Legacy Capital Group California Inc. boosted its position in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,476 shares of the financial services provider’s stock after purchasing an additional 217 shares during the period. Legacy Capital Group California Inc.’s holdings in Prudential Financial were worth $660,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Fairfield Bush & CO. acquired a new stake in shares of Prudential Financial during the first quarter worth approximately $36,000. Blair William & Co. IL increased its stake in shares of Prudential Financial by 11.3% in the first quarter. Blair William & Co. IL now owns 50,600 shares of the financial services provider’s stock worth $5,979,000 after acquiring an additional 5,126 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Prudential Financial by 6.4% during the first quarter. Sei Investments Co. now owns 90,235 shares of the financial services provider’s stock worth $10,698,000 after acquiring an additional 5,452 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its position in Prudential Financial by 0.7% during the first quarter. Candriam Luxembourg S.C.A. now owns 47,576 shares of the financial services provider’s stock valued at $5,621,000 after purchasing an additional 326 shares during the last quarter. Finally, Baird Financial Group Inc. increased its position in Prudential Financial by 36.4% in the 1st quarter. Baird Financial Group Inc. now owns 135,716 shares of the financial services provider’s stock worth $16,037,000 after purchasing an additional 36,184 shares during the last quarter. Hedge funds and other institutional investors own 54.92% of the company’s stock.
Prudential Financial Stock Performance
Shares of PRU traded up $1.12 during trading hours on Friday, reaching $95.75. 1,776,053 shares of the company traded hands, compared to its average volume of 1,639,805. Prudential Financial, Inc. has a 1-year low of $75.37 and a 1-year high of $108.83. The stock has a market cap of $34.57 billion, a P/E ratio of 61.77, a price-to-earnings-growth ratio of 0.77 and a beta of 1.39. The stock’s fifty day moving average is $93.77 and its 200 day moving average is $90.50. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.07 and a current ratio of 0.07.
Prudential Financial Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Tuesday, November 21st will be paid a $1.25 dividend. The ex-dividend date of this dividend is Monday, November 20th. This represents a $5.00 dividend on an annualized basis and a yield of 5.22%. Prudential Financial’s payout ratio is currently 322.58%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price target on shares of Prudential Financial in a research note on Friday, September 8th. Barclays upped their price objective on shares of Prudential Financial from $91.00 to $101.00 and gave the stock an “equal weight” rating in a report on Friday, August 4th. JPMorgan Chase & Co. cut their target price on Prudential Financial from $121.00 to $119.00 and set an “overweight” rating on the stock in a report on Friday, October 6th. StockNews.com initiated coverage on Prudential Financial in a report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, TheStreet cut shares of Prudential Financial from a “b” rating to a “c” rating in a research note on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $103.00.
About Prudential Financial
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 Annuities, Individual Life, Assurance IQ, and International Businesses segments.
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