Lombard Odier Asset Management Switzerland SA boosted its stake in Prudential Financial Inc (NYSE:PRU) by 401.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,905 shares of the financial services provider’s stock after acquiring an additional 9,533 shares during the period. Lombard Odier Asset Management Switzerland SA’s holdings in Prudential Financial were worth $1,369,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Prudential Financial by 5.0% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 42,113 shares of the financial services provider’s stock valued at $4,477,000 after acquiring an additional 1,990 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Prudential Financial by 10.3% during the 3rd quarter. Pacer Advisors Inc. now owns 10,836 shares of the financial services provider’s stock worth $1,152,000 after acquiring an additional 1,014 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Prudential Financial during the 3rd quarter valued at $8,739,000. Cetera Advisor Networks LLC raised its holdings in Prudential Financial by 10.2% during the 4th quarter. Cetera Advisor Networks LLC now owns 5,142 shares of the financial services provider’s stock valued at $586,000 after buying an additional 475 shares during the period. Finally, Cipher Capital LP raised its holdings in Prudential Financial by 11.3% during the 3rd quarter. Cipher Capital LP now owns 84,075 shares of the financial services provider’s stock valued at $8,939,000 after buying an additional 8,554 shares during the period. Institutional investors and hedge funds own 66.79% of the company’s stock.
In related news, SVP Barbara Koster sold 16,801 shares of the company’s stock in a transaction that occurred 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 legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen Pelletier sold 40,729 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $108.75, for a total value of $4,429,278.75. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.
Prudential Financial Inc (NYSE:PRU) traded down $1.55 during mid-day trading on Wednesday, hitting $108.05. The company had a trading volume of 1,830,323 shares, compared to its average volume of 2,273,605. The stock has a market cap of $46,373.58, a P/E ratio of 6.03, a PEG ratio of 1.14 and a beta of 1.54. Prudential Financial Inc has a 52-week low of $97.88 and a 52-week 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.
Prudential Financial (NYSE:PRU) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $12.87 billion. Prudential Financial had a return on equity of 9.29% and a net margin of 13.41%. During the same period in the prior year, the firm posted $2.46 EPS. sell-side analysts expect that Prudential Financial Inc will post 12.06 EPS for the current fiscal year.
Prudential Financial announced that its board has initiated a stock repurchase program on Thursday, December 14th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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 paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.33%. This is an increase 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 20.10%.
PRU has been the topic of several research analyst reports. Sandler O’Neill reaffirmed a “buy” rating and issued a $134.00 price objective on shares of Prudential Financial in a research report on Thursday, January 11th. Zacks Investment Research raised Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 price target on the stock in a research report on Monday, January 8th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $127.00 price objective on shares of Prudential Financial in a research report on Thursday, December 21st. UBS Group upgraded Prudential Financial from a “neutral” rating to a “buy” rating in a research note on Friday, March 2nd. Finally, Morgan Stanley decreased their price target on Prudential Financial from $133.00 to $131.00 and set an “equal weight” rating for the company in a research note on Thursday, February 8th. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Prudential Financial has an average rating of “Buy” and a consensus target price of $118.45.
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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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