Investors Sell Prudential Financial Inc. (PRU) on Strength Following Analyst Downgrade
Investors sold shares of Prudential Financial Inc. (NYSE:PRU) on strength during trading on Tuesday after FBR & Co lowered their price target on the stock from $100.00 to $86.00. $26.24 million flowed into the stock on the tick-up and $172.61 million flowed out of the stock on the tick-down, for a money net flow of $146.37 million out of the stock. Of all stocks tracked, Prudential Financial had the 0th highest net out-flow for the day. Prudential Financial traded up $0.37 for the day and closed at $99.77
Several other research analysts have also commented on PRU. Bank of America Corp. lowered shares of Prudential Financial from a “buy” rating to an “underperform” rating and set a $108.00 price target on the stock. in a research note on Friday, November 18th. Wells Fargo & Co. began coverage on shares of Prudential Financial in a research note on Friday, September 23rd. They set a “market perform” rating on the stock. Credit Suisse Group AG began coverage on shares of Prudential Financial in a research note on Friday, October 7th. They set a “neutral” rating and a $89.00 price target on the stock. Zacks Investment Research lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Goldman Sachs Group Inc. upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and increased their price target for the stock from $80.00 to $93.00 in a research note on Friday, September 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $91.60.
In related news, insider Charles F. Lowrey sold 41,644 shares of Prudential Financial stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $80.00, for a total transaction of $3,331,520.00. Following the completion of the transaction, the insider now directly owns 98,307 shares of the company’s stock, valued at approximately $7,864,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert Falzon sold 9,781 shares of Prudential Financial stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $85.00, for a total transaction of $831,385.00. Following the transaction, the chief financial officer now directly owns 46,550 shares of the company’s stock, valued at $3,956,750. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
A number of institutional investors have recently made changes to their positions in PRU. Robeco Institutional Asset Management B.V. increased its position in shares of Prudential Financial by 96.8% in the second quarter. Robeco Institutional Asset Management B.V. now owns 156,322 shares of the company’s stock valued at $11,152,000 after buying an additional 76,873 shares in the last quarter. Artemis Investment Management LLP increased its position in shares of Prudential Financial by 242.9% in the second quarter. Artemis Investment Management LLP now owns 195,800 shares of the company’s stock valued at $13,965,000 after buying an additional 138,700 shares in the last quarter. Douglas Lane & Associates LLC increased its position in shares of Prudential Financial by 11.2% in the second quarter. Douglas Lane & Associates LLC now owns 497,664 shares of the company’s stock valued at $35,503,000 after buying an additional 50,012 shares in the last quarter. Boston Advisors LLC increased its position in shares of Prudential Financial by 1.1% in the second quarter. Boston Advisors LLC now owns 241,447 shares of the company’s stock valued at $17,225,000 after buying an additional 2,571 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Prudential Financial by 20.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 320,604 shares of the company’s stock valued at $22,872,000 after buying an additional 54,266 shares in the last quarter. 60.46% of the stock is owned by hedge funds and other institutional investors.
The stock has a market capitalization of $42.90 billion, a PE ratio of 9.41 and a beta of 1.68. The stock’s 50-day moving average is $89.97 and its 200 day moving average is $79.94.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported $2.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.49 by $0.17. Prudential Financial had a net margin of 8.92% and a return on equity of 7.73%. During the same quarter last year, the company earned $2.40 EPS. On average, analysts predict that Prudential Financial Inc. will post $8.99 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Tuesday, November 22nd will be issued a $0.70 dividend. The ex-dividend date is Friday, November 18th. This represents a $2.80 annualized dividend and a dividend yield of 2.81%. Prudential Financial’s dividend payout ratio is currently 26.32%.
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About Prudential Financial
Prudential Financial, Inc is a financial services company. The Company, through its subsidiaries and affiliates, provides a range of financial products and services, including life insurance, annuities and investment management. The Company’s divisions include U.S. Retirement Solutions and Investment Management Division; U.S.
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