Prudential Financial, Inc. $PRU Shares Newly Purchased by Partners Wealth Management LLC

Partners Wealth Management LLC acquired a new position in shares of Prudential Financial, Inc. (NYSE:PRU) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 12,412 shares of the financial services provider’s stock, valued at approximately $1,410,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Prudential Financial during the second quarter valued at approximately $3,507,481,000. State Street Corp grew its holdings in Prudential Financial by 1.2% during the second quarter. State Street Corp now owns 17,164,760 shares of the financial services provider’s stock worth $1,852,593,000 after buying an additional 209,179 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Prudential Financial by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock valued at $367,089,000 after buying an additional 166,641 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Prudential Financial by 95.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after buying an additional 1,247,371 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Prudential Financial during the 2nd quarter valued at $209,055,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Ann Kappler sold 7,652 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the sale, the executive vice president owned 14,407 shares in the company, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on PRU. BMO Capital Markets lifted their price objective on shares of Prudential Financial from $90.00 to $120.00 and gave the stock an “underperform” rating in a report on Friday, August 21st. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Prudential Financial from $105.00 to $102.00 and set a “hold” rating for the company in a report on Friday, October 23rd. TD Cowen dropped their price target on shares of Prudential Financial from $114.00 to $112.00 and set a “hold” rating on the stock in a research report on Wednesday, October 21st. Bank of America cut their price target on shares of Prudential Financial from $132.00 to $130.00 and set a “neutral” rating on the stock in a report on Monday, October 12th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Prudential Financial from $123.00 to $119.00 and set a “market perform” rating for the company in a research report on Friday, October 16th. Two research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, Prudential Financial has an average rating of “Reduce” and an average target price of $111.27.

Prudential Financial Stock Performance

Shares of PRU opened at $116.35 on Friday. The stock has a 50 day moving average of $116.96 and a 200 day moving average of $108.79. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. Prudential Financial, Inc. has a 12 month low of $91.89 and a 12 month high of $127.72. The company has a market capitalization of $40.14 billion, a price-to-earnings ratio of 10.54, a PEG ratio of 1.96 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. The firm had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.36 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%. During the same quarter in the prior year, the company earned $3.58 EPS. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 13.52 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were given a dividend of $1.40 per share. The ex-dividend date was Tuesday, August 25th. This represents a $5.60 annualized dividend and a yield of 4.8%. Prudential Financial’s dividend payout ratio is presently 50.72%.

Prudential Financial Company Profile

Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.