Westpac Banking Corp increased its position in Prudential Financial Inc (NYSE:PRU) by 10.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,698 shares of the financial services provider’s stock after buying an additional 13,954 shares during the period. Westpac Banking Corp’s holdings in Prudential Financial were worth $15,119,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Moors & Cabot Inc. boosted its stake in Prudential Financial by 2.4% during the 2nd quarter. Moors & Cabot Inc. now owns 4,252 shares of the financial services provider’s stock valued at $431,000 after purchasing an additional 100 shares during the last quarter. Resources Investment Advisors Inc. boosted its stake in Prudential Financial by 9.7% during the 1st quarter. Resources Investment Advisors Inc. now owns 1,205 shares of the financial services provider’s stock valued at $111,000 after purchasing an additional 107 shares during the last quarter. Hudock Capital Group LLC boosted its stake in Prudential Financial by 9.0% during the 2nd quarter. Hudock Capital Group LLC now owns 1,320 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 109 shares during the last quarter. GAM Holding AG boosted its stake in Prudential Financial by 1.7% during the 1st quarter. GAM Holding AG now owns 7,063 shares of the financial services provider’s stock valued at $649,000 after purchasing an additional 117 shares during the last quarter. Finally, ACG Wealth boosted its stake in Prudential Financial by 2.3% during the 1st quarter. ACG Wealth now owns 5,500 shares of the financial services provider’s stock valued at $505,000 after purchasing an additional 126 shares during the last quarter. Institutional investors own 63.65% of the company’s stock.
Shares of Prudential Financial stock traded down $2.98 during mid-day trading on Wednesday, hitting $80.60. 93,461 shares of the stock were exchanged, compared to its average volume of 2,057,191. Prudential Financial Inc has a 12 month low of $75.61 and a 12 month high of $106.64. The firm’s 50-day moving average is $97.60. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $32.86 billion, a P/E ratio of 6.92, a P/E/G ratio of 0.75 and a beta of 1.49.
Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $3.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.22 by ($0.08). The firm had revenue of $14.11 billion for the quarter, compared to the consensus estimate of $13.63 billion. Prudential Financial had a return on equity of 9.24% and a net margin of 6.92%. During the same period in the prior year, the business earned $3.01 EPS. On average, research analysts predict that Prudential Financial Inc will post 12.49 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 20th will be issued a $1.00 dividend. The ex-dividend date is Monday, August 19th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.96%. Prudential Financial’s dividend payout ratio (DPR) is presently 34.22%.
A number of research firms have issued reports on PRU. B. Riley downgraded Prudential Financial from a “buy” rating to a “neutral” rating and cut their price target for the company from $122.00 to $100.00 in a research note on Thursday, August 1st. Zacks Investment Research raised shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $90.00 target price on the stock in a research report on Monday. Atlantic Securities cut shares of Prudential Financial from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 8th. Citigroup cut shares of Prudential Financial from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $112.00 to $94.00 in a research report on Monday, August 5th. Finally, ValuEngine cut shares of Prudential Financial from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $103.15.
Prudential Financial Company Profile
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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