Commonwealth Equity Services LLC Purchases 15,490 Shares of Prudential Financial, Inc. (NYSE:PRU)

Key Points

• Commonwealth Equity Services LLC raised its stake in Prudential Financial by 5.6%, owning 293,016 shares valued at approximately $32.7 million.
• Prudential Financial announced a quarterly dividend of $1.35 per share, reflecting a 5.2% yield while maintaining a payout ratio of 119.73%.
• Prudential's quarterly earnings beat analyst expectations, reporting $3.58 EPS against a consensus estimate of $3.22, with a total revenue of $13.5 billion.

Commonwealth Equity Services LLC raised its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 5.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 293,016 shares of the financial services provider's stock after purchasing an additional 15,490 shares during the period. Commonwealth Equity Services LLC owned approximately 0.08% of Prudential Financial worth $32,724,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC raised its stake in shares of Prudential Financial by 3.7% in the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock valued at $436,000 after purchasing an additional 133 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Prudential Financial by 1.0% in the 4th quarter. Franklin Resources Inc. now owns 123,413 shares of the financial services provider's stock valued at $14,628,000 after buying an additional 1,168 shares in the last quarter. World Investment Advisors lifted its holdings in shares of Prudential Financial by 78.4% during the 4th quarter. World Investment Advisors now owns 4,981 shares of the financial services provider's stock worth $590,000 after acquiring an additional 2,189 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Prudential Financial by 4.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 987,811 shares of the financial services provider's stock valued at $117,085,000 after acquiring an additional 37,848 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Prudential Financial by 18.7% in the fourth quarter. Russell Investments Group Ltd. now owns 284,682 shares of the financial services provider's stock worth $33,724,000 after purchasing an additional 44,882 shares in the last quarter. Institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Up 2.1%

Shares of NYSE PRU traded up $2.13 during mid-day trading on Friday, reaching $102.81. 127,605 shares of the company's stock were exchanged, compared to its average volume of 1,779,561. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The business has a fifty day simple moving average of $104.82 and a 200 day simple moving average of $106.94. Prudential Financial, Inc. has a twelve month low of $90.38 and a twelve month high of $130.55. The firm has a market capitalization of $36.19 billion, a price-to-earnings ratio of 22.79, a PEG ratio of 0.95 and a beta of 1.07.

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

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 5.3%. The ex-dividend date is Tuesday, August 19th. Prudential Financial's payout ratio is presently 119.73%.

Wall Street Analysts Forecast Growth

PRU has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price target on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. JPMorgan Chase & Co. upped their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. UBS Group lowered their price objective on shares of Prudential Financial from $122.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Keefe, Bruyette & Woods reduced their target price on shares of Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 7th. Finally, Wells Fargo & Company lowered their price target on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $121.75.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of Prudential Financial stock in a transaction dated Monday, June 16th. The stock was bought at an average cost of $28.64 per share, for a total transaction of $48,000,009.92. Following the purchase, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. This represents a 112.29% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.25% of the company's stock.

Prudential Financial Profile

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.