Point72 Hong Kong Ltd raised its stake in Prudential Financial Inc (NYSE:PRU) by 49.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,430 shares of the financial services provider’s stock after buying an additional 2,779 shares during the period. Point72 Hong Kong Ltd’s holdings in Prudential Financial were worth $851,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PRU. Cubist Systematic Strategies LLC boosted its holdings in shares of Prudential Financial by 136.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 50,491 shares of the financial services provider’s stock valued at $5,100,000 after purchasing an additional 29,105 shares during the last quarter. Wunderlich Capital Managemnt lifted its holdings in shares of Prudential Financial by 19.1% during the 2nd quarter. Wunderlich Capital Managemnt now owns 3,395 shares of the financial services provider’s stock valued at $343,000 after acquiring an additional 544 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Prudential Financial during the 2nd quarter valued at $348,000. Morgan Stanley lifted its holdings in shares of Prudential Financial by 5.4% during the 2nd quarter. Morgan Stanley now owns 3,235,928 shares of the financial services provider’s stock valued at $326,829,000 after acquiring an additional 166,293 shares in the last quarter. Finally, Security National Bank of SO Dak lifted its holdings in shares of Prudential Financial by 10.5% during the 2nd quarter. Security National Bank of SO Dak now owns 8,709 shares of the financial services provider’s stock valued at $880,000 after acquiring an additional 825 shares in the last quarter. 63.19% of the stock is owned by institutional investors.

Several research firms recently weighed in on PRU. Wells Fargo & Co set a $115.00 target price on shares of Prudential Financial and gave the company a “buy” rating in a report on Wednesday, July 31st. Zacks Investment Research upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $89.00 target price on the stock in a report on Tuesday, September 10th. Goldman Sachs Group reduced their target price on shares of Prudential Financial from $107.00 to $99.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Citigroup reduced their target price on shares of Prudential Financial from $94.00 to $88.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Finally, Atlantic Securities lowered shares of Prudential Financial from an “overweight” rating to a “neutral” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $100.50.

In related news, CEO Charles F. Lowrey bought 7,500 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was bought at an average price of $83.68 per share, with a total value of $627,600.00. Following the transaction, the chief executive officer now owns 64,263 shares of the company’s stock, valued at $5,377,527.84. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kenneth Tanji bought 2,500 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was bought at an average cost of $83.84 per share, with a total value of $209,600.00. Following the transaction, the chief financial officer now directly owns 19,285 shares in the company, valued at approximately $1,616,854.40. The disclosure for this purchase can be found here. Insiders bought a total of 13,580 shares of company stock valued at $1,137,848 in the last three months. Insiders own 0.76% of the company’s stock.

Prudential Financial stock traded up $0.07 during midday trading on Friday, hitting $89.08. 2,988,449 shares of the stock were exchanged, compared to its average volume of 2,250,898. Prudential Financial Inc has a 1 year low of $75.61 and a 1 year high of $106.64. The firm has a market cap of $35.85 billion, a P/E ratio of 7.62, a P/E/G ratio of 0.80 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.11 and a quick ratio of 0.11. The company has a 50 day moving average price of $83.81 and a two-hundred day moving average price of $95.27.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.22 by ($0.08). The firm had revenue of $14.11 billion for the quarter, compared to analysts’ expectations of $13.63 billion. Prudential Financial had a return on equity of 9.24% and a net margin of 6.92%. During the same period last year, the firm earned $3.01 EPS. As a group, analysts predict that Prudential Financial Inc will post 12.37 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 4.49%. The ex-dividend date was Monday, August 19th. Prudential Financial’s payout ratio is currently 34.22%.

About Prudential Financial

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.

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

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