Laffer Investments Sells 1,420 Shares of Prudential Financial, Inc. (PRU)

Laffer Investments decreased its holdings in Prudential Financial, Inc. (NYSE:PRU) by 6.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,567 shares of the financial services provider’s stock after selling 1,420 shares during the period. Laffer Investments’ holdings in Prudential Financial were worth $2,080,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Fieldpoint Private Securities LLC purchased a new stake in shares of Prudential Financial in the 2nd quarter valued at approximately $103,000. Grove Bank & Trust grew its stake in shares of Prudential Financial by 507.0% in the 3rd quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock valued at $120,000 after buying an additional 943 shares during the period. Hudock Capital Group LLC grew its stake in shares of Prudential Financial by 0.7% in the 2nd quarter. Hudock Capital Group LLC now owns 1,144 shares of the financial services provider’s stock valued at $123,000 after buying an additional 8 shares during the period. Legacy Advisors LLC purchased a new stake in shares of Prudential Financial in the 3rd quarter valued at approximately $129,000. Finally, Zions Bancorporation grew its stake in shares of Prudential Financial by 44.9% in the 3rd quarter. Zions Bancorporation now owns 1,690 shares of the financial services provider’s stock valued at $180,000 after buying an additional 524 shares during the period. Institutional investors own 64.65% of the company’s stock.

Prudential Financial, Inc. (PRU) traded down $2.44 during trading hours on Thursday, hitting $113.95. 1,759,700 shares of the company were exchanged, compared to its average volume of 1,842,623. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market cap of $49,040.00, a PE ratio of 11.24, a P/E/G ratio of 1.31 and a beta of 1.55. Prudential Financial, Inc. has a 1 year low of $97.88 and a 1 year high of $117.99.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.71 by $0.30. Prudential Financial had a net margin of 7.71% and a return on equity of 9.51%. The firm had revenue of $13.36 billion during the quarter, compared to analysts’ expectations of $12.24 billion. During the same quarter last year, the company posted $2.66 EPS. equities analysts predict that Prudential Financial, Inc. will post 10.44 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Monday, November 27th will be given a $0.75 dividend. The ex-dividend date is Friday, November 24th. This represents a $3.00 annualized dividend and a yield of 2.63%. Prudential Financial’s dividend payout ratio is presently 30.24%.

In other Prudential Financial news, EVP Charles F. Lowrey sold 44,630 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $111.91, for a total value of $4,994,543.30. Following the completion of the transaction, the executive vice president now owns 79,354 shares of the company’s stock, valued at approximately $8,880,506.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas C. Silitch sold 44,860 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $111.77, for a total transaction of $5,014,002.20. Following the completion of the transaction, the insider now directly owns 27,927 shares of the company’s stock, valued at approximately $3,121,400.79. The disclosure for this sale can be found here. Insiders sold a total of 100,017 shares of company stock valued at $11,219,151 in the last three months. 0.66% of the stock is currently owned by corporate insiders.

PRU has been the subject of several analyst reports. Royal Bank of Canada reissued a “hold” rating and issued a $117.00 price target on shares of Prudential Financial in a research note on Wednesday, September 6th. Morgan Stanley increased their price target on shares of Prudential Financial from $118.00 to $123.00 and gave the company an “equal weight” rating in a research note on Thursday, October 5th. FBR & Co raised shares of Prudential Financial from a “neutral” rating to a “buy” rating and dropped their price target for the company from $117.00 to $100.00 in a research note on Tuesday, October 10th. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $122.00 price target for the company in a research note on Tuesday, October 10th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $121.00 price target on shares of Prudential Financial in a research note on Monday, October 16th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $115.64.

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About Prudential Financial

Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.

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Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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