Connecticut Wealth Management LLC raised its position in Prudential Financial, Inc. (NYSE:PRU) by 1.8% during the second quarter, Holdings Channel reports. The firm owned 3,182 shares of the financial services provider’s stock after buying an additional 56 shares during the period. Connecticut Wealth Management LLC’s holdings in Prudential Financial were worth $354,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Guardian Life Insurance Co. of America raised its position in shares of Prudential Financial by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 1,658 shares of the financial services provider’s stock worth $177,000 after buying an additional 5 shares during the period. Sigma Planning Corp raised its position in shares of Prudential Financial by 0.3% in the first quarter. Sigma Planning Corp now owns 3,449 shares of the financial services provider’s stock worth $368,000 after buying an additional 10 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA raised its position in shares of Prudential Financial by 0.9% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,018 shares of the financial services provider’s stock worth $218,000 after buying an additional 18 shares during the period. Trust Co raised its position in shares of Prudential Financial by 1.0% in the first quarter. Trust Co now owns 2,024 shares of the financial services provider’s stock worth $216,000 after buying an additional 20 shares during the period. Finally, Cleararc Capital Inc. raised its position in shares of Prudential Financial by 0.4% in the first quarter. Cleararc Capital Inc. now owns 10,492 shares of the financial services provider’s stock worth $1,119,000 after buying an additional 38 shares during the period. Institutional investors own 63.51% of the company’s stock.

Shares of Prudential Financial, Inc. (PRU) opened at 109.94 on Thursday. Prudential Financial, Inc. has a 1-year low of $74.85 and a 1-year high of $115.26. The firm has a 50-day moving average of $110.32 and a 200 day moving average of $108.13. The company has a market capitalization of $47.27 billion, a P/E ratio of 12.04 and a beta of 1.50.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, August 2nd. The financial services provider reported $2.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by $0.61. Prudential Financial had a return on equity of 8.98% and a net margin of 7.15%. The company had revenue of $13.03 billion during the quarter, compared to analysts’ expectations of $12.45 billion. During the same period in the prior year, the business posted $1.84 earnings per share. On average, equities research analysts expect that Prudential Financial, Inc. will post $10.22 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Tuesday, August 22nd will be given a $0.75 dividend. The ex-dividend date is Friday, August 18th. This represents a $3.00 annualized dividend and a dividend yield of 2.73%. Prudential Financial’s dividend payout ratio is 33.63%.

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A number of brokerages have recently commented on PRU. Deutsche Bank AG lifted their price target on shares of Prudential Financial from $114.00 to $117.00 and gave the stock a “buy” rating in a report on Wednesday, April 19th. Zacks Investment Research lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. BidaskClub upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Wells Fargo & Company reiterated a “hold” rating on shares of Prudential Financial in a report on Tuesday, June 6th. Finally, Credit Suisse Group cut their price target on shares of Prudential Financial from $121.00 to $120.00 and set a “neutral” rating on the stock in a report on Tuesday, May 23rd. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Prudential Financial presently has an average rating of “Buy” and an average price target of $111.21.

In other news, insider Stephen Pelletier sold 4,133 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $112.18, for a total value of $463,639.94. Following the completion of the sale, the insider now directly owns 10,924 shares of the company’s stock, valued at approximately $1,225,454.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman John R. Strangfeld, Jr. sold 201,585 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $110.00, for a total transaction of $22,174,350.00. Following the completion of the sale, the chairman now directly owns 456,121 shares of the company’s stock, valued at $50,173,310. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

About Prudential Financial

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

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