Meritage Portfolio Management lowered its position in Prudential Financial Inc (NYSE:PRU) by 1.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 59,768 shares of the financial services provider’s stock after selling 1,070 shares during the period. Meritage Portfolio Management’s holdings in Prudential Financial were worth $6,056,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Natixis boosted its holdings in Prudential Financial by 6,036.0% in the second quarter. Natixis now owns 845,049 shares of the financial services provider’s stock worth $79,021,000 after acquiring an additional 831,277 shares in the last quarter. NEXT Financial Group Inc bought a new position in Prudential Financial in the third quarter worth approximately $232,000. Putnam Investments LLC boosted its holdings in Prudential Financial by 4.3% in the second quarter. Putnam Investments LLC now owns 382,036 shares of the financial services provider’s stock worth $35,724,000 after acquiring an additional 15,636 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Prudential Financial by 31.2% in the second quarter. Renaissance Technologies LLC now owns 822,747 shares of the financial services provider’s stock worth $76,935,000 after acquiring an additional 195,647 shares in the last quarter. Finally, AT Bancorp boosted its holdings in Prudential Financial by 464.9% in the second quarter. AT Bancorp now owns 12,282 shares of the financial services provider’s stock worth $1,148,000 after acquiring an additional 10,108 shares in the last quarter. Institutional investors and hedge funds own 63.56% of the company’s stock.
Shares of Prudential Financial stock opened at $93.83 on Wednesday. The company has a market capitalization of $37.60 billion, a PE ratio of 8.87, a P/E/G ratio of 0.83 and a beta of 1.48. Prudential Financial Inc has a 52 week low of $89.33 and a 52 week 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.
Several research analysts have issued reports on PRU shares. Barclays cut their price target on Prudential Financial from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Monday, July 9th. Zacks Investment Research upgraded Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 price target on the stock in a report on Monday, July 9th. B. Riley cut their price target on Prudential Financial from $129.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, July 16th. Royal Bank of Canada reiterated a “buy” rating and issued a $122.00 price target on shares of Prudential Financial in a report on Friday, August 3rd. Finally, Credit Suisse Group cut their price target on Prudential Financial from $102.00 to $98.00 and set a “neutral” rating on the stock in a report on Friday, August 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Prudential Financial currently has an average rating of “Buy” and an average price target of $119.92.
In related news, insider Scott Sleyster sold 23,300 shares of the stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $99.74, for a total transaction of $2,323,942.00. Following the completion of the sale, the insider now directly owns 57,758 shares of the company’s stock, valued at $5,760,782.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Prudential Financial Inc purchased 880,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 16th. The shares were acquired at an average cost of $25.00 per share, with a total value of $22,000,000.00. The disclosure for this purchase can be found here. Corporate insiders own 0.61% of the company’s stock.
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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