Perigon Wealth Management LLC Acquires New Shares in Prudential Financial, Inc. $PRU

Perigon Wealth Management LLC bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 7,842 shares of the financial services provider’s stock, valued at approximately $846,000.

Several other large investors have also recently modified their holdings of PRU. Commerzbank Aktiengesellschaft FI acquired a new stake in Prudential Financial in the second quarter valued at $2,777,000. Trust Co. of Vermont acquired a new position in Prudential Financial during the 2nd quarter worth about $156,000. Principle Wealth Partners LLC bought a new stake in shares of Prudential Financial in the 2nd quarter valued at about $4,727,000. Focused Wealth Management Inc bought a new stake in shares of Prudential Financial in the 2nd quarter valued at about $244,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Prudential Financial in the second quarter valued at about $90,413,000. Institutional investors own 56.83% of the company’s stock.

Wall Street Analysts Forecast Growth

PRU has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. BMO Capital Markets cut their target price on Prudential Financial from $91.00 to $87.00 and set an “underperform” rating on the stock in a report on Thursday, April 23rd. TD Cowen lifted their price target on shares of Prudential Financial from $102.00 to $114.00 and gave the company a “hold” rating in a research report on Wednesday, July 22nd. Finally, Mizuho upped their price objective on shares of Prudential Financial from $101.00 to $109.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $107.77.

Insiders Place Their Bets

In other news, EVP Ann M. Kappler sold 7,652 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the transaction, the executive vice president directly owned 14,407 shares in the company, valued at $1,801,019.07. The trade was a 34.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the transaction, the insider owned 7,973,657 shares in the company, valued at $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.05% of the company’s stock.

Prudential Financial Stock Performance

Shares of PRU opened at $124.55 on Wednesday. The stock has a 50 day moving average of $115.78 and a 200 day moving average of $105.44. The company has a market capitalization of $42.97 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 2.38 and a beta of 0.84. Prudential Financial, Inc. has a 12 month low of $91.89 and a 12 month high of $127.72. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The firm had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.36 billion. During the same period in the previous year, the company earned $3.58 earnings per share. As a group, sell-side analysts forecast that Prudential Financial, Inc. will post 14.17 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a $1.40 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $5.60 annualized dividend and a dividend yield of 4.5%. Prudential Financial’s payout ratio is 50.72%.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.