Sumitomo Life Insurance Co. Boosts Position in Prudential Financial, Inc. (NYSE:PRU)

Sumitomo Life Insurance Co. increased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 2.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,391 shares of the financial services provider’s stock after acquiring an additional 200 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Prudential Financial were worth $895,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Creekmur Asset Management LLC boosted its stake in shares of Prudential Financial by 78.8% during the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 108 shares in the last quarter. Lynx Investment Advisory purchased a new position in shares of Prudential Financial during the 2nd quarter worth approximately $29,000. Strategic Financial Concepts LLC raised its position in shares of Prudential Financial by 1,312.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 25,027 shares in the last quarter. Crewe Advisors LLC purchased a new position in shares of Prudential Financial in the 1st quarter valued at approximately $33,000. Finally, ESL Trust Services LLC bought a new stake in shares of Prudential Financial during the first quarter valued at approximately $34,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Trading Up 1.0 %

Prudential Financial stock opened at $127.03 on Thursday. Prudential Financial, Inc. has a one year low of $87.95 and a one year high of $128.52. The business’s fifty day moving average is $118.11 and its 200 day moving average is $117.34. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market capitalization of $45.60 billion, a PE ratio of 21.60, a price-to-earnings-growth ratio of 0.97 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The company had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. On average, sell-side analysts predict that Prudential Financial, Inc. will post 13.28 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were issued a dividend of $1.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.09%. Prudential Financial’s payout ratio is 88.44%.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the stock in a transaction on Tuesday, October 8th. The shares were bought at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the acquisition, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of Prudential Financial stock in a transaction on Tuesday, October 8th. The stock was acquired at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the acquisition, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

PRU has been the topic of a number of recent research reports. TD Cowen initiated coverage on shares of Prudential Financial in a research report on Wednesday, October 9th. They issued a “hold” rating and a $130.00 target price on the stock. Barclays started coverage on shares of Prudential Financial in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $118.00 target price for the company. Bank of America boosted their price target on Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $121.00 price objective on shares of Prudential Financial in a research note on Wednesday, August 21st. Finally, Citigroup boosted their target price on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Prudential Financial has an average rating of “Hold” and a consensus price target of $123.69.

Prudential Financial Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.