Retirement Systems of Alabama Has $16,076,000 Position in Prudential Financial Inc. (PRU)
Retirement Systems of Alabama lowered its stake in shares of Prudential Financial Inc. (NYSE:PRU) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 225,337 shares of the company’s stock after selling 1,737 shares during the period. Retirement Systems of Alabama owned approximately 0.05% of Prudential Financial worth $16,076,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Americafirst Capital Management LLC purchased a new stake in Prudential Financial during the second quarter valued at approximately $100,000. Gierl Augustine Investment Management Inc raised its stake in Prudential Financial by 14.4% in the second quarter. Gierl Augustine Investment Management Inc now owns 1,632 shares of the company’s stock valued at $116,000 after buying an additional 206 shares during the last quarter. Howard Hughes Medical Institute purchased a new stake in Prudential Financial during the first quarter valued at approximately $119,000. Seven Eight Capital LLC raised its stake in Prudential Financial by 757.0% in the first quarter. Seven Eight Capital LLC now owns 2,151 shares of the company’s stock valued at $155,000 after buying an additional 1,900 shares during the last quarter. Finally, FDO Partners LLC purchased a new stake in Prudential Financial during the first quarter valued at approximately $222,000. 60.62% of the stock is owned by institutional investors and hedge funds.
Shares of Prudential Financial Inc. (NYSE:PRU) traded up 2.10% during midday trading on Friday, hitting $81.65. 3,328,231 shares of the stock were exchanged. The firm has a 50 day moving average of $78.74 and a 200-day moving average of $75.82. Prudential Financial Inc. has a one year low of $57.19 and a one year high of $88.77. The company has a market cap of $35.68 billion, a price-to-earnings ratio of 8.39 and a beta of 1.62.
Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, August 3rd. The company reported $1.84 earnings per share for the quarter, missing the consensus estimate of $2.51 by $0.67. Prudential Financial had a return on equity of 8.11% and a net margin of 8.90%. During the same period in the previous year, the firm posted $2.91 EPS. Equities analysts expect that Prudential Financial Inc. will post ($0.01) EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Tuesday, August 23rd were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.43%. The ex-dividend date was Friday, August 19th. Prudential Financial’s payout ratio is 28.78%.
Several analysts have commented on the stock. Evercore ISI assumed coverage on shares of Prudential Financial in a research report on Wednesday, July 6th. They set a “hold” rating and a $78.00 price target for the company. Citigroup Inc. decreased their price objective on shares of Prudential Financial from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, July 7th. Zacks Investment Research raised shares of Prudential Financial from a “sell” rating to a “hold” rating in a research report on Thursday, July 14th. Deutsche Bank AG decreased their price objective on shares of Prudential Financial from $90.00 to $83.00 and set a “buy” rating for the company in a research report on Thursday, July 7th. Finally, Bank of America Corp. lowered shares of Prudential Financial from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $89.33.
In related news, insider Charles F. Lowrey sold 41,644 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $80.00, for a total transaction of $3,331,520.00. Following the completion of the sale, the insider now owns 98,307 shares in the company, valued at $7,864,560. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Robert Falzon sold 33,820 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $77.13, for a total value of $2,608,536.60. Following the sale, the chief financial officer now owns 70,264 shares of the company’s stock, valued at approximately $5,419,462.32. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
About Prudential Financial
Prudential Financial, Inc is a financial services company. The Company, through its subsidiaries and affiliates, provides a range of financial products and services, including life insurance, annuities and investment management. The Company’s divisions include U.S. Retirement Solutions and Investment Management Division; U.S.
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