Prudential Financial, Inc. (PRU) Position Increased by New Jersey Better Educational Savings Trust

New Jersey Better Educational Savings Trust increased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 5.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,500 shares of the financial services provider’s stock after buying an additional 500 shares during the period. Prudential Financial accounts for approximately 1.0% of New Jersey Better Educational Savings Trust’s portfolio, making the stock its 16th largest position. New Jersey Better Educational Savings Trust’s holdings in Prudential Financial were worth $1,135,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PRU. Quadrature Capital Ltd bought a new stake in shares of Prudential Financial during the fourth quarter worth $343,000. Creative Planning increased its stake in shares of Prudential Financial by 9.2% in the first quarter. Creative Planning now owns 13,392 shares of the financial services provider’s stock worth $1,429,000 after buying an additional 1,125 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of Prudential Financial by 11.1% in the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the financial services provider’s stock worth $139,000 after buying an additional 137 shares in the last quarter. Univest Corp of Pennsylvania increased its stake in shares of Prudential Financial by 2.4% in the first quarter. Univest Corp of Pennsylvania now owns 3,975 shares of the financial services provider’s stock worth $424,000 after buying an additional 95 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Prudential Financial by 53.7% in the first quarter. Bank of Montreal Can now owns 784,488 shares of the financial services provider’s stock worth $83,691,000 after buying an additional 274,006 shares in the last quarter. 63.51% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial, Inc. (NYSE PRU) opened at 109.94 on Thursday. The company has a 50 day moving average of $110.32 and a 200 day moving average of $108.13. The stock has a market capitalization of $46.94 billion, a P/E ratio of 12.27 and a beta of 1.50. Prudential Financial, Inc. has a 52 week low of $74.85 and a 52 week high of $115.26.

Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share for the quarter, missing analysts’ consensus estimates of $2.70 by $0.61. Prudential Financial had a return on equity of 8.98% and a net margin of 7.15%. The business had revenue of $13.03 billion during the quarter, compared to analysts’ expectations of $12.45 billion. During the same quarter in the previous year, the business earned $1.84 EPS. Equities analysts expect that Prudential Financial, Inc. will post $10.22 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Tuesday, August 22nd will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, August 18th. This represents a $3.00 dividend on an annualized basis and a yield of 2.73%. Prudential Financial’s payout ratio is 33.63%.

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PRU has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 target price on the stock in a research note on Tuesday, April 18th. Deutsche Bank AG raised their target price on shares of Prudential Financial from $114.00 to $117.00 and gave the company a “buy” rating in a research note on Wednesday, April 19th. Credit Suisse Group reaffirmed a “hold” rating and issued a $121.00 target price on shares of Prudential Financial in a research note on Thursday, April 27th. Wells Fargo & Company reaffirmed a “hold” rating on shares of Prudential Financial in a research note on Thursday, May 4th. Finally, ValuEngine raised shares of Prudential Financial from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $111.21.

In other Prudential Financial news, insider Stephen Pelletier sold 4,133 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $112.18, for a total value of $463,639.94. Following the sale, the insider now owns 10,924 shares in the company, valued at $1,225,454.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman John R. Strangfeld, Jr. sold 201,585 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $110.00, for a total value of $22,174,350.00. Following the completion of the sale, the chairman now owns 456,121 shares in the company, valued at approximately $50,173,310. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

About Prudential Financial

Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.

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Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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