Barings LLC raised its holdings in Prudential Financial Inc (NYSE:PRU) by 47.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,812 shares of the financial services provider’s stock after purchasing an additional 7,970 shares during the period. Barings LLC’s holdings in Prudential Financial were worth $2,853,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the business. New Mexico Educational Retirement Board raised its position in shares of Prudential Financial by 3.0% in the 4th quarter. New Mexico Educational Retirement Board now owns 41,031 shares of the financial services provider’s stock valued at $4,718,000 after purchasing an additional 1,200 shares in the last quarter. Roosevelt Investment Group Inc. raised its position in shares of Prudential Financial by 0.9% in the 4th quarter. Roosevelt Investment Group Inc. now owns 111,987 shares of the financial services provider’s stock valued at $12,876,000 after purchasing an additional 962 shares in the last quarter. Carnick & Kubik Group LLC acquired a new position in shares of Prudential Financial in the 4th quarter valued at approximately $5,142,000. Pegasus Partners Ltd. raised its position in shares of Prudential Financial by 31.7% in the 4th quarter. Pegasus Partners Ltd. now owns 12,224 shares of the financial services provider’s stock valued at $1,406,000 after purchasing an additional 2,944 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. raised its position in shares of Prudential Financial by 168.5% in the 4th quarter. Candriam Luxembourg S.C.A. now owns 135,037 shares of the financial services provider’s stock valued at $15,527,000 after purchasing an additional 84,744 shares in the last quarter. 64.37% of the stock is currently owned by institutional investors.
Several research firms recently issued reports on PRU. Wells Fargo & Co set a $122.00 price target on Prudential Financial and gave the company a “hold” rating in a research report on Thursday, December 14th. Atlantic Securities raised Prudential Financial from a “neutral” rating to an “overweight” rating in a research report on Thursday, January 11th. Morgan Stanley upped their price target on Prudential Financial from $123.00 to $124.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. B. Riley reissued a “buy” rating on shares of Prudential Financial in a research report on Monday, November 6th. Finally, 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. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $119.14.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $2.69 EPS for the quarter, topping the Zacks’ consensus estimate of $2.64 by $0.05. The firm had revenue of $15.25 billion during the quarter, compared to the consensus estimate 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 business earned $2.46 EPS. analysts anticipate that Prudential Financial Inc will post 12.06 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 21st will be paid a dividend of $0.90 per share. This is an increase from Prudential Financial’s previous quarterly dividend of $0.75. This represents a $3.60 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Tuesday, February 20th. Prudential Financial’s dividend payout ratio is presently 16.80%.
Prudential Financial declared that its Board of Directors has approved a share buyback program on Thursday, December 14th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, 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 transaction of $1,934,971.17. Following the completion of the transaction, the senior vice president now directly owns 37,327 shares in the company, valued at approximately $4,298,950.59. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, 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 value of $1,210,605.00. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.
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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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