Mirae Asset Global Investments Co. Ltd. reduced its position in Prudential Financial Inc (NYSE:PRU) by 7.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,395 shares of the financial services provider’s stock after selling 3,551 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Prudential Financial were worth $4,599,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Prudential Financial by 9,210.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,700 shares of the financial services provider’s stock worth $252,000 after purchasing an additional 2,671 shares during the period. D.A. Davidson & CO. increased its holdings in Prudential Financial by 11.6% during the 2nd quarter. D.A. Davidson & CO. now owns 13,256 shares of the financial services provider’s stock worth $1,240,000 after purchasing an additional 1,379 shares during the period. Sigma Planning Corp increased its holdings in Prudential Financial by 26.6% during the 2nd quarter. Sigma Planning Corp now owns 10,231 shares of the financial services provider’s stock worth $957,000 after purchasing an additional 2,150 shares during the period. Alps Advisors Inc. increased its holdings in Prudential Financial by 8.6% during the 2nd quarter. Alps Advisors Inc. now owns 15,447 shares of the financial services provider’s stock worth $1,444,000 after purchasing an additional 1,221 shares during the period. Finally, Barings LLC increased its holdings in Prudential Financial by 9.9% during the 2nd quarter. Barings LLC now owns 27,272 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 2,460 shares during the period. 63.75% of the stock is currently owned by institutional investors.
Several brokerages have weighed in on PRU. Zacks Investment Research upgraded Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 price target on the stock in a report on Monday, October 8th. UBS Group upped their price target on Prudential Financial from $125.00 to $126.00 and gave the stock a “buy” rating in a report on Monday, October 8th. ValuEngine upgraded Prudential Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 4th. Goldman Sachs Group upgraded Prudential Financial from a “buy” rating to a “conviction-buy” rating in a report on Monday, September 10th. 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 research analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $119.31.
PRU opened at $85.87 on Friday. Prudential Financial Inc has a one year low of $84.51 and a one year high of $127.14. The stock has a market capitalization of $36.07 billion, a PE ratio of 8.12, a price-to-earnings-growth ratio of 0.76 and a beta of 1.41. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.37.
Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, November 7th. The financial services provider reported $3.15 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.01). Prudential Financial had a net margin of 12.59% and a return on equity of 10.20%. The business had revenue of $14.43 billion during the quarter, compared to analysts’ expectations of $13.51 billion. During the same quarter in the previous year, the company posted $3.01 EPS. On average, research analysts expect that Prudential Financial Inc will post 12.75 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders of record on Monday, November 26th will be issued a $0.90 dividend. The ex-dividend date is Friday, November 23rd. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.19%. Prudential Financial’s payout ratio is currently 34.03%.
In related news, insider Scott Sleyster sold 23,300 shares of the company’s stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $99.74, for a total value 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 approximately $5,760,782.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Prudential Financial Inc bought 880,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 16th. The stock was purchased 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 0.66% of the company’s stock.
Prudential Financial Company 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.
Further Reading: What is the Dow Jones Industrial Average (DJIA)?
Want to see what other hedge funds are holding PRU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prudential Financial Inc (NYSE:PRU).
Receive News & Ratings for Prudential Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prudential Financial and related companies with MarketBeat.com's FREE daily email newsletter.