AMP Capital Investors Ltd increased its position in shares of Prudential Financial Inc (NYSE:PRU) by 7.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 319,739 shares of the financial services provider’s stock after buying an additional 21,457 shares during the period. AMP Capital Investors Ltd owned about 0.08% of Prudential Financial worth $33,995,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in PRU. Fieldpoint Private Securities LLC purchased a new position in Prudential Financial in the second quarter valued at approximately $103,000. Grove Bank & Trust boosted its holdings in shares of 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 during the period. Hudock Capital Group LLC boosted its holdings in shares of Prudential Financial by 0.7% in the second quarter. Hudock Capital Group LLC now owns 1,144 shares of the financial services provider’s stock valued at $123,000 after acquiring an additional 8 shares during the period. Legacy Advisors LLC acquired a new stake in shares of Prudential Financial in the third quarter valued at approximately $129,000. Finally, Advisory Services Network LLC lifted its holdings in shares of Prudential Financial by 128.8% during the second quarter. Advisory Services Network LLC now owns 1,700 shares of the financial services provider’s stock worth $184,000 after purchasing an additional 957 shares during the period. Hedge funds and other institutional investors own 64.46% of the company’s stock.
Shares of Prudential Financial Inc (PRU) traded down $0.22 during mid-day trading on Friday, hitting $114.98. The stock had a trading volume of 1,088,481 shares, compared to its average volume of 1,485,257. The stock has a market capitalization of $48,844.80, a PE ratio of 11.57, a P/E/G ratio of 1.38 and a beta of 1.55. Prudential Financial Inc has a twelve month low of $97.88 and a twelve month high of $118.17. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.34.
Prudential Financial announced that its Board of Directors has initiated a share repurchase program on Thursday, December 14th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 14th. Investors of record on Monday, November 27th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date was Friday, November 24th. Prudential Financial’s dividend payout ratio is presently 30.18%.
In other Prudential Financial news, insider Nicholas C. Silitch sold 44,860 shares of the firm’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $111.77, for a total value of $5,014,002.20. Following the sale, the insider now directly owns 27,927 shares of the company’s stock, valued at approximately $3,121,400.79. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Timothy P. Harris sold 10,527 shares of the firm’s 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. In the last quarter, insiders have sold 100,017 shares of company stock valued at $11,219,151. 0.66% of the stock is currently owned by company insiders.
Several equities research analysts recently weighed in on PRU shares. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Prudential Financial in a report on Friday, November 10th. ValuEngine downgraded Prudential Financial from a “strong-buy” rating to a “buy” rating in a report on Friday, November 10th. Citigroup raised Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 price target for the company in a report on Tuesday, October 17th. Zacks Investment Research raised Prudential Financial from a “hold” rating to a “buy” rating and set a $122.00 price target for the company in a report on Tuesday, October 10th. Finally, FBR & Co raised Prudential Financial from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $117.00 to $100.00 in a report on Tuesday, October 10th. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Prudential Financial presently has an average rating of “Buy” and a consensus price target of $116.92.
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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.
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