Seaward Management Limited Partnership boosted its holdings in shares of Prudential Financial Inc (NYSE:PRU) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,653 shares of the financial services provider’s stock after buying an additional 450 shares during the quarter. Seaward Management Limited Partnership’s holdings in Prudential Financial were worth $4,904,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. APG Asset Management N.V. boosted its stake in shares of Prudential Financial by 171.8% in the third 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 buying an additional 1,709,699 shares during the period. Janus Henderson Group PLC lifted its stake in Prudential Financial by 1,997.1% during the second quarter. Janus Henderson Group PLC now owns 1,204,160 shares of the financial services provider’s stock worth $130,218,000 after purchasing an additional 1,146,739 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Prudential Financial by 48.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,247,204 shares of the financial services provider’s stock worth $243,013,000 after purchasing an additional 737,458 shares during the last quarter. PGGM Investments lifted its stake in Prudential Financial by 102.2% during the third quarter. PGGM Investments now owns 578,084 shares of the financial services provider’s stock worth $61,462,000 after purchasing an additional 292,174 shares during the last quarter. Finally, Bank of Nova Scotia lifted its stake in Prudential Financial by 253.2% during the second quarter. Bank of Nova Scotia now owns 347,743 shares of the financial services provider’s stock worth $37,605,000 after purchasing an additional 249,277 shares during the last quarter. 64.37% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have weighed in on PRU. ValuEngine upgraded Prudential Financial from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 5th. Royal Bank of Canada upgraded Prudential Financial from a “sector perform” rating to an “outperform” rating in a research note on Monday. They noted that the move was a valuation call. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a research note on Monday, November 6th. Sandler O’Neill restated a “buy” rating and issued a $134.00 price objective on shares of Prudential Financial in a report on Thursday, January 11th. Finally, Morgan Stanley decreased their price objective on Prudential Financial from $133.00 to $131.00 and set an “equal weight” rating for the company in a report on Thursday, February 8th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Prudential Financial currently has an average rating of “Buy” and an average price target of $119.14.
Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share for the quarter, beating analysts’ consensus estimates of $2.64 by $0.05. Prudential Financial had a net margin of 13.41% and a return on equity of 9.29%. The business had revenue of $15.25 billion during the quarter, compared to analyst estimates of $12.87 billion. During the same period in the previous year, the business earned $2.46 EPS. sell-side analysts expect that Prudential Financial Inc will post 12.06 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 21st will be given a dividend of $0.90 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Tuesday, February 20th. Prudential Financial’s payout ratio is 16.75%.
Prudential Financial announced that its Board of Directors has authorized a share buyback 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 buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.
In other news, EVP Timothy P. Harris sold 10,527 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $115.00, for a total transaction of $1,210,605.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Barbara Koster sold 16,801 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 37,327 shares of the company’s stock, valued at $4,298,950.59. The disclosure for this sale can be found here. 0.66% of the stock is owned by insiders.
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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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