Sumitomo Mitsui Asset Management Company LTD raised its holdings in Prudential Financial Inc (NYSE:PRU) by 47.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 40,928 shares of the financial services provider’s stock after buying an additional 13,260 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Prudential Financial were worth $3,760,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Oregon Public Employees Retirement Fund increased its stake in shares of Prudential Financial by 8,297.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,932,559 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 11,790,464 shares during the last quarter. Norges Bank acquired a new position in shares of Prudential Financial during the 4th quarter worth about $632,295,000. Bessemer Group Inc. increased its stake in shares of Prudential Financial by 15,678.7% during the 4th quarter. Bessemer Group Inc. now owns 1,143,482 shares of the financial services provider’s stock worth $93,251,000 after purchasing an additional 1,136,235 shares during the last quarter. Alps Advisors Inc. increased its stake in shares of Prudential Financial by 2,198.0% during the 4th quarter. Alps Advisors Inc. now owns 475,874 shares of the financial services provider’s stock worth $38,808,000 after purchasing an additional 455,166 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Prudential Financial by 6.8% during the 4th quarter. Geode Capital Management LLC now owns 5,129,191 shares of the financial services provider’s stock worth $417,519,000 after purchasing an additional 326,075 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.
Several research firms have recently weighed in on PRU. UBS Group boosted their price objective on shares of Prudential Financial from $114.00 to $116.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Zacks Investment Research lowered shares of Prudential Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, January 23rd. Deutsche Bank boosted their price objective on shares of Prudential Financial from $97.00 to $104.00 and gave the stock a “hold” rating in a research note on Friday, April 12th. Finally, ValuEngine upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $111.71.
Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, May 1st. The financial services provider reported $3.00 EPS for the quarter, missing the consensus estimate of $3.14 by ($0.14). The company had revenue of $13.65 billion for the quarter, compared to the consensus estimate of $13.74 billion. Prudential Financial had a return on equity of 9.87% and a net margin of 6.18%. During the same period in the previous year, the firm posted $3.08 EPS. Sell-side analysts forecast that Prudential Financial Inc will post 12.81 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Tuesday, May 28th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Friday, May 24th. Prudential Financial’s payout ratio is 34.22%.
In related news, insider Nicholas C. Silitch sold 13,000 shares of Prudential Financial stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $95.25, for a total transaction of $1,238,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephen Pelletier sold 26,006 shares of Prudential Financial stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $94.04, for a total transaction of $2,445,604.24. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
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Prudential Financial Profile
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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