Westside Investment Management Inc. cut its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,349 shares of the financial services provider’s stock after selling 23 shares during the period. Westside Investment Management Inc.’s holdings in Prudential Financial were worth $142,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Adirondack Trust Co. raised its position in shares of Prudential Financial by 7.6% in the first quarter. Adirondack Trust Co. now owns 1,133 shares of the financial services provider’s stock worth $121,000 after buying an additional 80 shares during the last quarter. Seven Eight Capital LP purchased a new position in shares of Prudential Financial during the fourth quarter worth $130,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Prudential Financial during the fourth quarter worth $134,000. Quadrant Capital Group LLC raised its position in shares of Prudential Financial by 11.1% in the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the financial services provider’s stock worth $139,000 after buying an additional 137 shares during the last quarter. Finally, First Personal Financial Services raised its position in shares of Prudential Financial by 3.4% in the first quarter. First Personal Financial Services now owns 1,407 shares of the financial services provider’s stock worth $150,000 after buying an additional 46 shares during the last quarter. Institutional investors own 62.99% of the company’s stock.
Shares of Prudential Financial, Inc. (NYSE PRU) opened at 104.60 on Wednesday. The firm has a market capitalization of $44.87 billion, a P/E ratio of 10.61 and a beta of 1.49. Prudential Financial, Inc. has a 12 month low of $66.51 and a 12 month high of $114.55. The company’s 50 day moving average price is $106.54 and its 200-day moving average price is $106.89.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, May 3rd. The financial services provider reported $2.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.64 by $0.15. Prudential Financial had a return on equity of 8.52% and a net margin of 7.78%. The business had revenue of $13.24 billion for the quarter, compared to the consensus estimate of $12.75 billion. During the same period in the prior year, the business earned $2.18 earnings per share. On average, equities analysts predict that Prudential Financial, Inc. will post $10.64 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Tuesday, May 23rd were given a $0.75 dividend. The ex-dividend date was Friday, May 19th. This represents a $3.00 annualized dividend and a dividend yield of 2.87%. Prudential Financial’s dividend payout ratio is currently 30.46%.
A number of brokerages have weighed in on PRU. Wells Fargo & Company restated a “hold” rating on shares of Prudential Financial in a report on Tuesday, June 6th. Vetr upgraded Prudential Financial from a “hold” rating to a “buy” rating and set a $109.90 price objective on the stock in a report on Wednesday, March 22nd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $117.00 price objective on shares of Prudential Financial in a report on Tuesday, March 21st. Zacks Investment Research upgraded Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 price objective on the stock in a report on Tuesday, April 18th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $113.00 price objective on shares of Prudential Financial in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $109.14.
In other news, insider Charles F. Lowrey sold 222,857 shares of the company’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $108.04, for a total value of $24,077,470.28. Following the sale, the insider now directly owns 151,418 shares in the company, valued at $16,359,200.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.66% of the stock is owned by corporate insiders.
About Prudential Financial
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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