Orion Portfolio Solutions LLC increased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 14.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,267 shares of the financial services provider’s stock after purchasing an additional 810 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Prudential Financial were worth $659,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in PRU. Nordea Investment Management AB lifted its holdings in Prudential Financial by 103.8% in the third quarter. Nordea Investment Management AB now owns 4,485,930 shares of the financial services provider’s stock valued at $477,078,000 after acquiring an additional 2,284,632 shares during the period. Royal Bank of Canada increased its position in shares of Prudential Financial by 255.5% during the second quarter. Royal Bank of Canada now owns 2,908,712 shares of the financial services provider’s stock worth $298,055,000 after purchasing an additional 2,090,578 shares in the last quarter. Amundi purchased a new stake in shares of Prudential Financial during the second quarter worth approximately $206,722,000. Bank of New York Mellon Corp grew its holdings in Prudential Financial by 20.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,492,504 shares of the financial services provider’s stock valued at $357,876,000 after buying an additional 603,664 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Prudential Financial by 11.2% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,481,774 shares of the financial services provider’s stock valued at $561,718,000 after buying an additional 550,103 shares in the last quarter. 56.10% of the stock is owned by institutional investors.
Several equities analysts have recently commented on PRU shares. Royal Bank of Canada upped their price target on Prudential Financial from $112.00 to $119.00 and gave the company a “sector perform” rating in a research note on Thursday, November 4th. The Goldman Sachs Group initiated coverage on Prudential Financial in a research note on Thursday, December 2nd. They set a “neutral” rating and a $115.00 price target on the stock. Wells Fargo & Company increased their price objective on Prudential Financial from $109.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 4th. Morgan Stanley raised their price target on Prudential Financial from $112.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, January 7th. Finally, Evercore ISI cut Prudential Financial from an “in-line” rating to an “underperform” rating and lifted their price objective for the stock from $101.00 to $105.00 in a report on Wednesday, January 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Prudential Financial has an average rating of “Hold” and a consensus target price of $108.85.
PRU opened at $117.40 on Friday. The company has a market capitalization of $44.38 billion, a price-to-earnings ratio of 6.41, a price-to-earnings-growth ratio of 0.98 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.06 and a quick ratio of 0.06. Prudential Financial, Inc. has a 1-year low of $77.27 and a 1-year high of $117.96. The business has a 50 day moving average price of $108.66 and a two-hundred day moving average price of $106.38.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, November 2nd. The financial services provider reported $3.78 EPS for the quarter, beating analysts’ consensus estimates of $2.68 by $1.10. The company had revenue of $19.66 billion during the quarter, compared to the consensus estimate of $13.24 billion. Prudential Financial had a return on equity of 9.33% and a net margin of 11.82%. During the same quarter in the prior year, the firm earned $3.21 EPS. Equities analysts expect that Prudential Financial, Inc. will post 14.03 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, December 16th. Stockholders of record on Tuesday, November 23rd were paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date was Monday, November 22nd. Prudential Financial’s dividend payout ratio (DPR) is presently 25.12%.
Prudential Financial announced that its Board of Directors has initiated a stock buyback plan on Tuesday, November 9th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
Prudential Financial Company 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.
Further Reading: Outperform Rating
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