Mainstay Capital Management LLC ADV Purchases 20,896 Shares of Prudential Financial, Inc. $PRU

Key Points

• Mainstay Capital Management LLC ADV has increased its stake in Prudential Financial by 108.4%, acquiring an additional 20,896 shares to total 40,171 shares valued at approximately $4.3 million.
• Several institutional investors, including Vontobel Holding Ltd. and BankPlus Trust Department, also reported increased holdings in Prudential Financial during the second quarter, indicating strong institutional confidence in the stock.
• Prudential Financial recently reported $3.58 EPS for the last quarter, surpassing analysts' expectations, although its revenue declined 2.5% compared to the same quarter last year.

Mainstay Capital Management LLC ADV lifted its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 108.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 40,171 shares of the financial services provider's stock after purchasing an additional 20,896 shares during the quarter. Mainstay Capital Management LLC ADV's holdings in Prudential Financial were worth $4,316,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vontobel Holding Ltd. increased its holdings in shares of Prudential Financial by 7.2% in the 2nd quarter. Vontobel Holding Ltd. now owns 37,348 shares of the financial services provider's stock valued at $4,013,000 after acquiring an additional 2,520 shares during the period. Maryland State Retirement & Pension System lifted its position in Prudential Financial by 2.6% during the second quarter. Maryland State Retirement & Pension System now owns 17,237 shares of the financial services provider's stock valued at $1,852,000 after purchasing an additional 434 shares during the period. Proffitt & Goodson Inc. lifted its holdings in Prudential Financial by 12.7% in the second quarter. Proffitt & Goodson Inc. now owns 871 shares of the financial services provider's stock valued at $94,000 after acquiring an additional 98 shares during the period. REAP Financial Group LLC boosted its stake in shares of Prudential Financial by 70.4% during the 2nd quarter. REAP Financial Group LLC now owns 1,113 shares of the financial services provider's stock worth $120,000 after acquiring an additional 460 shares in the last quarter. Finally, BankPlus Trust Department grew its holdings in Prudential Financial by 4.2% in the second quarter. BankPlus Trust Department now owns 8,051 shares of the financial services provider's stock valued at $865,000 after purchasing an additional 327 shares during the period. Institutional investors own 56.83% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on PRU shares. Wells Fargo & Company dropped their price target on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 16th. Morgan Stanley increased their price objective on Prudential Financial from $117.00 to $118.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Prudential Financial in a report on Wednesday. Finally, JPMorgan Chase & Co. increased their target price on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $121.92.

Insider Activity

In other news, EVP Ann M. Kappler sold 4,000 shares of the company's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the sale, the executive vice president owned 21,506 shares in the company, valued at $2,358,132.90. This represents a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.25% of the company's stock.

Prudential Financial Stock Down 0.8%

Prudential Financial stock opened at $102.90 on Thursday. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a market cap of $36.22 billion, a PE ratio of 22.82, a P/E/G ratio of 0.92 and a beta of 1.04. The stock's fifty day moving average is $105.20 and its two-hundred day moving average is $104.72.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.22 by $0.36. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The firm had revenue of $13.50 billion for the quarter, compared to the consensus estimate of $13.47 billion. During the same quarter last year, the business posted $3.39 EPS. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend was Tuesday, August 19th. Prudential Financial's dividend payout ratio is presently 119.73%.

About Prudential Financial

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.

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