Tokio Marine Asset Management Co. Ltd. lowered its stake in Prudential Financial, Inc. (NYSE:PRU) by 44.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 32,498 shares of the financial services provider’s stock after selling 25,794 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Prudential Financial were worth $3,514,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Adirondack Trust Co. raised its stake in Prudential Financial by 7.6% in the first quarter. Adirondack Trust Co. now owns 1,133 shares of the financial services provider’s stock valued at $121,000 after buying an additional 80 shares during the period. Quadrant Capital Group LLC increased its position in Prudential Financial by 11.1% in the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the financial services provider’s stock valued at $139,000 after buying an additional 137 shares in the last quarter. First Personal Financial Services increased its position in Prudential Financial by 3.4% in the first quarter. First Personal Financial Services now owns 1,407 shares of the financial services provider’s stock valued at $150,000 after buying an additional 46 shares in the last quarter. Guardian Life Insurance Co. of America increased its position in Prudential Financial by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 1,658 shares of the financial services provider’s stock valued at $177,000 after buying an additional 5 shares in the last quarter. Finally, Accurate Investment Solutions Inc. increased its position in Prudential Financial by 2.3% in the second quarter. Accurate Investment Solutions Inc. now owns 1,664 shares of the financial services provider’s stock valued at $180,000 after buying an additional 38 shares in the last quarter. 63.51% of the stock is currently owned by institutional investors.
Shares of Prudential Financial, Inc. (PRU) traded down 0.35% during mid-day trading on Friday, reaching $105.69. The company’s stock had a trading volume of 2,239,384 shares. The firm’s 50 day moving average is $110.42 and its 200 day moving average is $108.12. Prudential Financial, Inc. has a one year low of $74.85 and a one year high of $115.26. The firm has a market cap of $45.13 billion, a PE ratio of 11.80 and a beta of 1.50.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.70 by $0.61. The business had revenue of $13.03 billion during the quarter, compared to analysts’ expectations of $12.45 billion. Prudential Financial had a net margin of 7.15% and a return on equity of 8.98%. During the same period last year, the company earned $1.84 EPS. On average, equities analysts anticipate that Prudential Financial, Inc. will post $10.22 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Tuesday, August 22nd will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Friday, August 18th. Prudential Financial’s dividend payout ratio is presently 33.63%.
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PRU has been the subject of a number of analyst reports. Deutsche Bank AG lifted their target price on Prudential Financial from $114.00 to $117.00 and gave the stock a “buy” rating in a report on Wednesday, April 19th. Wells Fargo & Company reaffirmed a “hold” rating on shares of Prudential Financial in a research report on Thursday, August 3rd. BidaskClub raised Prudential Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. ValuEngine upgraded Prudential Financial from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research lowered Prudential Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, June 14th. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $111.21.
In other news, Chairman John R. Strangfeld, Jr. sold 201,585 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $110.00, for a total value of $22,174,350.00. Following the completion of the transaction, the chairman now directly owns 456,121 shares in the company, valued at $50,173,310. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen Pelletier sold 4,133 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $112.18, for a total transaction of $463,639.94. Following the completion of the transaction, the insider now owns 10,924 shares of the company’s stock, valued at $1,225,454.32. The disclosure for this sale can be found here. In the last three months, insiders sold 220,615 shares of company stock valued at $24,276,660. Company insiders own 0.66% of the company’s stock.
Prudential Financial Company Profile
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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