Wetherby Asset Management Inc. lifted its stake in shares of Prudential Financial Inc (NYSE:PRU) by 14.5% during the 4th quarter, Holdings Channel reports. The firm owned 7,782 shares of the financial services provider’s stock after purchasing an additional 987 shares during the quarter. Wetherby Asset Management Inc.’s holdings in Prudential Financial were worth $895,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. FTB Advisors Inc. boosted its holdings in shares of Prudential Financial by 232.2% during the 4th quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock worth $124,000 after purchasing an additional 750 shares during the last quarter. Cerebellum GP LLC acquired a new position in shares of Prudential Financial during the 4th quarter worth approximately $127,000. Grove Bank & Trust boosted its holdings in shares of Prudential Financial by 507.0% during the 3rd quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 943 shares during the last quarter. Legacy Advisors LLC acquired a new position in shares of Prudential Financial during the 3rd quarter worth approximately $129,000. Finally, Community Bank N.A. boosted its holdings in shares of Prudential Financial by 269.7% during the 4th quarter. Community Bank N.A. now owns 1,353 shares of the financial services provider’s stock worth $156,000 after purchasing an additional 987 shares during the last quarter. Institutional investors and hedge funds own 63.81% of the company’s stock.
Prudential Financial Inc (PRU) opened at $109.43 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.13 and a current ratio of 0.13. Prudential Financial Inc has a 52 week low of $97.88 and a 52 week high of $127.14. The company has a market capitalization of $46,180.00, a price-to-earnings ratio of 9.73, a price-to-earnings-growth ratio of 1.13 and a beta of 1.49.
Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $2.69 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.05. Prudential Financial had a return on equity of 9.29% and a net margin of 13.41%. The company had revenue of $15.25 billion for the quarter, compared to analysts’ expectations of $12.87 billion. During the same period in the prior year, the firm earned $2.46 earnings per share. sell-side analysts predict that Prudential Financial Inc will post 12.06 EPS for the current fiscal year.
Prudential Financial declared that its board has approved a share repurchase program on Thursday, December 14th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 21st will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.29%. This is a boost from Prudential Financial’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Tuesday, February 20th. Prudential Financial’s dividend payout ratio is 26.67%.
In other Prudential Financial news, EVP Timothy P. Harris sold 10,527 shares of the company’s stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Barbara Koster sold 16,801 shares of the company’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 transaction, the senior vice president now owns 37,327 shares in the company, valued at $4,298,950.59. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.
A number of research analysts recently commented on the company. Royal Bank of Canada upgraded Prudential Financial from a “sector perform” rating to an “outperform” rating in a report on Monday, February 12th. They noted that the move was a valuation call. Wells Fargo & Co reiterated a “hold” rating and issued a $122.00 price objective on shares of Prudential Financial in a report on Wednesday, February 7th. Deutsche Bank decreased their price objective on Prudential Financial from $132.00 to $125.00 and set a “hold” rating on the stock in a report on Friday, February 9th. Morgan Stanley decreased their price objective on Prudential Financial from $133.00 to $131.00 and set an “equal weight” rating on the stock in a report on Thursday, February 8th. Finally, Sandler O’Neill reiterated a “buy” rating and issued a $134.00 price objective on shares of Prudential Financial in a report on Thursday, January 11th. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $118.38.
WARNING: “Wetherby Asset Management Inc. Buys 987 Shares of Prudential Financial Inc (PRU)” was posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this piece on another domain, it was illegally copied and reposted in violation of U.S. & international copyright legislation. The legal version of this piece can be viewed at https://ledgergazette.com/2018/02/20/wetherby-asset-management-inc-buys-987-shares-of-prudential-financial-inc-pru.html.
Prudential Financial 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.
Want to see what other hedge funds are holding PRU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prudential Financial Inc (NYSE:PRU).
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.