Parallel Advisors LLC Decreases Stake in Prudential Financial Inc (NYSE:PRU)

Parallel Advisors LLC reduced its stake in Prudential Financial Inc (NYSE:PRU) by 20.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,140 shares of the financial services provider’s stock after selling 830 shares during the period. Parallel Advisors LLC’s holdings in Prudential Financial were worth $282,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Prudential Financial by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 32,659,263 shares of the financial services provider’s stock worth $3,298,586,000 after buying an additional 324,451 shares during the last quarter. BlackRock Inc. grew its position in shares of Prudential Financial by 6.2% in the 2nd quarter. BlackRock Inc. now owns 31,395,669 shares of the financial services provider’s stock worth $3,170,962,000 after buying an additional 1,840,652 shares during the last quarter. Northern Trust Corp grew its position in shares of Prudential Financial by 0.5% in the 2nd quarter. Northern Trust Corp now owns 5,176,780 shares of the financial services provider’s stock worth $522,855,000 after buying an additional 27,620 shares during the last quarter. Invesco Ltd. grew its position in shares of Prudential Financial by 72.7% in the 2nd quarter. Invesco Ltd. now owns 3,825,999 shares of the financial services provider’s stock worth $386,426,000 after buying an additional 1,610,600 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in shares of Prudential Financial by 14,775.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,268,078 shares of the financial services provider’s stock worth $330,076,000 after buying an additional 3,246,108 shares during the last quarter. 62.75% of the stock is currently owned by institutional investors and hedge funds.

PRU has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on Prudential Financial from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Deutsche Bank lowered Prudential Financial to a “hold” rating in a research report on Wednesday, October 23rd. Zacks Investment Research upgraded Prudential Financial from a “sell” rating to a “hold” rating and set a $89.00 price objective on the stock in a research report on Tuesday, September 10th. Morgan Stanley cut their price objective on Prudential Financial from $108.00 to $106.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada reiterated a “neutral” rating on shares of Prudential Financial in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $96.81.

In related news, EVP Scott Sleyster sold 12,994 shares of Prudential Financial stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $90.00, for a total transaction of $1,169,460.00. Following the sale, the executive vice president now directly owns 55,746 shares in the company, valued at $5,017,140. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kenneth Tanji purchased 2,500 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were purchased at an average price of $83.84 per share, for a total transaction of $209,600.00. Following the completion of the transaction, the chief financial officer now directly owns 19,285 shares of the company’s stock, valued at $1,616,854.40. The disclosure for this purchase can be found here. Insiders have purchased 13,580 shares of company stock worth $1,137,848 over the last 90 days. 0.76% of the stock is currently owned by corporate insiders.

Shares of NYSE PRU traded up $1.05 during mid-day trading on Friday, hitting $92.89. 3,666,291 shares of the stock traded hands, compared to its average volume of 2,111,428. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.11 and a current ratio of 0.11. Prudential Financial Inc has a 52 week low of $75.61 and a 52 week high of $106.39. The company has a market cap of $37.00 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 0.85 and a beta of 1.57. The stock has a fifty day moving average price of $89.97 and a 200-day moving average price of $93.72.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Monday, November 4th. The financial services provider reported $3.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.07 by $0.15. Prudential Financial had a return on equity of 8.45% and a net margin of 6.67%. The company had revenue of $12.93 billion for the quarter, compared to analyst estimates of $14.27 billion. During the same period in the previous year, the company posted $3.15 earnings per share. As a group, sell-side analysts predict that Prudential Financial Inc will post 11.98 EPS for the current fiscal year.

Prudential Financial Company Profile

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.

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

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