Fifth Third Bancorp lowered its position in Prudential Financial, Inc. (NYSE:PRU) by 19.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,755 shares of the financial services provider’s stock after selling 13,105 shares during the quarter. Fifth Third Bancorp’s holdings in Prudential Financial were worth $3,415,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Baystate Wealth Management LLC lifted its stake in Prudential Financial by 954.5% in the second quarter. Baystate Wealth Management LLC now owns 464 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 420 shares during the last quarter. CX Institutional lifted its stake in Prudential Financial by 104.3% in the third quarter. CX Institutional now owns 472 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 241 shares during the last quarter. Mercer Capital Advisers Inc. acquired a new stake in Prudential Financial in the third quarter valued at $30,000. Old North State Trust LLC acquired a new stake in Prudential Financial in the third quarter valued at $32,000. Finally, Exchange Traded Concepts LLC acquired a new stake in Prudential Financial in the third quarter valued at $44,000. Hedge funds and other institutional investors own 57.10% of the company’s stock.
NYSE:PRU opened at $75.65 on Friday. Prudential Financial, Inc. has a 52 week low of $38.62 and a 52 week high of $97.24. The firm has a market cap of $29.96 billion, a price-to-earnings ratio of -122.02, a P/E/G ratio of 0.77 and a beta of 1.69. The firm’s 50-day simple moving average is $67.59 and its 200 day simple moving average is $64.68. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.13 and a current ratio of 0.13.
Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $3.21 EPS for the quarter, topping analysts’ consensus estimates of $2.69 by $0.52. Prudential Financial had a negative net margin of 0.25% and a positive return on equity of 6.13%. During the same quarter last year, the business earned $3.22 EPS. Sell-side analysts anticipate that Prudential Financial, Inc. will post 9.45 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Tuesday, November 24th will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 5.82%. The ex-dividend date of this dividend is Monday, November 23rd. Prudential Financial’s dividend payout ratio is 37.64%.
In related news, SVP Timothy L. Schmidt sold 5,334 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $69.54, for a total transaction of $370,926.36. Following the transaction, the senior vice president now directly owns 27,784 shares of the company’s stock, valued at $1,932,099.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.33% of the stock is currently owned by company insiders.
A number of analysts have commented on the stock. Wells Fargo & Company increased their price target on shares of Prudential Financial from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Barclays started coverage on shares of Prudential Financial in a research note on Tuesday, November 17th. They set an “equal weight” rating and a $76.00 target price for the company. Zacks Investment Research upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $67.00 target price for the company in a research note on Wednesday, October 28th. Morgan Stanley raised their target price on shares of Prudential Financial from $76.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, ValuEngine cut shares of Prudential Financial from a “sell” rating to a “strong sell” rating in a research note on Monday, August 3rd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $73.00.
About Prudential Financial
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.
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