Meeder Asset Management Inc. Purchases 740 Shares of Prudential Financial Inc (NYSE:PRU)
Meeder Asset Management Inc. raised its position in Prudential Financial Inc (NYSE:PRU) by 6.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 11,604 shares of the financial services provider’s stock after buying an additional 740 shares during the period. Meeder Asset Management Inc.’s holdings in Prudential Financial were worth $1,172,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Joseph P. Lucia & Associates LLC bought a new position in shares of Prudential Financial in the 1st quarter worth $25,000. Coastal Capital Group Inc. bought a new position in shares of Prudential Financial in the 2nd quarter worth $25,000. Ibex Wealth Advisors bought a new position in shares of Prudential Financial in the 2nd quarter worth $26,000. Bartlett & Co. LLC boosted its position in shares of Prudential Financial by 163.0% in the 2nd quarter. Bartlett & Co. LLC now owns 263 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 163 shares during the last quarter. Finally, Berman Capital Advisors LLC boosted its position in shares of Prudential Financial by 68.0% in the 1st quarter. Berman Capital Advisors LLC now owns 346 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 63.72% of the company’s stock.
Several research firms have recently issued reports on PRU. ValuEngine lowered Prudential Financial from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. B. Riley lowered Prudential Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $122.00 to $100.00 in a research report on Thursday, August 1st. Citigroup lowered Prudential Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $112.00 to $94.00 in a research report on Monday, August 5th. Wells Fargo & Co set a $115.00 price target on Prudential Financial and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, UBS Group lowered Prudential Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $116.00 to $112.00 in a research report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Prudential Financial currently has a consensus rating of “Hold” and an average price target of $104.15.
Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $3.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.22 by ($0.08). The business had revenue of $14.11 billion for the quarter, compared to the consensus estimate of $13.63 billion. Prudential Financial had a return on equity of 9.24% and a net margin of 6.92%. During the same quarter in the prior year, the firm posted $3.01 earnings per share. On average, analysts expect that Prudential Financial Inc will post 12.48 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be issued a dividend of $1.00 per share. The ex-dividend date is Monday, August 19th. This represents a $4.00 annualized dividend and a yield of 4.91%. Prudential Financial’s dividend payout ratio is presently 34.22%.
Prudential Financial 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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