Sugarloaf Wealth Management LLC grew its stake in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) by 14.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,810 shares of the financial services provider’s stock after acquiring an additional 347 shares during the period. Sugarloaf Wealth Management LLC’s holdings in Prudential Financial were worth $248,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Moneta Group Investment Advisors LLC increased its holdings in Prudential Financial by 104,987.2% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,450,633 shares of the financial services provider’s stock valued at $243,740,000 after purchasing an additional 2,448,301 shares during the last quarter. Providence Capital Advisors LLC lifted its position in Prudential Financial by 8,350.2% in the first quarter. Providence Capital Advisors LLC now owns 2,219,790 shares of the financial services provider’s stock valued at $26,828,000 after acquiring an additional 2,193,521 shares during the last quarter. Norges Bank purchased a new stake in Prudential Financial in the fourth quarter valued at $172,363,000. Cowa LLC increased its stake in Prudential Financial by 9,930.2% in the first quarter. Cowa LLC now owns 771,824 shares of the financial services provider’s stock valued at $912,000 after purchasing an additional 764,129 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Prudential Financial by 9.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,005,166 shares of the financial services provider’s stock valued at $796,194,000 after purchasing an additional 700,449 shares during the period. Institutional investors own 54.92% of the company’s stock.
Wall Street Analyst Weigh In
PRU has been the topic of a number of research analyst reports. Barclays boosted their price objective on shares of Prudential Financial from $91.00 to $101.00 and gave the stock an “equal weight” rating in a report on Friday, August 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of Prudential Financial in a research report on Friday, September 8th. Wells Fargo & Company increased their price objective on shares of Prudential Financial from $89.00 to $92.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 15th. StockNews.com began coverage on shares of Prudential Financial in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $102.00 price target on shares of Prudential Financial in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $102.73.
Prudential Financial Stock Down 0.2 %
Shares of PRU traded down $0.19 on Tuesday, hitting $98.72. 595,829 shares of the stock traded hands, compared to its average volume of 2,047,432. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.06 and a current ratio of 0.06. Prudential Financial, Inc. has a one year low of $75.37 and a one year high of $110.96. The company has a market capitalization of $35.84 billion, a PE ratio of 32.97, a P/E/G ratio of 0.79 and a beta of 1.41. The business has a 50 day simple moving average of $94.64 and a 200 day simple moving average of $87.95.
Prudential Financial (NYSE:PRU – Get Free Report) last issued its quarterly earnings results on Tuesday, August 1st. The financial services provider reported $2.94 EPS for the quarter, missing the consensus estimate of $3.04 by ($0.10). Prudential Financial had a net margin of 1.82% and a return on equity of 15.73%. The firm had revenue of $12.64 billion for the quarter, compared to the consensus estimate of $12.68 billion. During the same quarter in the previous year, the company posted $1.74 earnings per share. As a group, equities analysts forecast that Prudential Financial, Inc. will post 11.81 earnings per share for the current fiscal year.
Prudential Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 14th. Shareholders of record on Tuesday, August 22nd were issued a $1.25 dividend. The ex-dividend date of this dividend was Monday, August 21st. This represents a $5.00 dividend on an annualized basis and a yield of 5.06%. Prudential Financial’s payout ratio is 166.67%.
About Prudential Financial
Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, and International Businesses segments.
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