Westpac Banking Corp increased its stake in Prudential Financial Inc (NYSE:PRU) by 10.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 149,698 shares of the financial services provider’s stock after acquiring an additional 13,954 shares during the period. Westpac Banking Corp’s holdings in Prudential Financial were worth $15,119,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Coastal Capital Group Inc. purchased a new position in Prudential Financial in the second quarter worth $25,000. Bartlett & Co. LLC lifted its stake in Prudential Financial by 163.0% in the second quarter. Bartlett & Co. LLC now owns 263 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 163 shares during the last quarter. Ibex Wealth Advisors bought a new stake in Prudential Financial in the second quarter worth $26,000. Advisory Alpha LLC bought a new stake in Prudential Financial in the first quarter worth $32,000. Finally, Berman Capital Advisors LLC lifted its stake in Prudential Financial by 68.0% in the first quarter. Berman Capital Advisors LLC now owns 346 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 140 shares during the last quarter. Institutional investors own 63.65% of the company’s stock.
Several analysts have weighed in on PRU shares. Zacks Investment Research raised shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $90.00 price target for the company in a research note on Monday. Citigroup downgraded shares of Prudential Financial from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $112.00 to $94.00 in a research note on Monday, August 5th. B. Riley downgraded shares of Prudential Financial from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $122.00 to $100.00 in a research note on Thursday, August 1st. ValuEngine downgraded shares of Prudential Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. Finally, Wells Fargo & Co set a $115.00 price target on shares of Prudential Financial and gave the stock a “buy” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Prudential Financial has an average rating of “Hold” and an average target price of $103.15.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $3.14 EPS for the quarter, missing the consensus estimate of $3.22 by ($0.08). The firm had revenue of $14.11 billion for the quarter, compared to the consensus estimate of $13.63 billion. Prudential Financial had a net margin of 6.92% and a return on equity of 9.24%. During the same period last year, the company posted $3.01 earnings per share. Sell-side analysts expect that Prudential Financial Inc will post 12.49 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 4.96%. The ex-dividend date is Monday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is 34.22%.
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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