Prudential Financial Inc. (PRU) Stake Reduced by GAM Holding AG
GAM Holding AG lowered its position in Prudential Financial Inc. (NYSE:PRU) by 1.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 61,077 shares of the company’s stock after selling 1,204 shares during the period. GAM Holding AG’s holdings in Prudential Financial were worth $4,987,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the company. Americafirst Capital Management LLC bought a new position in shares of Prudential Financial during the second quarter worth about $100,000. Oakworth Capital Inc. boosted its position in Prudential Financial by 21.8% in the third quarter. Oakworth Capital Inc. now owns 1,297 shares of the company’s stock valued at $106,000 after buying an additional 232 shares during the period. Bessemer Group Inc. boosted its position in Prudential Financial by 6.7% in the second quarter. Bessemer Group Inc. now owns 1,516 shares of the company’s stock valued at $108,000 after buying an additional 95 shares during the period. Gierl Augustine Investment Management Inc boosted its position 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 period. Finally, Global X Management Co. LLC boosted its position in Prudential Financial by 272.3% in the third quarter. Global X Management Co. LLC now owns 1,489 shares of the company’s stock valued at $122,000 after buying an additional 1,089 shares during the period. Hedge funds and other institutional investors own 60.46% of the company’s stock.
Prudential Financial Inc. (NYSE:PRU) traded up 0.83% during mid-day trading on Wednesday, reaching $100.60. The company had a trading volume of 2,345,473 shares. Prudential Financial Inc. has a 12-month low of $57.19 and a 12-month high of $101.96. The company has a market capitalization of $43.26 billion, a price-to-earnings ratio of 9.48 and a beta of 1.68. The stock has a 50-day moving average of $89.97 and a 200 day moving average of $79.94.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $2.66 earnings per share (EPS) for the quarter, topping the 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 EPS. On average, analysts expect that Prudential Financial Inc. will post $8.99 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 22nd will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 18th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.78%. Prudential Financial’s dividend payout ratio is presently 26.32%.
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Several equities analysts have recently weighed in on the company. FBR & Co cut Prudential Financial from an “outperform” rating to a “market perform” rating and set a $86.00 price objective on the stock. in a report on Tuesday, October 18th. They noted that the move was a valuation call. Zacks Investment Research cut Prudential Financial from a “buy” rating to a “hold” rating in a report on Monday. Bank of America Corp. cut Prudential Financial from a “buy” rating to an “underperform” rating and set a $108.00 price objective on the stock. in a report on Friday, November 18th. Goldman Sachs Group Inc. upgraded Prudential Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $80.00 to $93.00 in a report on Friday, September 23rd. Finally, Credit Suisse Group AG assumed coverage on Prudential Financial in a report on Friday, October 7th. They set a “neutral” rating and a $89.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Prudential Financial currently has a consensus rating of “Buy” and a consensus price target of $91.60.
In other news, SVP Sharon C. Taylor sold 85,490 shares of the firm’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 $6,563,012.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott Sleyster sold 9,379 shares of the firm’s stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $85.06, for a total value of $797,777.74. Following the completion of the transaction, the insider now owns 34,185 shares in the company, valued at approximately $2,907,776.10. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.
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.
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