BlackRock Inc. Has $3.45 Billion Position in Prudential Financial Inc (PRU)

BlackRock Inc. lowered its stake in Prudential Financial Inc (NYSE:PRU) by 6.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,984,045 shares of the financial services provider’s stock after selling 2,155,526 shares during the period. BlackRock Inc. owned 7.07% of Prudential Financial worth $3,447,565,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in PRU. Grove Bank & Trust boosted its holdings in Prudential Financial by 507.0% in the third quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 943 shares in the last quarter. FTB Advisors Inc. boosted its holdings in Prudential Financial by 232.2% in the fourth quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock valued at $124,000 after acquiring an additional 750 shares in the last quarter. Cerebellum GP LLC bought a new stake in Prudential Financial in the fourth quarter valued at $127,000. Legacy Advisors LLC bought a new stake in Prudential Financial in the third quarter valued at $129,000. Finally, Community Bank N.A. boosted its holdings in Prudential Financial by 269.7% in the fourth quarter. Community Bank N.A. now owns 1,353 shares of the financial services provider’s stock valued at $156,000 after acquiring an additional 987 shares in the last quarter. Institutional investors and hedge funds own 64.37% of the company’s stock.

Shares of Prudential Financial Inc (NYSE PRU) opened at $109.73 on Friday. Prudential Financial Inc has a fifty-two week low of $97.88 and a fifty-two week high of $127.14. The company has a market cap of $47,178.48, a price-to-earnings ratio of 6.13, a PEG ratio of 1.15 and a beta of 1.50. 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 earnings results on Wednesday, February 7th. The financial services provider reported $2.69 EPS for the quarter, beating the Zacks’ consensus estimate of $2.64 by $0.05. Prudential Financial had a net margin of 13.41% and a return on equity of 9.29%. The firm had revenue of $15.25 billion for the quarter, compared to analysts’ expectations of $12.87 billion. During the same quarter in the previous year, the business posted $2.46 EPS. sell-side analysts forecast that Prudential Financial Inc will post 12.06 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 21st will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Tuesday, February 20th. This is a boost from Prudential Financial’s previous quarterly dividend of $0.75. Prudential Financial’s payout ratio is 16.75%.

Prudential Financial declared that its board has initiated a stock repurchase program on Thursday, December 14th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Several research firms recently weighed in on PRU. ValuEngine upgraded shares of Prudential Financial from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 5th. Royal Bank of Canada upgraded shares of Prudential Financial from a “sector perform” rating to an “outperform” rating in a report on Monday. They noted that the move was a valuation call. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a report on Monday, November 6th. Sandler O’Neill reiterated a “buy” rating and issued a $134.00 price target on shares of Prudential Financial in a report on Thursday, January 11th. Finally, Morgan Stanley cut their price target on shares of Prudential Financial from $133.00 to $131.00 and set an “equal weight” rating on the stock in a report on Thursday, February 8th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Prudential Financial has an average rating of “Buy” and an average price target of $119.14.

In other news, SVP Barbara Koster sold 16,801 shares of Prudential Financial stock in a transaction dated 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 completion of the transaction, the senior vice president now owns 37,327 shares of the company’s stock, valued at approximately $4,298,950.59. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Timothy P. Harris sold 10,527 shares of Prudential Financial stock in a transaction dated Wednesday, November 29th. The stock was 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. Insiders own 0.66% of the company’s stock.

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Prudential Financial Company Profile

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.

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

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