Livforsakringsbolaget Skandia Omsesidigt lowered its stake in shares of Prudential Financial Inc (NYSE:PRU) by 12.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,158 shares of the financial services provider’s stock after selling 2,400 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Prudential Financial were worth $1,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of PRU. APG Asset Management N.V. lifted its holdings in shares of Prudential Financial by 171.8% during the third quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock worth $287,566,000 after purchasing an additional 1,709,699 shares during the period. Janus Henderson Group PLC raised its position in Prudential Financial by 1,997.1% during the second quarter. Janus Henderson Group PLC now owns 1,204,160 shares of the financial services provider’s stock valued at $130,218,000 after acquiring an additional 1,146,739 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Prudential Financial by 48.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,247,204 shares of the financial services provider’s stock valued at $243,013,000 after acquiring an additional 737,458 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in Prudential Financial by 71.3% during the second quarter. Parametric Portfolio Associates LLC now owns 1,307,082 shares of the financial services provider’s stock valued at $141,348,000 after acquiring an additional 544,185 shares in the last quarter. Finally, PGGM Investments raised its position in Prudential Financial by 102.2% during the third quarter. PGGM Investments now owns 578,084 shares of the financial services provider’s stock valued at $61,462,000 after acquiring an additional 292,174 shares in the last quarter. 64.35% of the stock is currently owned by institutional investors.
Shares of Prudential Financial Inc (NYSE PRU) traded up $2.66 during trading on Friday, hitting $106.04. The stock had a trading volume of 4,255,410 shares, compared to its average volume of 2,160,000. Prudential Financial Inc has a twelve month low of $97.88 and a twelve month high of $127.14. The firm has a market cap of $45,640.00, a price-to-earnings ratio of 5.94, a PEG ratio of 1.08 and a beta of 1.49. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.32.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $2.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.64 by $0.05. The business had revenue of $15.25 billion for the quarter, compared to analyst estimates of $12.87 billion. Prudential Financial had a return on equity of 9.29% and a net margin of 13.41%. During the same quarter in the prior year, the company posted $2.46 EPS. research analysts expect that Prudential Financial Inc will post 12.17 earnings per share for the current year.
Prudential Financial announced that its Board of Directors has authorized a stock buyback program on Thursday, December 14th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 21st will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Tuesday, February 20th. This is an increase from Prudential Financial’s previous quarterly dividend of $0.75. Prudential Financial’s payout ratio is currently 16.80%.
In related news, SVP Barbara Koster sold 16,801 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $115.17, for a total value of $1,934,971.17. Following the sale, the senior vice president now owns 37,327 shares in the company, valued at approximately $4,298,950.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Timothy P. Harris sold 10,527 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $115.00, for a total value of $1,210,605.00. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.
PRU has been the subject of several recent research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $121.00 price target on shares of Prudential Financial in a research report on Monday, October 16th. Citigroup upgraded Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 price objective for the company in a research report on Tuesday, October 17th. Goldman Sachs Group initiated coverage on Prudential Financial in a research report on Wednesday, October 18th. They issued a “neutral” rating and a $114.00 price objective for the company. Morgan Stanley boosted their price target on Prudential Financial from $123.00 to $124.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $119.00 price target on shares of Prudential Financial in a research report on Friday, November 3rd. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $119.14.
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About Prudential Financial
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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