Oppenheimer & Co. Inc. Buys 164 Shares of Prudential Financial, Inc. (NYSE:PRU)

Oppenheimer & Co. Inc. raised its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 33,281 shares of the financial services provider’s stock after purchasing an additional 164 shares during the period. Oppenheimer & Co. Inc.’s holdings in Prudential Financial were worth $3,900,000 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 PRU. Gilbert & Cook Inc. lifted its holdings in shares of Prudential Financial by 3.5% in the fourth quarter. Gilbert & Cook Inc. now owns 10,226 shares of the financial services provider’s stock worth $1,061,000 after buying an additional 344 shares in the last quarter. Avantax Advisory Services Inc. lifted its stake in Prudential Financial by 6.9% in the 4th quarter. Avantax Advisory Services Inc. now owns 17,853 shares of the financial services provider’s stock worth $1,852,000 after purchasing an additional 1,151 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in shares of Prudential Financial during the fourth quarter valued at about $213,000. NorthRock Partners LLC increased its holdings in shares of Prudential Financial by 58.7% in the fourth quarter. NorthRock Partners LLC now owns 3,673 shares of the financial services provider’s stock worth $381,000 after purchasing an additional 1,358 shares during the last quarter. Finally, Kentucky Retirement Systems lifted its position in shares of Prudential Financial by 3.4% in the fourth quarter. Kentucky Retirement Systems now owns 28,884 shares of the financial services provider’s stock worth $2,996,000 after buying an additional 959 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

Shares of PRU stock opened at $116.26 on Friday. The stock has a 50 day moving average price of $117.88 and a 200 day moving average price of $115.94. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market capitalization of $41.50 billion, a P/E ratio of 19.77, a P/E/G ratio of 0.89 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last released its earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.43 by ($0.04). The business had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. As a group, sell-side analysts predict that Prudential Financial, Inc. will post 13.31 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were paid a $1.30 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.47%. Prudential Financial’s dividend payout ratio is currently 88.44%.

Analyst Upgrades and Downgrades

PRU has been the subject of several research analyst reports. UBS Group raised their price target on Prudential Financial from $112.00 to $119.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Barclays started coverage on shares of Prudential Financial in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $118.00 price target on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $121.00 price objective on shares of Prudential Financial in a research report on Wednesday, August 21st. Citigroup boosted their target price on shares of Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Finally, Morgan Stanley dropped their price target on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $120.83.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was purchased at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the acquisition, the insider now owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Caroline Feeney sold 1,110 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were acquired at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the acquisition, the insider now owns 3,883,390 shares of the company’s stock, valued at $107,065,062.30. The disclosure for this purchase can be found here. Corporate insiders own 0.31% of the company’s stock.

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.