Cambria Investment Management L.P. Has $1.11 Million Holdings in Prudential Financial, Inc. (PRU)
Cambria Investment Management L.P. cut its stake in Prudential Financial, Inc. (NYSE:PRU) by 11.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,276 shares of the financial services provider’s stock after selling 1,350 shares during the quarter. Cambria Investment Management L.P.’s holdings in Prudential Financial were worth $1,111,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Shelton Capital Management acquired a new position in Prudential Financial in the second quarter valued at approximately $383,000. Flinton Capital Management LLC lifted its holdings in Prudential Financial by 72.9% in the second quarter. Flinton Capital Management LLC now owns 142,480 shares of the financial services provider’s stock valued at $15,408,000 after acquiring an additional 60,096 shares during the period. Fieldpoint Private Securities LLC acquired a new position in Prudential Financial in the second quarter valued at approximately $103,000. Capital Research Global Investors lifted its holdings in Prudential Financial by 1.2% in the second quarter. Capital Research Global Investors now owns 13,662,673 shares of the financial services provider’s stock valued at $1,477,481,000 after acquiring an additional 162,833 shares during the period. Finally, Zurich Insurance Group Ltd FI lifted its holdings in Prudential Financial by 18.8% in the second quarter. Zurich Insurance Group Ltd FI now owns 115,996 shares of the financial services provider’s stock valued at $12,544,000 after acquiring an additional 18,389 shares during the period. 64.45% of the stock is owned by institutional investors.
In other Prudential Financial news, insider Nicholas C. Silitch sold 14,897 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $110.00, for a total transaction of $1,638,670.00. Following the completion of the transaction, the insider now owns 21,274 shares of the company’s stock, valued at $2,340,140. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen Pelletier sold 4,133 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $112.18, for a total value of $463,639.94. Following the transaction, the insider now directly owns 10,924 shares of the company’s stock, valued at approximately $1,225,454.32. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.
Shares of Prudential Financial, Inc. (NYSE:PRU) traded up 0.95% during mid-day trading on Thursday, hitting $108.87. The company had a trading volume of 216,836 shares. The firm has a 50-day moving average price of $103.28 and a 200 day moving average price of $106.52. The firm has a market capitalization of $46.49 billion, a P/E ratio of 12.15 and a beta of 1.51. Prudential Financial, Inc. has a 12 month low of $82.45 and a 12 month high of $115.26.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.70 by ($0.61). The firm had revenue of $13.03 billion for the quarter, compared to analyst estimates of $12.45 billion. Prudential Financial had a return on equity of 8.98% and a net margin of 7.15%. During the same period in the prior year, the firm posted $1.84 earnings per share. On average, equities research analysts forecast that Prudential Financial, Inc. will post $10.14 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 14th. Investors of record on Tuesday, August 22nd were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, August 18th. This represents a $3.00 annualized dividend and a yield of 2.78%. Prudential Financial’s dividend payout ratio is presently 33.63%.
PRU has been the subject of a number of analyst reports. BidaskClub downgraded Prudential Financial from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Royal Bank Of Canada reissued a “hold” rating and issued a $117.00 price target on shares of Prudential Financial in a report on Wednesday, September 6th. Wells Fargo & Company reissued a “hold” rating on shares of Prudential Financial in a report on Thursday, August 3rd. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Prudential Financial in a report on Friday, August 11th. Finally, Morgan Stanley boosted their price target on Prudential Financial from $118.00 to $123.00 and gave the company an “equal weight” rating in a report on Thursday. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $113.66.
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.
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