Convergence Investment Partners LLC Raises Holdings in Prudential Financial Inc (PRU)

Convergence Investment Partners LLC raised its position in Prudential Financial Inc (NYSE:PRU) by 8.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,460 shares of the financial services provider’s stock after buying an additional 3,287 shares during the quarter. Convergence Investment Partners LLC’s holdings in Prudential Financial were worth $4,064,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC lifted its stake in Prudential Financial by 39.0% in the second quarter. Janney Montgomery Scott LLC now owns 81,944 shares of the financial services provider’s stock valued at $7,663,000 after buying an additional 22,973 shares during the last quarter. OLD National Bancorp IN lifted its stake in Prudential Financial by 23.8% in the second quarter. OLD National Bancorp IN now owns 7,595 shares of the financial services provider’s stock valued at $711,000 after buying an additional 1,462 shares during the last quarter. Koch Industries Inc. purchased a new stake in Prudential Financial in the first quarter valued at approximately $597,000. Boston Private Wealth LLC lifted its stake in Prudential Financial by 108.1% in the first quarter. Boston Private Wealth LLC now owns 38,372 shares of the financial services provider’s stock valued at $3,973,000 after buying an additional 19,937 shares during the last quarter. Finally, Foster & Motley Inc. lifted its stake in Prudential Financial by 5.6% in the second quarter. Foster & Motley Inc. now owns 19,795 shares of the financial services provider’s stock valued at $1,851,000 after buying an additional 1,043 shares during the last quarter. Institutional investors own 64.61% of the company’s stock.

Shares of Prudential Financial stock traded down $1.12 during trading hours on Wednesday, hitting $96.27. 3,884 shares of the company were exchanged, compared to its average volume of 2,067,338. Prudential Financial Inc has a 1 year low of $92.05 and a 1 year high of $127.14. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $40.44 billion, a PE ratio of 9.10, a price-to-earnings-growth ratio of 0.89 and a beta of 1.51.



Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, August 1st. The financial services provider reported $3.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.08 by ($0.07). Prudential Financial had a return on equity of 9.98% and a net margin of 13.16%. The business had revenue of $13.04 billion for the quarter, compared to analyst estimates of $14.19 billion. During the same period in the prior year, the company earned $2.09 EPS. equities research analysts anticipate that Prudential Financial Inc will post 12.12 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 13th. Investors of record on Tuesday, August 21st will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date of this dividend is Monday, August 20th. Prudential Financial’s payout ratio is currently 34.03%.

PRU has been the subject of a number of research reports. Zacks Investment Research cut Prudential Financial from a “buy” rating to a “hold” rating in a research note on Monday, July 16th. ValuEngine cut Prudential Financial from a “sell” rating to a “strong sell” rating in a research note on Friday, June 29th. Royal Bank of Canada reiterated a “buy” rating and issued a $122.00 price objective on shares of Prudential Financial in a research note on Friday, August 3rd. Deutsche Bank reduced their price objective on Prudential Financial from $125.00 to $113.00 and set a “hold” rating for the company in a research note on Friday, May 4th. Finally, Goldman Sachs Group upgraded Prudential Financial from a “neutral” rating to a “buy” rating and cut their price target for the stock from $117.00 to $114.00 in a research note on Monday, June 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company. Prudential Financial presently has an average rating of “Buy” and an average target price of $116.71.

About Prudential Financial

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.

Featured Article: Dividend Stocks – Are They Right For You?

Want to see what other hedge funds are holding PRU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prudential Financial Inc (NYSE:PRU).

Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

Receive News & Ratings for Prudential Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prudential Financial and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply