StoneRidge PMG Advisors LLC Purchases 7,342 Shares of Prudential Financial, Inc. $PRU

StoneRidge PMG Advisors LLC purchased a new stake in Prudential Financial, Inc. (NYSE:PRU) during the 3rd quarter, Holdings Channel reports. The fund purchased 7,342 shares of the financial services provider’s stock, valued at approximately $834,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Prudential Financial during the 2nd quarter valued at $3,507,481,000. Bank of New York Mellon Corp purchased a new position in Prudential Financial during the second quarter worth $209,055,000. Bank of America Corp DE acquired a new position in shares of Prudential Financial in the second quarter worth $208,957,000. Deutsche Bank AG acquired a new position in shares of Prudential Financial in the second quarter worth $157,752,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Prudential Financial by 95.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after acquiring an additional 1,247,371 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. BMO Capital Markets lifted their price objective on Prudential Financial from $90.00 to $120.00 and gave the stock an “underperform” rating in a research report on Friday, August 21st. Wall Street Zen downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Monday, September 28th. Barclays upped their target price on shares of Prudential Financial from $94.00 to $98.00 and gave the company an “underweight” rating in a report on Wednesday, November 4th. Evercore decreased their price target on shares of Prudential Financial from $110.00 to $106.00 in a research note on Friday, October 9th. Finally, Mizuho set a $108.00 price target on shares of Prudential Financial in a report on Monday, October 12th. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, Prudential Financial currently has an average rating of “Reduce” and an average price target of $112.40.

Insider Transactions at Prudential Financial

In related news, EVP Ann Kappler sold 7,652 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares in the company, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.05% of the company’s stock.

Prudential Financial Stock Up 0.1%

Shares of NYSE:PRU opened at $119.36 on Monday. The stock’s 50-day moving average price is $116.98 and its two-hundred day moving average price is $108.97. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.66. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $128.78. The firm has a market cap of $41.18 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 1.89 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.33 by $0.44. Prudential Financial had a return on equity of 16.38% and a net margin of 6.75%. The company had revenue of $14.45 billion during the quarter, compared to analysts’ expectations of $14.66 billion. During the same quarter in the previous year, the business earned $4.26 EPS. On average, research analysts forecast that Prudential Financial, Inc. will post 13.54 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were given a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $5.60 annualized dividend and a dividend yield of 4.7%. Prudential Financial’s dividend payout ratio (DPR) is currently 50.96%.

Prudential Financial Company Profile

Prudential Financial, Inc is a financial services company headquartered in Newark, New Jersey. Founded in 1875 as the Prudential Friendly Society, it has grown into a provider of insurance, retirement and investment services.

The company offers life insurance, annuities, workplace benefits and retirement-related products and services. Through its asset management businesses, Prudential also serves individual and institutional investors.

Prudential serves customers in the United States and operates internationally, with a significant presence in Japan and other markets.