Wedge Capital Management L L P NC increased its stake in Prudential Financial Inc (NYSE:PRU) by 1.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 311,060 shares of the financial services provider’s stock after buying an additional 5,203 shares during the period. Wedge Capital Management L L P NC owned 0.07% of Prudential Financial worth $31,517,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in PRU. Flagship Harbor Advisors LLC bought a new position in Prudential Financial in the second quarter worth about $104,000. Sun Life Financial INC raised its stake in Prudential Financial by 470.9% in the second quarter. Sun Life Financial INC now owns 1,136 shares of the financial services provider’s stock worth $106,000 after buying an additional 937 shares in the last quarter. Vigilant Capital Management LLC bought a new position in Prudential Financial in the second quarter worth about $125,000. Financial Architects Inc raised its stake in Prudential Financial by 303.9% in the second quarter. Financial Architects Inc now owns 1,640 shares of the financial services provider’s stock worth $153,000 after buying an additional 1,234 shares in the last quarter. Finally, Centaurus Financial Inc. bought a new position in Prudential Financial in the second quarter worth about $157,000. 63.56% of the stock is owned by institutional investors.
In other news, insider Scott Sleyster sold 23,300 shares of the stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $99.74, for a total transaction of $2,323,942.00. Following the sale, the insider now owns 57,758 shares in the company, valued at $5,760,782.92. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Prudential Financial Inc purchased 880,000 shares of the business’s stock in a transaction dated Tuesday, October 16th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $22,000,000.00. The disclosure for this purchase can be found here. 0.66% of the stock is currently owned by company insiders.
Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, August 1st. The financial services provider reported $3.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.08 by ($0.07). Prudential Financial had a net margin of 13.16% and a return on equity of 9.98%. The business had revenue of $13.04 billion for the quarter, compared to the consensus estimate of $14.19 billion. During the same period in the prior year, the business posted $2.09 EPS. On average, sell-side analysts anticipate that Prudential Financial Inc will post 12.21 EPS for the current year.
PRU has been the subject of a number of research reports. Barclays decreased their price target on shares of Prudential Financial from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Monday, July 9th. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 target price for the company in a research note on Monday, July 9th. B. Riley decreased their target price on shares of Prudential Financial from $129.00 to $116.00 and set a “buy” rating for the company in a research note on Monday, July 16th. Royal Bank of Canada reaffirmed a “buy” rating and set a $122.00 target price on shares of Prudential Financial in a research note on Friday, August 3rd. Finally, Credit Suisse Group decreased their target price on shares of Prudential Financial from $102.00 to $98.00 and set a “neutral” rating for the company in a research note on Friday, August 17th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Prudential Financial currently has an average rating of “Buy” and a consensus price target of $119.92.
About Prudential Financial
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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