Meeder Advisory Services Inc. Increases Position in Prudential Financial, Inc. (NYSE:PRU)

Meeder Advisory Services Inc. boosted its holdings in Prudential Financial, Inc. (NYSE:PRU) by 14.8% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 11,188 shares of the financial services provider’s stock after buying an additional 1,442 shares during the period. Meeder Advisory Services Inc.’s holdings in Prudential Financial were worth $1,311,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Prudential Financial by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after purchasing an additional 5,154,865 shares during the period. Norges Bank purchased a new stake in Prudential Financial in the 4th quarter worth $113,478,000. Swedbank AB bought a new position in shares of Prudential Financial during the 1st quarter valued at about $35,855,000. Schroder Investment Management Group increased its holdings in shares of Prudential Financial by 387.6% in the fourth quarter. Schroder Investment Management Group now owns 332,421 shares of the financial services provider’s stock worth $34,475,000 after purchasing an additional 264,247 shares during the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in shares of Prudential Financial in the fourth quarter worth about $18,568,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

PRU opened at $116.25 on Friday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The business has a fifty day moving average of $117.88 and a 200 day moving average of $115.88. Prudential Financial, Inc. has a 52-week low of $87.95 and a 52-week high of $128.52. The stock has a market cap of $41.50 billion, a P/E ratio of 19.77, a PEG ratio of 0.89 and a beta of 1.30.

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

Prudential Financial Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PRU shares. Citigroup raised their price target on Prudential Financial from $104.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Morgan Stanley reduced their price target on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Barclays began coverage on shares of Prudential Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $118.00 price objective for the company. JPMorgan Chase & Co. upped their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $121.00 price target on shares of Prudential Financial in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $120.83.

Insider Activity

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of Prudential Financial stock in a transaction dated Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, for a total transaction of $18,000,011.88. Following the acquisition, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the business’s stock in a transaction dated 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 acquisition, the insider now owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at $1,648,705.05. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial Company 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.