Meeder Asset Management Inc. grew its stake in Prudential Financial Inc (NYSE:PRU) by 636.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,456 shares of the financial services provider’s stock after purchasing an additional 73,852 shares during the quarter. Meeder Asset Management Inc.’s holdings in Prudential Financial were worth $7,686,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the company. Vista Private Wealth Partners. LLC purchased a new stake in shares of Prudential Financial in the 3rd quarter worth about $70,000. Edmp Inc. purchased a new stake in shares of Prudential Financial in the 3rd quarter worth about $271,000. Campbell & CO Investment Adviser LLC grew its position in shares of Prudential Financial by 91.3% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 6,753 shares of the financial services provider’s stock worth $607,000 after buying an additional 3,223 shares during the period. Douglas Lane & Associates LLC grew its position in shares of Prudential Financial by 3.5% in the 3rd quarter. Douglas Lane & Associates LLC now owns 941,149 shares of the financial services provider’s stock worth $84,656,000 after buying an additional 31,951 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Prudential Financial by 159.5% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 60,262 shares of the financial services provider’s stock worth $5,420,000 after buying an additional 37,041 shares during the period. 63.22% of the stock is currently owned by hedge funds and other institutional investors.
PRU stock traded down $0.06 during trading on Thursday, hitting $89.39. 40,655 shares of the stock traded hands, compared to its average volume of 2,140,055. Prudential Financial Inc has a 1 year low of $75.61 and a 1 year high of $106.39. The firm’s 50 day moving average is $86.36 and its two-hundred day moving average is $94.56. The stock has a market cap of $35.91 billion, a price-to-earnings ratio of 7.63, a price-to-earnings-growth ratio of 0.80 and a beta of 1.57. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.11 and a quick ratio of 0.11.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $3.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.22 by ($0.08). Prudential Financial had a net margin of 6.92% and a return on equity of 9.24%. The firm had revenue of $14.11 billion for the quarter, compared to analysts’ expectations of $13.63 billion. During the same period last year, the company posted $3.01 earnings per share. As a group, analysts anticipate that Prudential Financial Inc will post 12.34 EPS for the current fiscal year.
PRU has been the topic of a number of recent research reports. B. Riley downgraded shares of Prudential Financial from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $122.00 to $100.00 in a research report on Thursday, August 1st. Citigroup reduced their target price on shares of Prudential Financial from $94.00 to $88.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Atlantic Securities downgraded shares of Prudential Financial from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 8th. Wells Fargo & Co set a $115.00 target price on shares of Prudential Financial and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Credit Suisse Group reduced their target price on shares of Prudential Financial from $98.00 to $90.00 and set a “neutral” rating on the stock in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $98.71.
In related news, CEO Charles F. Lowrey bought 7,500 shares of the stock in a transaction on Monday, September 9th. The shares were acquired at an average price of $83.68 per share, for a total transaction of $627,600.00. Following the purchase, the chief executive officer now owns 64,263 shares of the company’s stock, valued at $5,377,527.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Kenneth Tanji bought 2,500 shares of the stock in a transaction on Monday, September 9th. The shares were bought at an average price of $83.84 per share, for a total transaction of $209,600.00. Following the purchase, the chief financial officer now directly owns 19,285 shares in the company, valued at approximately $1,616,854.40. The disclosure for this purchase can be found here. Insiders have purchased a total of 13,580 shares of company stock worth $1,137,848 over the last three months. 0.76% of the stock is currently owned by insiders.
About Prudential Financial
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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