Comerica Bank Cuts Position in Prudential Financial, Inc. (PRU)

Comerica Bank cut its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 2.9% during the second quarter, Holdings Channel reports. The fund owned 127,049 shares of the financial services provider’s stock after selling 3,807 shares during the period. Comerica Bank’s holdings in Prudential Financial were worth $14,246,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRU. First Personal Financial Services raised its position in shares of Prudential Financial by 3.4% in the first quarter. First Personal Financial Services now owns 1,407 shares of the financial services provider’s stock worth $150,000 after buying an additional 46 shares during the last quarter. Guardian Life Insurance Co. of America raised its position in shares of Prudential Financial by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 1,658 shares of the financial services provider’s stock worth $177,000 after buying an additional 5 shares during the last quarter. Accurate Investment Solutions Inc. raised its position in shares of Prudential Financial by 2.3% in the second quarter. Accurate Investment Solutions Inc. now owns 1,664 shares of the financial services provider’s stock worth $180,000 after buying an additional 38 shares during the last quarter. Trust Co. of Vermont raised its position in shares of Prudential Financial by 28.5% in the second quarter. Trust Co. of Vermont now owns 1,711 shares of the financial services provider’s stock worth $185,000 after buying an additional 380 shares during the last quarter. Finally, Ledyard National Bank raised its position in shares of Prudential Financial by 4,178.6% in the first quarter. Ledyard National Bank now owns 1,797 shares of the financial services provider’s stock worth $192,000 after buying an additional 1,755 shares during the last quarter. 63.58% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial, Inc. (NYSE:PRU) opened at 105.21 on Thursday. The company’s 50-day moving average is $110.61 and its 200-day moving average is $108.12. The firm has a market capitalization of $44.92 billion, a P/E ratio of 11.75 and a beta of 1.50. Prudential Financial, Inc. has a one year low of $74.85 and a one year high of $115.26.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share for the quarter, missing the consensus estimate of $2.70 by $0.61. Prudential Financial had a net margin of 7.15% and a return on equity of 8.98%. The company had revenue of $13.03 billion for the quarter, compared to the consensus estimate of $12.45 billion. During the same quarter last year, the business posted $1.84 earnings per share. Equities analysts forecast that Prudential Financial, Inc. will post $10.18 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Tuesday, August 22nd will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Friday, August 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 33.63%.

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A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Prudential Financial in a research note on Friday, August 11th. BidaskClub lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Wells Fargo & Company reaffirmed a “hold” rating on shares of Prudential Financial in a research note on Thursday, August 3rd. Zacks Investment Research lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, June 14th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $113.00 price target on shares of Prudential Financial in a research note on Tuesday, June 27th. Ten equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $111.21.

In other Prudential Financial news, insider Nicholas C. Silitch sold 14,897 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $110.00, for a total transaction of $1,638,670.00. Following the transaction, the insider now directly owns 21,274 shares in the company, valued at approximately $2,340,140. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman John R. Strangfeld, Jr. sold 201,585 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $110.00, for a total value of $22,174,350.00. Following the transaction, the chairman now owns 456,121 shares in the company, valued at $50,173,310. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 220,615 shares of company stock worth $24,276,660. Company insiders own 0.66% of the company’s stock.

Prudential Financial Company Profile

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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