St. Johns Investment Management Company LLC increased its stake in Prudential Financial Inc (NYSE:PRU) by 6,294.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,389 shares of the financial services provider’s stock after acquiring an additional 3,336 shares during the quarter. St. Johns Investment Management Company LLC’s holdings in Prudential Financial were worth $311,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of PRU. Oregon Public Employees Retirement Fund grew its holdings in shares of Prudential Financial by 8,297.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,932,559 shares of the financial services provider’s stock valued at $146,000 after buying an additional 11,790,464 shares in the last quarter. Norges Bank purchased a new position in shares of Prudential Financial during the fourth quarter valued at $632,295,000. Bessemer Group Inc. grew its holdings in shares of Prudential Financial by 15,678.7% during the fourth quarter. Bessemer Group Inc. now owns 1,143,482 shares of the financial services provider’s stock valued at $93,251,000 after buying an additional 1,136,235 shares in the last quarter. TIAA CREF Investment Management LLC grew its holdings in shares of Prudential Financial by 31.9% during the third quarter. TIAA CREF Investment Management LLC now owns 3,468,515 shares of the financial services provider’s stock valued at $351,430,000 after buying an additional 839,309 shares in the last quarter. Finally, Teachers Advisors LLC grew its holdings in shares of Prudential Financial by 52.5% during the third quarter. Teachers Advisors LLC now owns 1,453,338 shares of the financial services provider’s stock valued at $147,252,000 after buying an additional 500,185 shares in the last quarter. Institutional investors and hedge funds own 65.60% of the company’s stock.
In related news, insider Nicholas C. Silitch sold 13,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $95.25, for a total transaction of $1,238,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen Pelletier sold 26,006 shares of the business’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $94.04, for a total value of $2,445,604.24. The disclosure for this sale can be found here. Insiders sold 45,538 shares of company stock valued at $4,298,777 in the last ninety days. Insiders own 0.76% of the company’s stock.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, February 6th. The financial services provider reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.44). Prudential Financial had a return on equity of 10.20% and a net margin of 7.01%. The company had revenue of $17.78 billion during the quarter, compared to analyst estimates of $14.03 billion. During the same period in the prior year, the firm earned $2.69 EPS. As a group, research analysts expect that Prudential Financial Inc will post 12.7 EPS for the current fiscal year.
A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $113.00 price target on shares of Prudential Financial in a report on Wednesday, January 9th. Zacks Investment Research cut Prudential Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. Wells Fargo & Co assumed coverage on Prudential Financial in a research report on Tuesday, January 8th. They set an “outperform” rating and a $105.00 price objective for the company. Evercore ISI raised Prudential Financial from an “in-line” rating to an “outperform” rating and set a $85.50 price objective for the company in a research report on Wednesday, January 9th. Finally, Deutsche Bank lifted their price objective on Prudential Financial from $97.00 to $104.00 and gave the company a “hold” rating in a research report on Friday, April 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $112.21.
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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