Mission Wealth Management LP Trims Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Mission Wealth Management LP lessened its stake in Prudential Financial, Inc. (NYSE:PRU) by 2.8% in the second quarter, Holdings Channel.com reports. The institutional investor owned 3,456 shares of the financial services provider’s stock after selling 98 shares during the quarter. Mission Wealth Management LP’s holdings in Prudential Financial were worth $354,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Stephenson National Bank & Trust grew its stake in Prudential Financial by 76.4% in the 2nd quarter. Stephenson National Bank & Trust now owns 254 shares of the financial services provider’s stock worth $26,000 after buying an additional 110 shares in the last quarter. Meridian Wealth Partners LLC purchased a new position in Prudential Financial in the 1st quarter worth approximately $27,000. Rockbridge Investment Management LCC lifted its holdings in shares of Prudential Financial by 65.1% in the 2nd quarter. Rockbridge Investment Management LCC now owns 289 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 114 shares during the last quarter. Van ECK Associates Corp bought a new stake in shares of Prudential Financial in the 1st quarter worth approximately $31,000. Finally, Prime Capital Investment Advisors LLC lifted its holdings in shares of Prudential Financial by 67.2% in the 1st quarter. Prime Capital Investment Advisors LLC now owns 388 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 156 shares during the last quarter. 56.14% of the stock is owned by institutional investors and hedge funds.

In other news, SVP Timothy L. Schmidt sold 6,579 shares of the company’s stock in a transaction dated Tuesday, August 24th. The shares were sold at an average price of $104.91, for a total value of $690,202.89. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.33% of the stock is owned by corporate insiders.

PRU has been the subject of a number of recent research reports. boosted their price objective on shares of Prudential Financial from $97.00 to $100.00 and gave the stock a “neutral” rating in a report on Monday, June 21st. Morgan Stanley lowered their price objective on shares of Prudential Financial from $107.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, August 4th. Barclays upped their price target on shares of Prudential Financial from $102.00 to $110.00 and gave the company an “equal weight” rating in a report on Thursday. Royal Bank of Canada upped their price target on shares of Prudential Financial from $108.00 to $112.00 and gave the company a “sector perform” rating in a report on Thursday, August 5th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 price target for the company in a report on Friday, June 18th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Prudential Financial presently has a consensus rating of “Hold” and an average price target of $101.50.

Shares of NYSE PRU opened at $103.14 on Friday. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.31. Prudential Financial, Inc. has a 12 month low of $60.16 and a 12 month high of $109.17. The firm has a market capitalization of $39.81 billion, a PE ratio of 5.70, a price-to-earnings-growth ratio of 0.65 and a beta of 1.70. The firm has a fifty day simple moving average of $103.37 and a two-hundred day simple moving average of $100.92.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, August 3rd. The financial services provider reported $3.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.04 by $0.75. The business had revenue of $13.10 billion during the quarter, compared to analyst estimates of $13.83 billion. Prudential Financial had a net margin of 13.09% and a return on equity of 8.87%. On average, sell-side analysts predict that Prudential Financial, Inc. will post 13.54 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 16th. Stockholders of record on Tuesday, August 24th were given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date was Monday, August 23rd. Prudential Financial’s dividend payout ratio is presently 45.05%.

Prudential Financial Profile

Prudential Financial, Inc engages in the provision of financial products and services including life insurance, annuities, mutual funds, and investment management to both individual and institutional customers. It operates through the following segments: PGIM, International Businesses, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, Closed Block, and Corporate and Others.

See Also: Hold Rating

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

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