Commonwealth Retirement Investments LLC Increases Holdings in Prudential Financial, Inc. (NYSE:PRU)

Commonwealth Retirement Investments LLC increased its stake in Prudential Financial, Inc. (NYSE:PRU) by 1.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 13,798 shares of the financial services provider’s stock after acquiring an additional 163 shares during the period. Commonwealth Retirement Investments LLC’s holdings in Prudential Financial were worth $1,617,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Cullinan Associates Inc. raised its holdings in Prudential Financial by 2,355.0% during the 1st quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock valued at $17,798,000 after buying an additional 145,423 shares during the period. National Bank of Canada FI lifted its position in shares of Prudential Financial by 44.9% during the first quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider’s stock worth $27,327,000 after purchasing an additional 71,274 shares during the last quarter. Greenwood Capital Associates LLC purchased a new stake in shares of Prudential Financial during the fourth quarter valued at $1,087,000. Crestline Management LP grew its holdings in shares of Prudential Financial by 50.0% in the fourth quarter. Crestline Management LP now owns 60,000 shares of the financial services provider’s stock worth $6,223,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Nomura Holdings Inc. bought a new stake in Prudential Financial during the 4th quarter valued at about $761,000. 56.83% of the stock is owned by institutional investors.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were acquired at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the acquisition, the insider now directly owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the transaction, the executive vice president now directly owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was bought at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The disclosure for this purchase can be found here. Corporate insiders own 0.31% of the company’s stock.

Prudential Financial Stock Performance

Shares of PRU stock opened at $113.25 on Friday. The stock has a market cap of $40.66 billion, a PE ratio of 19.26, a price-to-earnings-growth ratio of 0.94 and a beta of 1.30. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52. The business has a 50-day simple moving average of $118.15 and a 200-day simple moving average of $115.62. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The firm had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. On average, equities analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th will be given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date is Tuesday, August 20th. Prudential Financial’s dividend payout ratio (DPR) is presently 88.44%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Barclays began coverage on Prudential Financial in a research report on Wednesday. They set an “equal weight” rating and a $118.00 price objective on the stock. UBS Group raised their price target on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Jefferies Financial Group decreased their target price on shares of Prudential Financial from $143.00 to $141.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Finally, Argus raised Prudential Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $119.23.

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.