Highbridge Capital Management LLC Buys New Position in Prudential Financial Inc (PRU)

Highbridge Capital Management LLC bought a new stake in shares of Prudential Financial Inc (NYSE:PRU) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 13,234 shares of the financial services provider’s stock, valued at approximately $1,341,000.

A number of other large investors have also recently made changes to their positions in PRU. Flagship Harbor Advisors LLC acquired a new position in shares of Prudential Financial in the second quarter worth $104,000. Sun Life Financial INC increased its stake in shares of Prudential Financial by 470.9% in the second quarter. Sun Life Financial INC now owns 1,136 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 937 shares during the last quarter. BerganKDV Wealth Management LLC increased its stake in shares of Prudential Financial by 165.8% in the third quarter. BerganKDV Wealth Management LLC now owns 1,284 shares of the financial services provider’s stock worth $130,000 after acquiring an additional 801 shares during the last quarter. Centaurus Financial Inc. acquired a new position in shares of Prudential Financial in the second quarter worth $157,000. Finally, Vantage Investment Advisors LLC increased its stake in shares of Prudential Financial by 35.1% in the third quarter. Vantage Investment Advisors LLC now owns 2,048 shares of the financial services provider’s stock worth $172,000 after acquiring an additional 532 shares during the last quarter. 63.75% of the stock is currently owned by institutional investors.

Prudential Financial stock opened at $85.87 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.11 and a current ratio of 0.11. The firm has a market cap of $36.07 billion, a price-to-earnings ratio of 7.32, a price-to-earnings-growth ratio of 0.76 and a beta of 1.41. Prudential Financial Inc has a one year low of $84.51 and a one year high of $127.14.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, November 7th. The financial services provider reported $3.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.16 by ($0.01). The business had revenue of $14.43 billion for the quarter, compared to analyst estimates of $13.51 billion. Prudential Financial had a return on equity of 10.20% and a net margin of 12.59%. During the same period in the previous year, the company earned $3.01 earnings per share. On average, sell-side analysts predict that Prudential Financial Inc will post 12.75 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 13th. Shareholders of record on Monday, November 26th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Friday, November 23rd. Prudential Financial’s payout ratio is 34.03%.

A number of research firms have recently weighed in on PRU. ValuEngine downgraded shares of Prudential Financial from a “sell” rating to a “strong sell” rating in a research note on Friday, November 16th. Zacks Investment Research downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 14th. Morgan Stanley dropped their price target on shares of Prudential Financial from $122.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 8th. UBS Group upped their price target on shares of Prudential Financial from $125.00 to $126.00 and gave the stock a “buy” rating in a research note on Monday, October 8th. Finally, Goldman Sachs Group raised shares of Prudential Financial from a “buy” rating to a “conviction-buy” rating in a research note on Monday, September 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $119.31.

In other Prudential Financial news, major shareholder Prudential Financial Inc bought 880,000 shares of the stock in a transaction on Tuesday, October 16th. The shares were purchased at an average cost of $25.00 per share, with a total value of $22,000,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott Sleyster sold 23,300 shares of the stock in a transaction 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 transaction, the insider now directly owns 57,758 shares in the company, valued at $5,760,782.92. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

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About Prudential Financial

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.

See Also: Systematic Risk

Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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