Cornerstone Wealth Group LLC Has $8.34 Million Holdings in Prudential Financial, Inc. $PRU

Cornerstone Wealth Group LLC raised its holdings in Prudential Financial, Inc. (NYSE:PRU) by 20.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,476 shares of the financial services provider’s stock after acquiring an additional 14,632 shares during the period. Cornerstone Wealth Group LLC’s holdings in Prudential Financial were worth $8,341,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Prudential Financial during the 4th quarter valued at approximately $140,530,000. Marshall Wace LLP lifted its stake in Prudential Financial by 230.3% in the 4th quarter. Marshall Wace LLP now owns 1,374,966 shares of the financial services provider’s stock valued at $155,206,000 after purchasing an additional 958,672 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Prudential Financial by 183.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 804,316 shares of the financial services provider’s stock valued at $83,440,000 after buying an additional 520,425 shares in the last quarter. Morgan Stanley grew its stake in shares of Prudential Financial by 6.7% during the fourth quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider’s stock worth $750,562,000 after buying an additional 420,081 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of Prudential Financial by 209.2% during the second quarter. Canada Pension Plan Investment Board now owns 520,025 shares of the financial services provider’s stock worth $55,871,000 after buying an additional 351,849 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barclays increased their price target on Prudential Financial from $89.00 to $90.00 and gave the company an “underweight” rating in a research note on Wednesday, May 6th. Morgan Stanley reiterated an “underweight” rating and issued a $92.00 target price (down from $106.00) on shares of Prudential Financial in a research report on Monday, May 4th. Mizuho lifted their price target on Prudential Financial from $96.00 to $101.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Zacks Research raised Prudential Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 12th. Finally, Argus lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. Eleven analysts have rated the stock with a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $101.92.

Prudential Financial Stock Up 1.3%

Shares of NYSE:PRU opened at $108.38 on Friday. The firm has a market cap of $37.61 billion, a P/E ratio of 11.15, a P/E/G ratio of 1.97 and a beta of 0.86. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $119.76. The business has a fifty day simple moving average of $102.51 and a 200 day simple moving average of $104.28. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.52. The firm had revenue of $15.23 billion for the quarter, compared to analyst estimates of $14.10 billion. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.During the same quarter in the previous year, the company posted $3.29 EPS. Analysts predict that Prudential Financial, Inc. will post 13.81 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were issued a $1.40 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $5.60 annualized dividend and a yield of 5.2%. Prudential Financial’s dividend payout ratio is presently 57.61%.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.