Traders Buy Prudential Financial Inc. (PRU) on Weakness on Insider Selling
Traders bought shares of Prudential Financial Inc. (NYSE:PRU) on weakness during trading hours on Wednesday following insider selling activity. $60.77 million flowed into the stock on the tick-up and $33.12 million flowed out of the stock on the tick-down, for a money net flow of $27.65 million into the stock. Of all equities tracked, Prudential Financial had the 31st highest net in-flow for the day. Prudential Financial traded down ($0.57) for the day and closed at $84.37Specifically, SVP Sharon C. Taylor sold 85,490 shares of the company’s stock in a transaction on Monday, October 10th. The stock was sold at an average price of $84.99, for a total transaction of $7,265,795.10. Following the completion of the transaction, the senior vice president now directly owns 77,221 shares in the company, valued at approximately $6,563,012.79. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Charles F. Lowrey sold 41,644 shares of the company’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $80.00, for a total value of $3,331,520.00. Following the transaction, the insider now owns 98,307 shares of the company’s stock, valued at $7,864,560. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.
A number of brokerages recently commented on PRU. Credit Suisse Group AG began coverage on Prudential Financial in a research note on Friday, October 7th. They set a “neutral” rating and a $89.00 price objective for the company. Wells Fargo & Co. began coverage on Prudential Financial in a research note on Friday, September 23rd. They set a “market perform” rating for the company. Goldman Sachs Group Inc. upgraded Prudential Financial from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $80.00 to $93.00 in a research note on Friday, September 23rd. Zacks Investment Research upgraded Prudential Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 14th. Finally, Deutsche Bank AG lowered their price objective on Prudential Financial from $90.00 to $83.00 and set a “buy” rating for the company in a research note on Thursday, July 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $89.13.
The firm’s 50-day moving average is $80.48 and its 200-day moving average is $76.44. The firm has a market cap of $36.92 billion, a PE ratio of 8.68 and a beta of 1.68.
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Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $1.84 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.51 by $0.67. Prudential Financial had a return on equity of 8.11% and a net margin of 8.90%. During the same period in the prior year, the business earned $2.91 earnings per share. On average, equities research analysts predict that Prudential Financial Inc. will post ($0.01) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Tuesday, August 23rd were issued a dividend of $0.70 per share. The ex-dividend date was Friday, August 19th. This represents a $2.80 annualized dividend and a yield of 3.31%. Prudential Financial’s dividend payout ratio is presently 28.78%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. raised its position in Prudential Financial by 96.8% in the second quarter. Robeco Institutional Asset Management B.V. now owns 156,322 shares of the company’s stock valued at $11,152,000 after buying an additional 76,873 shares in the last quarter. Artemis Investment Management LLP raised its position in Prudential Financial by 242.9% in the second quarter. Artemis Investment Management LLP now owns 195,800 shares of the company’s stock valued at $13,965,000 after buying an additional 138,700 shares in the last quarter. Douglas Lane & Associates LLC raised its position in Prudential Financial by 11.2% in the second quarter. Douglas Lane & Associates LLC now owns 497,664 shares of the company’s stock valued at $35,503,000 after buying an additional 50,012 shares in the last quarter. Boston Advisors LLC raised its position in Prudential Financial by 1.1% in the second quarter. Boston Advisors LLC now owns 241,447 shares of the company’s stock valued at $17,225,000 after buying an additional 2,571 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its position in Prudential Financial by 1,637.1% in the first quarter. Panagora Asset Management Inc. now owns 581,941 shares of the company’s stock valued at $42,028,000 after buying an additional 548,441 shares in the last quarter. Hedge funds and other institutional investors own 60.62% of the company’s stock.
About Prudential Financial
Prudential Financial, Inc is a financial services company. The Company, through its subsidiaries and affiliates, provides a range of financial products and services, including life insurance, annuities and investment management. The Company’s divisions include U.S. Retirement Solutions and Investment Management Division; U.S.
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