American International Group Inc. cut its stake in Prudential Financial Inc (NYSE:PRU) by 0.8% in the second quarter, Holdings Channel reports. The fund owned 192,913 shares of the financial services provider’s stock after selling 1,580 shares during the period. American International Group Inc.’s holdings in Prudential Financial were worth $18,039,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. McKinley Carter Wealth Services Inc. bought a new position in shares of Prudential Financial in the first quarter worth about $122,000. Vigilant Capital Management LLC bought a new position in shares of Prudential Financial in the second quarter worth about $125,000. Stelac Advisory Services LLC bought a new position in shares of Prudential Financial in the first quarter worth about $145,000. Financial Architects Inc raised its stake in shares of Prudential Financial by 303.9% in the second quarter. Financial Architects Inc now owns 1,640 shares of the financial services provider’s stock worth $153,000 after acquiring an additional 1,234 shares during the last quarter. Finally, Cerebellum GP LLC bought a new position in shares of Prudential Financial in the second quarter worth about $167,000. 64.61% of the stock is owned by institutional investors.
A number of equities analysts have weighed in on PRU shares. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 target price for the company in a research note on Monday, July 9th. Goldman Sachs Group raised shares of Prudential Financial from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $117.00 to $114.00 in a research note on Monday, June 4th. B. Riley dropped their target price on shares of Prudential Financial from $129.00 to $116.00 and set a “buy” rating for the company in a research note on Monday, July 16th. Royal Bank of Canada reiterated a “buy” rating and set a $122.00 price target on shares of Prudential Financial in a research report on Friday, August 3rd. Finally, Deutsche Bank lowered their price target on shares of Prudential Financial from $125.00 to $113.00 and set a “hold” rating for the company in a research report on Friday, May 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $116.43.
Shares of NYSE:PRU opened at $98.80 on Monday. Prudential Financial Inc has a one year low of $92.05 and a one year high of $127.14. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.34. The company has a market cap of $40.44 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 0.89 and a beta of 1.51.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, August 1st. The financial services provider reported $3.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.08 by ($0.07). The firm had revenue of $13.04 billion for the quarter, compared to analyst estimates of $14.19 billion. Prudential Financial had a net margin of 13.16% and a return on equity of 9.98%. During the same quarter in the prior year, the firm posted $2.09 EPS. equities research analysts forecast that Prudential Financial Inc will post 12.12 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 13th. Investors of record on Tuesday, August 21st will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend is Monday, August 20th. Prudential Financial’s dividend payout ratio is currently 34.03%.
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.
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