Ridgewood Investments LLC acquired a new stake in Prudential Financial Inc (NYSE:PRU) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,191 shares of the financial services provider’s stock, valued at approximately $222,000.
Several other hedge funds also recently added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV grew its stake in shares of Prudential Financial by 1.8% in the 3rd quarter. Nissay Asset Management Corp Japan ADV now owns 55,926 shares of the financial services provider’s stock valued at $5,666,000 after purchasing an additional 1,011 shares during the period. Ballentine Partners LLC bought a new stake in shares of Prudential Financial in the 3rd quarter valued at approximately $325,000. Stanley Laman Group Ltd. grew its stake in shares of Prudential Financial by 28.1% in the 3rd quarter. Stanley Laman Group Ltd. now owns 7,019 shares of the financial services provider’s stock valued at $711,000 after purchasing an additional 1,541 shares during the period. Arizona State Retirement System grew its stake in shares of Prudential Financial by 0.7% in the 3rd quarter. Arizona State Retirement System now owns 120,681 shares of the financial services provider’s stock valued at $12,227,000 after purchasing an additional 854 shares during the period. Finally, Greenleaf Trust grew its stake in shares of Prudential Financial by 34.7% in the 3rd quarter. Greenleaf Trust now owns 4,662 shares of the financial services provider’s stock valued at $472,000 after purchasing an additional 1,201 shares during the period. Institutional investors own 63.56% of the company’s stock.
In other news, major shareholder Prudential Financial Inc acquired 880,000 shares of Prudential Financial stock in a transaction on Tuesday, October 16th. The shares were purchased at an average price of $25.00 per share, with a total value of $22,000,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Scott Sleyster sold 23,300 shares of the company’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $99.74, for a total value of $2,323,942.00. Following the transaction, the insider now directly owns 57,758 shares in the company, valued at approximately $5,760,782.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,335 shares of company stock worth $2,326,640. Company insiders own 0.61% of the company’s stock.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, August 1st. The financial services provider reported $3.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.08 by ($0.07). Prudential Financial had a return on equity of 9.98% and a net margin of 13.16%. The firm had revenue of $13.04 billion for the quarter, compared to analyst estimates of $14.19 billion. During the same period in the prior year, the company posted $2.09 EPS. On average, sell-side analysts anticipate that Prudential Financial Inc will post 12.21 EPS for the current fiscal year.
Several brokerages have recently commented on PRU. Goldman Sachs Group raised Prudential Financial from a “buy” rating to a “conviction-buy” rating in a report on Monday, September 10th. B. Riley reduced their target price on Prudential Financial from $129.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, July 16th. Zacks Investment Research raised Prudential Financial from a “hold” rating to a “buy” rating and set a $108.00 target price on the stock in a report on Tuesday, July 17th. Royal Bank of Canada reissued a “buy” rating and issued a $122.00 target price on shares of Prudential Financial in a report on Friday, August 3rd. Finally, UBS Group boosted their target price on Prudential Financial from $125.00 to $126.00 and gave the stock a “buy” rating in a report on Monday, October 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $119.92.
Prudential Financial Company Profile
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through U.S. Individual Solutions, U.S. Workplace Solutions, Investment Management, and International Insurance divisions.
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