Prudential Financial, Inc. (PRU) Stake Boosted by Conning Inc.

Conning Inc. increased its stake in Prudential Financial, Inc. (NYSE:PRU) by 7.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,480 shares of the financial services provider’s stock after buying an additional 901 shares during the period. Conning Inc.’s holdings in Prudential Financial were worth $1,350,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of PRU. Advisors Asset Management Inc. raised its position in Prudential Financial by 2.2% in the second quarter. Advisors Asset Management Inc. now owns 23,977 shares of the financial services provider’s stock valued at $2,593,000 after buying an additional 521 shares during the period. Pitcairn Co. raised its position in Prudential Financial by 2.7% in the second quarter. Pitcairn Co. now owns 9,139 shares of the financial services provider’s stock valued at $988,000 after buying an additional 236 shares during the period. Wedbush Securities Inc. raised its position in Prudential Financial by 1.5% in the second quarter. Wedbush Securities Inc. now owns 3,874 shares of the financial services provider’s stock valued at $419,000 after buying an additional 58 shares during the period. Sigma Planning Corp raised its position in Prudential Financial by 10.7% in the second quarter. Sigma Planning Corp now owns 3,817 shares of the financial services provider’s stock valued at $413,000 after buying an additional 368 shares during the period. Finally, BTC Capital Management Inc. raised its position in Prudential Financial by 2.3% in the second quarter. BTC Capital Management Inc. now owns 36,279 shares of the financial services provider’s stock valued at $3,921,000 after buying an additional 824 shares during the period. 63.58% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial, Inc. (NYSE:PRU) opened at 106.74 on Tuesday. Prudential Financial, Inc. has a one year low of $74.85 and a one year high of $115.26. The firm has a market capitalization of $45.58 billion, a price-to-earnings ratio of 11.92 and a beta of 1.50. The firm has a 50-day moving average price of $110.52 and a 200-day moving average price of $108.14.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by $0.61. Prudential Financial had a return on equity of 8.98% and a net margin of 7.15%. The firm had revenue of $13.03 billion during the quarter, compared to analysts’ expectations of $12.45 billion. During the same period in the prior year, the firm posted $1.84 earnings per share. Analysts expect that Prudential Financial, Inc. will post $10.21 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Tuesday, August 22nd will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, August 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 33.63%.

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Several research analysts have weighed in on the company. BidaskClub lowered Prudential Financial from a “buy” rating to a “hold” rating in a research report on Saturday. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Prudential Financial in a research report on Friday. Wells Fargo & Company reaffirmed a “hold” rating on shares of Prudential Financial in a research report on Thursday, August 3rd. Royal Bank Of Canada reaffirmed a “hold” rating and set a $113.00 price target on shares of Prudential Financial in a research report on Tuesday, June 27th. Finally, Zacks Investment Research lowered Prudential Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, June 14th. Ten research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently 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 business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $110.00, for a total transaction of $22,174,350.00. Following the sale, the chairman now directly owns 456,121 shares of the company’s stock, valued at $50,173,310. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen Pelletier sold 4,133 shares of the business’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 sale, the insider now directly owns 10,924 shares in the company, valued at $1,225,454.32. The disclosure for this sale can be found here. Insiders have sold 220,615 shares of company stock worth $24,276,660 over the last three months. Corporate 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.

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

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