Lumbard & Kellner LLC lowered its stake in shares of Prudential Financial Inc (NYSE:PRU) by 0.2% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 68,494 shares of the financial services provider’s stock after selling 145 shares during the period. Prudential Financial comprises about 3.7% of Lumbard & Kellner LLC’s portfolio, making the stock its 7th largest holding. Lumbard & Kellner LLC’s holdings in Prudential Financial were worth $6,918,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Coastal Capital Group Inc. purchased a new position in shares of Prudential Financial in the 2nd quarter valued at about $25,000. Bartlett & Co. LLC increased its stake in shares of Prudential Financial by 163.0% in the 2nd quarter. Bartlett & Co. LLC now owns 263 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 163 shares in the last quarter. Ibex Wealth Advisors purchased a new position in shares of Prudential Financial in the 2nd quarter valued at about $26,000. Advisory Alpha LLC purchased a new position in shares of Prudential Financial in the 1st quarter valued at about $32,000. Finally, Berman Capital Advisors LLC increased its stake in shares of Prudential Financial by 68.0% in the 1st quarter. Berman Capital Advisors LLC now owns 346 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 140 shares in the last quarter. Institutional investors and hedge funds own 63.72% of the company’s stock.
Several equities analysts recently weighed in on the company. Barclays set a $108.00 price target on Prudential Financial and gave the company a “buy” rating in a research note on Monday, August 12th. Wells Fargo & Co set a $115.00 price objective on Prudential Financial and gave the stock a “buy” rating in a report on Wednesday, July 31st. B. Riley cut Prudential Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $122.00 to $100.00 in a report on Thursday, August 1st. Citigroup cut Prudential Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $112.00 to $94.00 in a report on Monday, August 5th. Finally, ValuEngine cut Prudential Financial from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Prudential Financial currently has an average rating of “Hold” and an average price target of $104.15.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.22 by ($0.08). Prudential Financial had a return on equity of 9.24% and a net margin of 6.92%. The firm had revenue of $14.11 billion during the quarter, compared to analyst estimates of $13.63 billion. During the same quarter in the previous year, the firm posted $3.01 earnings per share. As a group, sell-side analysts expect that Prudential Financial Inc will post 12.48 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 5.01%. The ex-dividend date is Monday, August 19th. Prudential Financial’s dividend payout ratio is currently 34.22%.
Prudential Financial 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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