Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of Prudential Financial Inc (NYSE:PRU) by 47.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,425 shares of the financial services provider’s stock after selling 18,525 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Prudential Financial were worth $1,910,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of PRU. Schwab Charles Investment Management Inc. lifted its stake in shares of Prudential Financial by 76.3% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 2,752,600 shares of the financial services provider’s stock worth $285,032,000 after purchasing an additional 1,191,068 shares during the period. BlackRock Inc. lifted its stake in shares of Prudential Financial by 3.6% during the 1st quarter. BlackRock Inc. now owns 31,060,511 shares of the financial services provider’s stock worth $3,216,315,000 after purchasing an additional 1,076,466 shares during the period. OppenheimerFunds Inc. lifted its stake in shares of Prudential Financial by 557.9% during the 1st quarter. OppenheimerFunds Inc. now owns 823,538 shares of the financial services provider’s stock worth $85,277,000 after purchasing an additional 698,362 shares during the period. Capital Growth Management LP lifted its stake in shares of Prudential Financial by 3,366.7% during the 1st quarter. Capital Growth Management LP now owns 520,000 shares of the financial services provider’s stock worth $53,846,000 after purchasing an additional 505,000 shares during the period. Finally, Hexavest Inc. purchased a new position in shares of Prudential Financial during the 2nd quarter worth $39,045,000. 64.61% of the stock is currently owned by institutional investors.
PRU has been the topic of a number of recent analyst reports. Zacks Investment Research raised Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 price target on the stock in a research note on Monday, July 9th. Goldman Sachs Group raised Prudential Financial from a “neutral” rating to a “buy” rating and cut their target price for the stock from $117.00 to $114.00 in a research report on Monday, June 4th. B. Riley cut their target price on Prudential Financial from $129.00 to $116.00 and set a “buy” rating on the stock in a research report on Monday, July 16th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $122.00 target price on shares of Prudential Financial in a research report on Friday, August 3rd. Finally, Deutsche Bank cut their target price on Prudential Financial from $125.00 to $113.00 and set a “hold” rating on the stock in a research report on Friday, May 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $116.71.
Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, August 1st. The financial services provider reported $3.01 earnings per share for the quarter, missing the consensus estimate of $3.08 by ($0.07). The firm had revenue of $13.04 billion during the quarter, compared to analysts’ expectations of $14.19 billion. Prudential Financial had a return on equity of 9.98% and a net margin of 13.16%. During the same period last year, the business posted $2.09 earnings per share. equities research analysts expect that Prudential Financial Inc will post 12.12 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 13th. Investors of record on Tuesday, August 21st will be issued a $0.90 dividend. The ex-dividend date of this dividend is Monday, August 20th. This represents a $3.60 annualized dividend and a yield of 3.70%. 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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