Massmutual Trust Co. FSB ADV trimmed its position in Prudential Financial Inc (NYSE:PRU) by 86.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,886 shares of the financial services provider’s stock after selling 11,790 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in Prudential Financial were worth $191,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Cornerstone Wealth Management LLC purchased a new position in shares of Prudential Financial in the 2nd quarter worth about $616,000. Unigestion Holding SA purchased a new position in shares of Prudential Financial in the 2nd quarter worth about $4,373,000. Janney Montgomery Scott LLC raised its holdings in shares of Prudential Financial by 39.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 81,944 shares of the financial services provider’s stock worth $7,663,000 after purchasing an additional 22,973 shares during the period. RFG Advisory Group LLC purchased a new position in shares of Prudential Financial in the 2nd quarter worth about $249,000. Finally, Bessemer Group Inc. raised its holdings in shares of Prudential Financial by 30.8% in the 2nd quarter. Bessemer Group Inc. now owns 6,413 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 1,511 shares during the period. 63.33% of the stock is owned by institutional investors and hedge funds.
In other Prudential Financial news, major shareholder Prudential Financial Inc acquired 880,000 shares of the stock in a transaction 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Scott Sleyster sold 23,300 shares of the firm’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 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 owned by company insiders.
Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, November 7th. The financial services provider reported $3.15 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.01). The company had revenue of $14.43 billion for the quarter, compared to analysts’ expectations of $13.51 billion. Prudential Financial had a net margin of 12.59% and a return on equity of 10.20%. During the same quarter in the previous year, the business posted $3.01 earnings per share. On average, equities analysts forecast that Prudential Financial Inc will post 12.19 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Shareholders of record on Monday, November 26th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, November 23rd. This represents a $3.60 dividend on an annualized basis and a yield of 4.01%. Prudential Financial’s dividend payout ratio (DPR) is presently 34.03%.
PRU has been the topic of a number of research reports. Royal Bank of Canada restated a “buy” rating and issued a $122.00 price objective on shares of Prudential Financial in a report on Friday, August 3rd. Zacks Investment Research downgraded Prudential Financial from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. B. Riley raised their target price on Prudential Financial from $116.00 to $124.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Credit Suisse Group dropped their target price on Prudential Financial from $102.00 to $98.00 and set a “neutral” rating on the stock in a report on Friday, August 17th. Finally, ValuEngine upgraded Prudential Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $119.31.
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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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