Prudential Financial Inc (NYSE:PRU) declared a quarterly dividend on Wednesday, February 7th, RTT News reports. Investors of record on Wednesday, February 21st will be paid a dividend of 0.90 per share by the financial services provider on Thursday, March 15th. This represents a $3.60 dividend on an annualized basis and a yield of 3.29%. 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 has raised its dividend by an average of 11.4% annually over the last three years and has raised its dividend every year for the last 9 years. Prudential Financial has a dividend payout ratio of 28.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Prudential Financial to earn $12.75 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 23.5%.
Prudential Financial (NYSE:PRU) opened at $109.43 on Monday. The firm has a market cap of $46,179.46, a PE ratio of 10.34, a P/E/G ratio of 1.13 and a beta of 1.50. Prudential Financial has a 12 month low of $97.88 and a 12 month high of $127.14. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.32.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.64 by $0.05. The firm had revenue of $15.25 billion for the quarter, compared to analyst estimates of $12.87 billion. Prudential Financial had a net margin of 13.41% and a return on equity of 9.29%. During the same period last year, the company posted $2.46 EPS. equities analysts anticipate that Prudential Financial will post 12.06 earnings per share for the current fiscal year.
Prudential Financial declared that its Board of Directors has authorized a share buyback plan on Thursday, December 14th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In other news, SVP Barbara Koster sold 16,801 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the senior vice president now owns 37,327 shares in the company, valued at approximately $4,298,950.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Timothy P. Harris sold 10,527 shares of the firm’s stock in a transaction that occurred on 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.
A number of brokerages recently weighed in on PRU. Sandler O’Neill reaffirmed a “buy” rating and issued a $134.00 price target on shares of Prudential Financial in a research note on Thursday, January 11th. Atlantic Securities raised shares of Prudential Financial from a “neutral” rating to an “overweight” rating in a research note 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 price target on the stock in a research note on Monday, January 8th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $127.00 price objective on shares of Prudential Financial in a report on Thursday, December 21st. Finally, ValuEngine upgraded shares of Prudential Financial from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 5th. Six 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. The stock has a consensus 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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