Employees Retirement System of Texas lessened its holdings in Prudential Financial Inc (NYSE:PRU) by 21.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,000 shares of the financial services provider’s stock after selling 33,000 shares during the period. Employees Retirement System of Texas’ holdings in Prudential Financial were worth $13,913,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in PRU. APG Asset Management N.V. increased its stake in shares of Prudential Financial by 171.8% in the 3rd 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 in the last quarter. Teacher Retirement System of Texas increased its stake in Prudential Financial by 386.4% during the 4th quarter. Teacher Retirement System of Texas now owns 322,308 shares of the financial services provider’s stock worth $37,059,000 after buying an additional 256,049 shares in the last quarter. Retirement Systems of Alabama increased its stake in Prudential Financial by 93.9% during the 3rd quarter. Retirement Systems of Alabama now owns 403,359 shares of the financial services provider’s stock worth $42,885,000 after buying an additional 195,357 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in Prudential Financial by 43.8% during the 4th quarter. Public Employees Retirement System of Ohio now owns 447,402 shares of the financial services provider’s stock worth $51,442,000 after buying an additional 136,357 shares in the last quarter. Finally, Pinebridge Investments L.P. increased its stake in Prudential Financial by 1,595.9% during the 4th quarter. Pinebridge Investments L.P. now owns 144,826 shares of the financial services provider’s stock worth $16,652,000 after buying an additional 136,286 shares in the last quarter. Hedge funds and other institutional investors own 63.81% of the company’s stock.
In other news, EVP Timothy P. Harris sold 10,527 shares of the business’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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Barbara Koster sold 16,801 shares of the business’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 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. Insiders own 0.66% of the company’s stock.
Several equities research analysts have commented on the company. Wells Fargo & Co set a $122.00 price objective on Prudential Financial and gave the stock a “hold” rating in a research note on Thursday, December 14th. Atlantic Securities upgraded Prudential Financial from a “neutral” rating to an “overweight” rating in a research note on Thursday, January 11th. Morgan Stanley boosted their price objective on Prudential Financial from $123.00 to $124.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 2nd. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a research note on Monday, November 6th. Finally, Zacks Investment Research upgraded Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 price objective for the company in a research note on Monday, January 8th. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $118.38.
Prudential Financial Inc (PRU) opened at $109.43 on Tuesday. The firm has a market capitalization of $46,179.46, a P/E ratio of 6.11, a PEG ratio of 1.13 and a beta of 1.50. Prudential Financial Inc has a twelve month low of $97.88 and a twelve month high of $127.14. 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 issued its earnings results on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share 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 return on equity of 9.29% and a net margin of 13.41%. During the same period in the previous year, the firm posted $2.46 EPS. research analysts predict that Prudential Financial Inc will post 12.06 earnings per share for the current year.
Prudential Financial declared that its Board of Directors has authorized a stock buyback program on Thursday, December 14th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The business 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 is a boost from Prudential Financial’s previous quarterly dividend of $0.75. This represents a $3.60 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Tuesday, February 20th. Prudential Financial’s payout ratio is currently 16.75%.
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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.
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