Prudential Financial, Inc. (NYSE:PRU) Stock Holdings Lowered by The Manufacturers Life Insurance Company


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The Manufacturers Life Insurance Company reduced its holdings in Prudential Financial, Inc. (NYSE:PRU) by 14.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 406,462 shares of the financial services provider’s stock after selling 70,187 shares during the quarter. The Manufacturers Life Insurance Company owned 0.10% of Prudential Financial worth $25,818,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. IBM Retirement Fund raised its holdings in shares of Prudential Financial by 34.3% during the third quarter. IBM Retirement Fund now owns 14,131 shares of the financial services provider’s stock valued at $898,000 after acquiring an additional 3,611 shares during the period. Avantax Advisory Services Inc. raised its holdings in shares of Prudential Financial by 136.3% during the third quarter. Avantax Advisory Services Inc. now owns 15,532 shares of the financial services provider’s stock valued at $984,000 after acquiring an additional 8,958 shares during the period. Stratos Wealth Partners LTD. raised its holdings in shares of Prudential Financial by 24.8% during the second quarter. Stratos Wealth Partners LTD. now owns 10,648 shares of the financial services provider’s stock valued at $648,000 after acquiring an additional 2,117 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Prudential Financial by 15.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 73,654 shares of the financial services provider’s stock valued at $4,679,000 after acquiring an additional 10,067 shares during the period. Finally, Pitcairn Co. acquired a new stake in shares of Prudential Financial during the second quarter valued at approximately $213,000. Institutional investors and hedge funds own 57.10% of the company’s stock.

A number of equities research analysts have recently issued reports on PRU shares. Barclays began coverage on shares of Prudential Financial in a report on Tuesday, November 17th. They set an “equal weight” rating and a $76.00 price target on the stock. Zacks Investment Research upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $67.00 target price for the company in a research note on Wednesday, October 28th. ValuEngine cut shares of Prudential Financial from a “sell” rating to a “strong sell” rating in a research note on Monday, August 3rd. Wells Fargo & Company upped their target price on shares of Prudential Financial from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Finally, Morgan Stanley upped their target price on shares of Prudential Financial from $76.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $73.00.

In other news, SVP Timothy L. Schmidt sold 5,334 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $69.54, for a total value of $370,926.36. Following the completion of the sale, the senior vice president now owns 27,784 shares of the company’s stock, valued at $1,932,099.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.33% of the company’s stock.

Prudential Financial stock opened at $75.65 on Friday. The company’s 50 day simple moving average is $67.59 and its 200 day simple moving average is $64.68. Prudential Financial, Inc. has a fifty-two week low of $38.62 and a fifty-two week high of $97.24. The firm has a market capitalization of $29.96 billion, a price-to-earnings ratio of -122.02, a PEG ratio of 0.77 and a beta of 1.69. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.13 and a quick ratio of 0.13.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, November 3rd. The financial services provider reported $3.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.69 by $0.52. Prudential Financial had a negative net margin of 0.25% and a positive return on equity of 6.13%. During the same period in the prior year, the firm earned $3.22 EPS. As a group, analysts predict that Prudential Financial, Inc. will post 9.45 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Tuesday, November 24th will be given a $1.10 dividend. The ex-dividend date of this dividend is Monday, November 23rd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 5.82%. Prudential Financial’s payout ratio is presently 37.64%.

Prudential Financial Profile

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.

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

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