Wright Investors Service Inc. Raises Position in Prudential Financial Inc (PRU)
Wright Investors Service Inc. increased its stake in Prudential Financial Inc (NYSE:PRU) by 13.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,810 shares of the financial services provider’s stock after purchasing an additional 1,373 shares during the quarter. Wright Investors Service Inc.’s holdings in Prudential Financial were worth $1,085,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of PRU. Bank of New York Mellon Corp grew its position in Prudential Financial by 0.4% during the third quarter. Bank of New York Mellon Corp now owns 3,365,815 shares of the financial services provider’s stock worth $341,024,000 after buying an additional 13,097 shares in the last quarter. Standard Life Aberdeen plc boosted its holdings in shares of Prudential Financial by 3.2% in the 3rd quarter. Standard Life Aberdeen plc now owns 344,066 shares of the financial services provider’s stock valued at $34,862,000 after purchasing an additional 10,764 shares in the last quarter. Macquarie Group Ltd. boosted its holdings in shares of Prudential Financial by 65.5% in the 3rd quarter. Macquarie Group Ltd. now owns 235,465 shares of the financial services provider’s stock valued at $23,857,000 after purchasing an additional 93,174 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of Prudential Financial in the 3rd quarter valued at $3,525,000. Finally, Neuberger Berman Group LLC boosted its holdings in shares of Prudential Financial by 131.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 124,520 shares of the financial services provider’s stock valued at $12,616,000 after purchasing an additional 70,658 shares in the last quarter. Institutional investors own 65.55% of the company’s stock.
PRU has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $113.00 target price on shares of Prudential Financial in a report on Wednesday, January 9th. UBS Group increased their price target on Prudential Financial from $108.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Zacks Investment Research upgraded Prudential Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, February 12th. Deutsche Bank increased their price target on Prudential Financial from $97.00 to $104.00 and gave the company a “hold” rating in a research note on Friday, April 12th. Finally, Evercore ISI upgraded Prudential Financial from an “in-line” rating to an “outperform” rating and set a $85.50 price target for the company in a research note on Wednesday, January 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $112.21.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, February 6th. The financial services provider reported $2.44 EPS for the quarter, missing the Zacks’ consensus estimate of $2.88 by ($0.44). Prudential Financial had a net margin of 7.01% and a return on equity of 10.20%. The firm had revenue of $17.78 billion during the quarter, compared to the consensus estimate of $14.03 billion. During the same quarter in the previous year, the company posted $2.69 earnings per share. As a group, equities analysts forecast that Prudential Financial Inc will post 12.78 EPS for the current year.
In related news, insider Nicholas C. Silitch sold 13,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $95.25, for a total transaction of $1,238,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen Pelletier sold 26,006 shares of the firm’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $94.04, for a total value of $2,445,604.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,538 shares of company stock valued at $4,298,777. 0.76% of the stock is owned by corporate insiders.
Prudential Financial Company Profile
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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