new position in shares of Prudential Financial during the 2nd quarter valued at about $125,000. 63.15% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently weighed in on PRU shares. Zacks Investment Research cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. Credit Suisse Group decreased their target price on shares of Prudential Financial from $102.00 to $98.00 and set a “neutral” rating on the stock in a research report on Friday, August 17th. Morgan Stanley decreased their target price on shares of Prudential Financial from $122.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Thursday. 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. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $122.00 target price on shares of Prudential Financial in a research report on Friday, August 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Prudential Financial presently has a consensus rating of “Buy” and an average price target of $119.31.

In other news, insider Scott Sleyster sold 23,300 shares of the stock in a transaction dated 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 sale, the insider now owns 57,758 shares of the company’s stock, valued at $5,760,782.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Prudential Financial Inc purchased 880,000 shares of Prudential Financial stock in a transaction dated Tuesday, October 16th. The shares were acquired at an average cost of $25.00 per share, for a total transaction of $22,000,000.00. The disclosure for this purchase can be found here. 0.66% of the stock is currently owned by corporate insiders.

NYSE PRU opened at $96.67 on Friday. Prudential Financial Inc has a 12 month low of $89.33 and a 12 month high of $127.14. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $41.02 billion, a price-to-earnings ratio of 9.14, a P/E/G ratio of 0.90 and a beta of 1.44.

Prudential Financial (NYSE:PRU) last issued its quarterly 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 analyst estimates of $13.51 billion. Prudential Financial had a return on equity of 9.98% and a net margin of 13.16%. During the same period in the prior year, the company posted $3.01 EPS. As a group, analysts predict that Prudential Financial Inc will post 12.21 EPS for the current fiscal year.

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Prudential Financial 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.

Further Reading: Market Capitalization – What it Means for Investors

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

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