Investors Buy Shares of Prudential Financial Inc. (PRU) on Weakness Following Insider Selling
Traders purchased shares of Prudential Financial Inc. (NYSE:PRU) on weakness during trading on Wednesday after an insider sold shares in the company. $60.77 million flowed into the stock on the tick-up and $33.12 million flowed out of the stock on the tick-down, for a money net flow of $27.65 million into the stock. Of all stocks tracked, Prudential Financial had the 31st highest net in-flow for the day. Prudential Financial traded down ($0.57) for the day and closed at $84.37Specifically, insider Charles F. Lowrey sold 41,644 shares of the company’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $80.00, for a total value of $3,331,520.00. Following the sale, the insider now owns 98,307 shares of the company’s stock, valued at approximately $7,864,560. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Robert Falzon sold 33,820 shares of the company’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $77.13, for a total transaction of $2,608,536.60. Following the completion of the sale, the chief financial officer now directly owns 70,264 shares in the company, valued at approximately $5,419,462.32. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.
Several equities research analysts have recently weighed in on PRU shares. Wells Fargo & Co. started coverage on shares of Prudential Financial in a report on Friday, September 23rd. They issued a “market perform” rating on the stock. Zacks Investment Research lowered shares of Prudential Financial from a “hold” rating to a “sell” rating in a report on Tuesday, June 21st. Credit Suisse Group AG assumed coverage on shares of Prudential Financial in a research report on Friday, October 7th. They set a “neutral” rating and a $89.00 price target on the stock. Goldman Sachs Group Inc. upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and upped their price target for the stock from $80.00 to $93.00 in a research report on Friday, September 23rd. Finally, Bank of America Corp. downgraded shares of Prudential Financial from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Prudential Financial currently has an average rating of “Buy” and a consensus price target of $89.13.
The stock has a 50 day moving average price of $80.48 and a 200-day moving average price of $76.44. The firm has a market capitalization of $36.92 billion, a price-to-earnings ratio of 8.68 and a beta of 1.68.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $1.84 EPS for the quarter, missing the Zacks’ 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 last year, the business earned $2.91 earnings per share. Equities analysts anticipate that Prudential Financial Inc. will post ($0.01) earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Tuesday, August 23rd were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.31%. The ex-dividend date was Friday, August 19th. Prudential Financial’s dividend payout ratio (DPR) is presently 28.78%.
A number of institutional investors have recently modified their holdings of PRU. Vanguard Group Inc. raised its position in shares of Prudential Financial by 0.9% in the second quarter. Vanguard Group Inc. now owns 28,609,632 shares of the company’s stock valued at $2,041,011,000 after buying an additional 242,859 shares during the period. Cohen & Steers Inc. acquired a new position in shares of Prudential Financial during the second quarter valued at about $718,824,000. Massachusetts Financial Services Co. MA raised its position in shares of Prudential Financial by 1.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 9,590,228 shares of the company’s stock valued at $684,166,000 after buying an additional 90,284 shares during the period. BlackRock Group LTD raised its position in shares of Prudential Financial by 1.7% in the second quarter. BlackRock Group LTD now owns 5,411,410 shares of the company’s stock valued at $386,051,000 after buying an additional 92,365 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Prudential Financial by 0.8% in the second quarter. Ameriprise Financial Inc. now owns 5,115,560 shares of the company’s stock valued at $364,944,000 after buying an additional 39,095 shares during the period. 60.62% of the stock is currently owned by hedge funds and other institutional investors.
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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