Rhumbline Advisers Purchases 10,982 Shares of Prudential Financial, Inc. $PRU

Rhumbline Advisers increased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 1.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 686,928 shares of the financial services provider’s stock after purchasing an additional 10,982 shares during the period. Rhumbline Advisers’ holdings in Prudential Financial were worth $73,803,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRU. Econ Financial Services Corp bought a new position in shares of Prudential Financial during the 2nd quarter worth about $1,662,000. Nordea Investment Management AB raised its position in Prudential Financial by 49.2% in the second quarter. Nordea Investment Management AB now owns 1,720,781 shares of the financial services provider’s stock worth $184,192,000 after purchasing an additional 567,571 shares in the last quarter. Brookwood Investment Group LLC bought a new position in Prudential Financial during the second quarter worth about $289,000. Asahi Life Asset Management CO. LTD. acquired a new stake in Prudential Financial during the second quarter valued at approximately $298,000. Finally, Acadian Asset Management LLC boosted its holdings in Prudential Financial by 3.0% during the first quarter. Acadian Asset Management LLC now owns 109,447 shares of the financial services provider’s stock valued at $12,217,000 after purchasing an additional 3,183 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PRU. Barclays dropped their target price on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Wolfe Research assumed coverage on Prudential Financial in a research note on Tuesday, September 16th. They set a “peer perform” rating for the company. Wall Street Zen raised Prudential Financial from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Keefe, Bruyette & Woods upped their target price on shares of Prudential Financial from $117.00 to $118.00 and gave the stock a “market perform” rating in a report on Monday, November 3rd. Finally, Evercore ISI lifted their price target on shares of Prudential Financial from $120.00 to $122.00 and gave the company an “in-line” rating in a report on Thursday, October 30th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Prudential Financial presently has an average rating of “Hold” and an average price target of $120.73.

Prudential Financial Stock Performance

Prudential Financial stock opened at $106.83 on Monday. The stock has a 50-day simple moving average of $103.49 and a 200 day simple moving average of $104.77. The stock has a market capitalization of $37.39 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 0.88 and a beta of 1.05. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share for the quarter. Prudential Financial had a net margin of 4.65% and a return on equity of 16.98%. The firm had revenue of $8.35 billion during the quarter. On average, research analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th will be issued a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $5.40 annualized dividend and a yield of 5.1%. Prudential Financial’s dividend payout ratio is currently 74.18%.

Insiders Place Their Bets

In other news, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction on Friday, August 29th. The stock was sold at an average price of $109.65, for a total value of $438,600.00. Following the completion of the sale, the executive vice president directly owned 21,506 shares of the company’s stock, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Charles F. Lowrey sold 48,164 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $107.39, for a total value of $5,172,331.96. Following the transaction, the chairman directly owned 165,564 shares in the company, valued at $17,779,917.96. This trade represents a 22.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is currently owned by company insiders.

About Prudential Financial

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.