Cim Investment Management Inc. Acquires 8,976 Shares of Prudential Financial, Inc. $PRU

Cim Investment Management Inc. boosted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 99.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,969 shares of the financial services provider’s stock after acquiring an additional 8,976 shares during the quarter. Cim Investment Management Inc.’s holdings in Prudential Financial were worth $2,031,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its position in shares of Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock valued at $436,000 after buying an additional 133 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Prudential Financial by 68.2% during the 1st quarter. HighTower Advisors LLC now owns 110,794 shares of the financial services provider’s stock worth $12,373,000 after acquiring an additional 44,937 shares during the last quarter. Kovitz Investment Group Partners LLC grew its stake in shares of Prudential Financial by 740.5% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 100,684 shares of the financial services provider’s stock worth $11,244,000 after acquiring an additional 88,705 shares in the last quarter. Horizon Investments LLC raised its holdings in shares of Prudential Financial by 3.6% in the first quarter. Horizon Investments LLC now owns 6,614 shares of the financial services provider’s stock valued at $739,000 after purchasing an additional 228 shares during the last quarter. Finally, Ethic Inc. lifted its position in shares of Prudential Financial by 4.0% during the first quarter. Ethic Inc. now owns 54,251 shares of the financial services provider’s stock valued at $6,059,000 after purchasing an additional 2,102 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Trading Down 0.0%

Shares of Prudential Financial stock opened at $117.02 on Friday. The stock has a market capitalization of $40.96 billion, a P/E ratio of 16.07, a P/E/G ratio of 0.96 and a beta of 0.97. Prudential Financial, Inc. has a 52-week low of $90.38 and a 52-week high of $123.88. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. The stock’s 50-day simple moving average is $105.66 and its 200 day simple moving average is $105.37.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share for the quarter. The firm had revenue of $8.35 billion during the quarter. Prudential Financial had a net margin of 4.65% and a return on equity of 16.60%. As a group, research analysts anticipate that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $5.40 dividend on an annualized basis and a yield of 4.6%. Prudential Financial’s payout ratio is presently 74.18%.

Insiders Place Their Bets

In other news, Chairman Charles F. Lowrey sold 48,164 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $107.39, for a total value of $5,172,331.96. Following the completion of the transaction, the chairman directly owned 165,564 shares of the company’s stock, valued at $17,779,917.96. This trade represents a 22.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Timothy L. Schmidt sold 8,000 shares of the business’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $107.69, for a total value of $861,520.00. Following the sale, the senior vice president owned 11,535 shares in the company, valued at approximately $1,242,204.15. The trade was a 40.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PRU has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Prudential Financial from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Morgan Stanley upped their target price on Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. Wolfe Research initiated coverage on Prudential Financial in a research report on Tuesday, September 16th. They issued a “peer perform” rating on the stock. Keefe, Bruyette & Woods raised their target price on Prudential Financial from $117.00 to $118.00 and gave the company a “market perform” rating in a research report on Monday, November 3rd. Finally, Evercore ISI boosted their price target on shares of Prudential Financial from $120.00 to $122.00 and gave the stock an “in-line” rating in a report on Thursday, October 30th. Ten investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Prudential Financial has a consensus rating of “Reduce” and a consensus target price of $115.89.

Prudential Financial Company Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.