Traders Sell Prudential Financial Inc. (PRU) on Strength on Analyst Downgrade
Traders sold shares of Prudential Financial Inc. (NYSE:PRU) on strength during trading hours on Tuesday after FBR & Co lowered their price target on the stock from $100.00 to $86.00. $26.24 million flowed into the stock on the tick-up and $172.61 million flowed out of the stock on the tick-down, for a money net flow of $146.37 million out of the stock. Of all equities tracked, Prudential Financial had the 4th highest net out-flow for the day. Prudential Financial traded up $0.37 for the day and closed at $99.77
Other equities analysts have also recently issued reports about the company. Wells Fargo & Co. began coverage on Prudential Financial in a research report on Friday, September 23rd. They set a “market perform” rating for the company. Zacks Investment Research cut Prudential Financial from a “buy” rating to a “hold” rating in a research report on Monday. Bank of America Corp. cut Prudential Financial from a “buy” rating to an “underperform” rating and set a $108.00 target price for the company. in a research report on Friday, November 18th. Credit Suisse Group AG began coverage on Prudential Financial in a research report on Friday, October 7th. They set a “neutral” rating and a $89.00 target price for the company. Finally, Goldman Sachs Group Inc. upgraded Prudential Financial from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $80.00 to $93.00 in a research report on Friday, September 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $91.60.
In other Prudential Financial news, insider Scott Sleyster sold 9,379 shares of the company’s stock in a transaction that occurred on Friday, October 14th. The stock was sold at an average price of $85.06, for a total transaction of $797,777.74. Following the transaction, the insider now owns 34,185 shares in the company, valued at approximately $2,907,776.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Sharon C. Taylor sold 85,490 shares of the company’s stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $84.99, for a total value of $7,265,795.10. Following the transaction, the senior vice president now owns 77,221 shares in the company, valued at approximately $6,563,012.79. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of PRU. Cohen & Steers Inc. purchased a new position in Prudential Financial during the second quarter worth $718,824,000. Capital Research Global Investors bought a new stake in Prudential Financial during the third quarter valued at $425,473,000. The Manufacturers Life Insurance Company bought a new stake in Prudential Financial during the third quarter valued at $101,648,000. Hexavest Inc. bought a new stake in Prudential Financial during the second quarter valued at $54,008,000. Finally, APG Asset Management N.V. increased its stake in Prudential Financial by 51.2% in the third quarter. APG Asset Management N.V. now owns 2,071,032 shares of the company’s stock valued at $169,100,000 after buying an additional 701,526 shares during the last quarter. Hedge funds and other institutional investors own 60.46% of the company’s stock.
The firm has a 50 day moving average of $89.97 and a 200-day moving average of $79.94. The company has a market cap of $42.90 billion, a P/E ratio of 9.41 and a beta of 1.68.
Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, November 2nd. The company reported $2.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.49 by $0.17. Prudential Financial had a return on equity of 7.73% and a net margin of 8.92%. During the same period last year, the company earned $2.40 earnings per share. Analysts forecast that Prudential Financial Inc. will post $8.99 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Tuesday, November 22nd will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Friday, November 18th. Prudential Financial’s payout ratio is currently 26.32%.
TRADEMARK VIOLATION NOTICE: This news story was originally reported by The Cerbat Gem and is the propert of of The Cerbat Gem. If you are accessing this news story on another site, it was copied illegally and reposted in violation of US and international copyright and trademark law. The correct version of this news story can be accessed at https://www.thecerbatgem.com/2016/11/29/traders-sell-prudential-financial-inc-pru-on-strength-on-analyst-downgrade.html.
Prudential Financial Company Profile
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.
Receive News & Stock Ratings for Prudential Financial Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prudential Financial Inc. and related stocks with our FREE daily email newsletter.