Northeast Investment Management Has $1.30 Million Stock Holdings in Prudential Financial, Inc. $PRU

Northeast Investment Management lowered its stake in Prudential Financial, Inc. (NYSE:PRU) by 42.8% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 13,272 shares of the financial services provider’s stock after selling 9,950 shares during the period. Northeast Investment Management’s holdings in Prudential Financial were worth $1,297,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp lifted its stake in shares of Prudential Financial by 1.2% in the 4th quarter. State Street Corp now owns 17,234,061 shares of the financial services provider’s stock valued at $1,945,381,000 after acquiring an additional 210,959 shares during the last quarter. Geode Capital Management LLC increased its holdings in Prudential Financial by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider’s stock worth $1,078,904,000 after purchasing an additional 26,414 shares in the last quarter. Morgan Stanley raised its position in Prudential Financial by 6.7% in the fourth quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider’s stock valued at $750,562,000 after purchasing an additional 420,081 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Prudential Financial by 2.4% during the third quarter. Legal & General Group Plc now owns 2,701,116 shares of the financial services provider’s stock valued at $280,214,000 after purchasing an additional 62,366 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Prudential Financial by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,428,696 shares of the financial services provider’s stock worth $274,151,000 after purchasing an additional 15,865 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

Prudential Financial stock opened at $106.93 on Friday. The stock’s 50 day moving average is $102.33 and its 200 day moving average is $104.25. Prudential Financial, Inc. has a one year low of $91.89 and a one year high of $119.76. The firm has a market cap of $37.10 billion, a P/E ratio of 11.00, a P/E/G ratio of 1.94 and a beta of 0.86. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The business had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $14.10 billion. During the same quarter in the prior year, the firm posted $3.29 EPS. As a group, research analysts expect that Prudential Financial, Inc. will post 13.78 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Prudential Financial’s dividend payout ratio (DPR) is currently 57.61%.

Wall Street Analyst Weigh In

PRU has been the subject of a number of research reports. Zacks Research upgraded shares of Prudential Financial from a “strong sell” rating to a “hold” rating in a report on Friday, June 12th. Mizuho boosted their target price on shares of Prudential Financial from $96.00 to $101.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. UBS Group decreased their price target on shares of Prudential Financial from $105.00 to $98.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Keefe, Bruyette & Woods lifted their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the stock a “market perform” rating in a report on Wednesday, May 13th. Finally, Jefferies Financial Group cut shares of Prudential Financial from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $124.00 to $98.00 in a research note on Wednesday, April 22nd. Eleven analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, Prudential Financial currently has an average rating of “Reduce” and an average price target of $101.92.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.