New York State Teachers Retirement System cut its holdings in shares of Prudential Financial Inc (NYSE:PRU) by 1.2% in the first quarter, HoldingsChannel.com reports. The firm owned 624,733 shares of the financial services provider’s stock after selling 7,271 shares during the quarter. New York State Teachers Retirement System’s holdings in Prudential Financial were worth $57,400,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norway Savings Bank lifted its stake in Prudential Financial by 13.6% during the 4th quarter. Norway Savings Bank now owns 958 shares of the financial services provider’s stock worth $78,000 after acquiring an additional 115 shares in the last quarter. Van ECK Associates Corp lifted its stake in Prudential Financial by 2.0% during the 4th quarter. Van ECK Associates Corp now owns 6,223 shares of the financial services provider’s stock worth $507,000 after acquiring an additional 120 shares in the last quarter. Garland Capital Management Inc. lifted its stake in Prudential Financial by 0.3% during the 4th quarter. Garland Capital Management Inc. now owns 48,625 shares of the financial services provider’s stock worth $3,965,000 after acquiring an additional 125 shares in the last quarter. ACG Wealth lifted its stake in Prudential Financial by 2.3% during the 1st quarter. ACG Wealth now owns 5,500 shares of the financial services provider’s stock worth $505,000 after acquiring an additional 126 shares in the last quarter. Finally, Stratos Wealth Partners LTD. lifted its stake in Prudential Financial by 2.0% during the 4th quarter. Stratos Wealth Partners LTD. now owns 7,096 shares of the financial services provider’s stock worth $579,000 after acquiring an additional 137 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.
PRU stock traded up $1.74 during mid-day trading on Thursday, reaching $99.97. The company had a trading volume of 10,650 shares, compared to its average volume of 2,141,037. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.11 and a quick ratio of 0.11. The firm has a market capitalization of $39.57 billion, a P/E ratio of 8.54, a P/E/G ratio of 0.83 and a beta of 1.48. Prudential Financial Inc has a fifty-two week low of $75.61 and a fifty-two week high of $106.64.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Tuesday, May 28th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend is Friday, May 24th. Prudential Financial’s dividend payout ratio (DPR) is presently 34.22%.
In other news, insider Nicholas C. Silitch sold 13,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $95.25, for a total transaction of $1,238,250.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Stephen Pelletier sold 6,532 shares of the firm’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $94.14, for a total value of $614,922.48. The disclosure for this sale can be found here. Insiders have sold a total of 45,538 shares of company stock worth $4,298,777 in the last three months. Corporate insiders own 0.76% of the company’s stock.
PRU has been the topic of a number of analyst reports. Zacks Investment Research lowered Prudential Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. UBS Group increased their price target on Prudential Financial from $108.00 to $114.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Deutsche Bank increased their price target on Prudential Financial from $97.00 to $104.00 and gave the company a “hold” rating in a research report on Friday, April 12th. Finally, ValuEngine raised Prudential Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Prudential Financial currently has an average rating of “Buy” and a consensus target price of $111.71.
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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