Prudential Financial, Inc. (PRU) Shares Bought by Covenant Multifamily Offices LLC
Covenant Multifamily Offices LLC boosted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 2.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,545 shares of the financial services provider’s stock after acquiring an additional 679 shares during the quarter. Prudential Financial accounts for about 2.4% of Covenant Multifamily Offices LLC’s investment portfolio, making the stock its 11th largest position. Covenant Multifamily Offices LLC’s holdings in Prudential Financial were worth $3,567,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in PRU. James Investment Research Inc. increased its stake in Prudential Financial by 4,292.0% in the 2nd quarter. James Investment Research Inc. now owns 12,034 shares of the financial services provider’s stock worth $1,301,000 after acquiring an additional 11,760 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA increased its stake in Prudential Financial by 0.9% in the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,018 shares of the financial services provider’s stock worth $218,000 after acquiring an additional 18 shares during the last quarter. OLD National Bancorp IN increased its stake in Prudential Financial by 42.3% in the 2nd quarter. OLD National Bancorp IN now owns 6,292 shares of the financial services provider’s stock worth $681,000 after acquiring an additional 1,871 shares during the last quarter. CENTRAL TRUST Co increased its stake in Prudential Financial by 4.8% in the 2nd quarter. CENTRAL TRUST Co now owns 5,658 shares of the financial services provider’s stock worth $612,000 after acquiring an additional 259 shares during the last quarter. Finally, Legacy Private Trust Co. increased its stake in Prudential Financial by 0.7% in the 2nd quarter. Legacy Private Trust Co. now owns 12,675 shares of the financial services provider’s stock worth $1,371,000 after acquiring an additional 90 shares during the last quarter. Institutional investors and hedge funds own 64.07% of the company’s stock.
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A number of brokerages have weighed in on PRU. BidaskClub upgraded Prudential Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Keefe, Bruyette & Woods restated a “buy” rating on shares of Prudential Financial in a research note on Friday, August 11th. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a research report on Monday, November 6th. Wells Fargo & Company reiterated a “hold” rating on shares of Prudential Financial in a research report on Thursday, August 3rd. Finally, Zacks Investment Research upgraded Prudential Financial from a “hold” rating to a “buy” rating and set a $122.00 price objective on the stock in a research report on Tuesday, October 10th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $115.64.
Shares of Prudential Financial, Inc. (PRU) traded down $0.36 during mid-day trading on Thursday, reaching $109.70. The company had a trading volume of 1,252,600 shares, compared to its average volume of 1,848,242. The stock has a market cap of $47,060.00, a PE ratio of 10.63, a PEG ratio of 1.25 and a beta of 1.56. Prudential Financial, Inc. has a 52 week low of $97.88 and a 52 week high of $115.26. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.13 and a quick ratio of 0.13.
Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.30. The company had revenue of $13.36 billion during the quarter, compared to analysts’ expectations of $12.24 billion. Prudential Financial had a return on equity of 17.95% and a net margin of 13.60%. During the same period in the prior year, the business posted $2.66 EPS. research analysts anticipate that Prudential Financial, Inc. will post 10.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Monday, November 27th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, November 24th. Prudential Financial’s dividend payout ratio is presently 30.24%.
In related news, EVP Charles F. Lowrey sold 44,630 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $111.91, for a total transaction of $4,994,543.30. Following the completion of the sale, the executive vice president now directly owns 79,354 shares in the company, valued at approximately $8,880,506.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas C. Silitch sold 44,860 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $111.77, for a total value of $5,014,002.20. Following the sale, the insider now owns 27,927 shares of the company’s stock, valued at $3,121,400.79. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.
Prudential Financial 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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