Home NewsFinancial News Illinois Municipal Retirement Fund Buys 27,520 Shares of Prudential Financial, Inc. (NYSE:PRU)

Illinois Municipal Retirement Fund Buys 27,520 Shares of Prudential Financial, Inc. (NYSE:PRU)

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Illinois Municipal Retirement Fund Buys 27,520 Shares of Prudential Financial, Inc.  (NYSE:PRU)


Illinois Municipal Retirement Fund lifted its stake in Prudential Financial, Inc. (NYSE:PRU – Get Rating) by 266.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,834 shares of the financial services provider’s stock after buying an additional 27,520 shares during the period. Illinois Municipal Retirement Fund’s holdings in Prudential Financial were worth $3,245,000 as of its most recent filing with the Securities and Exchange Commission.

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Several other institutional investors have also made changes to their positions in the stock. Stock Yards Bank & Trust Co. boosted its stake in shares of Prudential Financial by 6.0% in the third quarter. Stock Yards Bank & Trust Co. now owns 6,051 shares of the financial services provider’s stock valued at $519,000 after buying an additional 341 shares during the period. Mutual Advisors LLC boosted its stake in shares of Prudential Financial by 5.5% in the third quarter. Mutual Advisors LLC now owns 21,117 shares of the financial services provider’s stock valued at $1,811,000 after buying an additional 1,105 shares during the period. CIBC Asset Management Inc raised its position in Prudential Financial by 7.7% during the third quarter. CIBC Asset Management Inc now owns 50,862 shares of the financial services provider’s stock valued at $4,363,000 after purchasing an additional 3,638 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its position in Prudential Financial by 12.7% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 9,029 shares of the financial services provider’s stock valued at $774,000 after purchasing an additional 1,017 shares in the last quarter. Finally, Duality Advisers LP acquired a new position in Prudential Financial during the third quarter valued at approximately $3,749,000. 56.33% of the stock is currently owned by institutional investors.

Prudential Financial Stock Performance

NYSE PRU opened at $99.99 on Tuesday. The company has a market capitalization of $37.20 billion, a price-to-earnings ratio of 138.88 and a beta of 1.41. Prudential Financial, Inc. has a twelve month low of $85.46 and a twelve month high of $124.22. The stock has a fifty day simple moving average of $102.15 and a 200 day simple moving average of $98.97. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.16.

Prudential Financial (NYSE:PRU – Get Rating) last posted its quarterly earnings data on Tuesday, November 1st. The financial services provider reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.08). The company had revenue of $21.61 billion during the quarter, compared to analyst estimates of $12.76 billion. Prudential Financial had a net margin of 0.52% and a return on equity of 10.20%. Sell-side analysts expect that Prudential Financial, Inc. will post 10.29 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 15th. Investors of record on Tuesday, November 22nd were issued a $1.20 dividend. The ex-dividend date was Monday, November 21st. This represents a $4.80 dividend on an annualized basis and a yield of 4.80%. Prudential Financial’s payout ratio is 666.67%.

Analysts Set New Price Targets

Several brokerages have commented on PRU. Barclays lowered their price objective on shares of Prudential Financial from $106.00 to $105.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 10th. Wells Fargo & Company lowered their price objective on shares of Prudential Financial from $101.00 to $97.00 and set an “underweight” rating for the company in a research report on Wednesday, January 18th. Morgan Stanley boosted their price objective on shares of Prudential Financial from $112.00 to $114.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 10th. JPMorgan Chase & Co. lowered their price objective on shares of Prudential Financial from $122.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, October 7th. Finally, Raymond James downgraded shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research report on Wednesday, November 23rd. Four analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.08.

Insider Activity at Prudential Financial

In related news, major shareholder Prudential Financial Inc acquired 285,715 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The stock was acquired at an average cost of $35.00 per share, for a total transaction of $10,000,025.00. Following the completion of the acquisition, the insider now directly owns 285,715 shares of the company’s stock, valued at approximately $10,000,025. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Prudential Financial news, SVP Timothy L. Schmidt sold 2,000 shares of the company’s stock in a transaction on Wednesday, December 14th. The shares were sold at an average price of $103.55, for a total transaction of $207,100.00. Following the sale, the senior vice president now owns 16,198 shares of the company’s stock, valued at $1,677,302.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Prudential Financial Inc purchased 285,715 shares of the business’s stock in a transaction on Thursday, November 17th. The shares were purchased at an average cost of $35.00 per share, for a total transaction of $10,000,025.00. Following the transaction, the insider now directly owns 285,715 shares of the company’s stock, valued at approximately $10,000,025. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by company insiders.

Prudential Financial Profile

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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 eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.

See Also

Want to see what other hedge funds are holding PRU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prudential Financial, Inc. (NYSE:PRU – Get Rating).

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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