Van ECK Associates Corp Buys 5,991 Shares of Prudential Financial, Inc. $PRU

Van ECK Associates Corp lifted its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 35.7% during the second quarter, Holdings Channel reports. The institutional investor owned 22,786 shares of the financial services provider’s stock after purchasing an additional 5,991 shares during the period. Van ECK Associates Corp’s holdings in Prudential Financial were worth $2,459,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Prudential Financial in the second quarter valued at about $3,507,481,000. Bank of New York Mellon Corp bought a new position in shares of Prudential Financial during the 2nd quarter valued at about $209,055,000. Bank of America Corp DE purchased a new stake in shares of Prudential Financial in the second quarter worth about $208,957,000. Deutsche Bank AG bought a new position in Prudential Financial during the second quarter valued at approximately $157,752,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Prudential Financial by 95.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after buying an additional 1,247,371 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PRU shares. Argus lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, June 9th. Wall Street Zen upgraded Prudential Financial from a “hold” rating to a “buy” rating in a research report on Saturday, August 29th. Weiss Ratings raised shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Zacks Research raised Prudential Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 12th. Finally, Morgan Stanley boosted their price target on Prudential Financial from $92.00 to $105.00 and gave the company an “underweight” rating in a report on Monday, August 24th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Prudential Financial presently has an average rating of “Reduce” and a consensus target price of $109.31.

Prudential Financial Stock Up 2.8%

Prudential Financial stock opened at $123.15 on Friday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. The firm has a market cap of $42.49 billion, a P/E ratio of 11.15, a P/E/G ratio of 1.80 and a beta of 0.83. The business has a fifty day moving average of $118.90 and a two-hundred day moving average of $106.72. Prudential Financial, Inc. has a twelve month low of $91.89 and a twelve month high of $127.72.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.36 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.During the same period last year, the business posted $3.58 EPS. On average, analysts forecast that Prudential Financial, Inc. will post 14.51 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a yield of 4.5%. Prudential Financial’s dividend payout ratio is presently 50.72%.

Prudential Financial News Summary

Here are the key news stories impacting Prudential Financial this week:

• Positive Sentiment: Prudential Advisors added an experienced advisor overseeing more than $106 million in client assets. Zachary Karason joined the Mid America Financial Group after roles at U.S. Bancorp Advisors and Merrill Lynch. The move could modestly support Prudential’s wealth-management growth and advisor recruiting efforts. Prudential Advisors Welcomes Zachary Karason to Mid America Financial Group
• Neutral Sentiment: Prudential’s latest earnings were better than expected, but revenue fell short of estimates. The company reported quarterly earnings of $4.08 per share, above the $3.52 analyst consensus, while revenue of $14.16 billion trailed the $14.36 billion estimate. The earnings beat is supportive, although the revenue miss and comparisons with the prior year provide a mixed signal for investors. Prudential Down Since Last Earnings Report: Can It Rebound?
• Negative Sentiment: PRU has slightly underperformed since its earnings release. A market update noted that the stock was down 0.3% over the 30 days following its report, suggesting that the earnings beat has not yet translated into sustained momentum and that investors may be looking for stronger forward guidance or estimate revisions. Prudential Down 0.3% Since Last Earnings Report

Insider Activity at Prudential Financial

In related news, EVP Ann Kappler sold 7,652 shares of Prudential Financial stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares in the company, valued at $1,801,019.07. This trade represents a 34.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the transaction, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.05% of the company’s stock.

About Prudential Financial

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.