Retirement Systems of Alabama lifted its position in Prudential Financial Inc (NYSE:PRU) by 5.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 425,875 shares of the financial services provider’s stock after purchasing an additional 22,516 shares during the quarter. Retirement Systems of Alabama owned about 0.10% of Prudential Financial worth $48,967,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. APG Asset Management N.V. grew its holdings in shares of Prudential Financial by 171.8% in the third quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock valued at $287,566,000 after purchasing an additional 1,709,699 shares during the period. Legal & General Group Plc grew its holdings in shares of Prudential Financial by 2.3% in the third quarter. Legal & General Group Plc now owns 2,341,330 shares of the financial services provider’s stock valued at $248,931,000 after purchasing an additional 52,597 shares during the period. Swiss National Bank grew its holdings in shares of Prudential Financial by 0.6% in the third quarter. Swiss National Bank now owns 1,580,987 shares of the financial services provider’s stock valued at $168,091,000 after purchasing an additional 10,000 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in shares of Prudential Financial by 5.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,561,532 shares of the financial services provider’s stock valued at $179,545,000 after purchasing an additional 81,628 shares during the period. Finally, Bank of Montreal Can grew its holdings in shares of Prudential Financial by 4.9% in the fourth quarter. Bank of Montreal Can now owns 1,551,788 shares of the financial services provider’s stock valued at $178,423,000 after purchasing an additional 72,507 shares during the period. 64.37% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on the stock. Atlantic Securities raised shares of Prudential Financial from a “neutral” rating to an “overweight” rating in a report on Thursday, January 11th. Sandler O’Neill reaffirmed a “buy” rating and issued a $134.00 target price on shares of Prudential Financial in a research report on Thursday, January 11th. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 target price on the stock in a research report on Monday, January 8th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $127.00 target price on shares of Prudential Financial in a research report on Thursday, December 21st. Finally, ValuEngine raised shares of Prudential Financial from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 5th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $119.14.
In other news, SVP Barbara Koster sold 16,801 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total transaction of $1,934,971.17. Following the sale, the senior vice president now owns 37,327 shares of the company’s stock, valued at $4,298,950.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Timothy P. Harris sold 10,527 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $115.00, for a total transaction of $1,210,605.00. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by corporate insiders.
Prudential Financial Inc (PRU) opened at $106.89 on Wednesday. Prudential Financial Inc has a 1 year low of $97.88 and a 1 year high of $127.14. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market cap of $45,732.64, a PE ratio of 10.19, a price-to-earnings-growth ratio of 1.12 and a beta of 1.50.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.64 by $0.05. The business had revenue of $15.25 billion for the quarter, compared to analysts’ expectations of $12.87 billion. Prudential Financial had a net margin of 13.41% and a return on equity of 9.29%. During the same quarter in the prior year, the company earned $2.46 earnings per share. equities research analysts forecast that Prudential Financial Inc will post 12.05 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 21st will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 3.37%. The ex-dividend date is Tuesday, February 20th. This is a boost from Prudential Financial’s previous quarterly dividend of $0.75. Prudential Financial’s dividend payout ratio is currently 16.75%.
Prudential Financial announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 14th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
TRADEMARK VIOLATION NOTICE: This article was first posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this article on another site, it was illegally copied and reposted in violation of United States and international copyright legislation. The legal version of this article can be read at https://ledgergazette.com/2018/02/14/retirement-systems-of-alabama-has-48-97-million-position-in-prudential-financial-inc-pru.html.
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.
Receive News & Ratings for Prudential Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prudential Financial and related companies with MarketBeat.com's FREE daily email newsletter.