Ontario Teachers Pension Plan Board increased its holdings in Prudential Financial Inc (NYSE:PRU) by 23.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,038 shares of the financial services provider’s stock after buying an additional 17,086 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Prudential Financial were worth $10,238,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Grove Bank & Trust raised its stake in Prudential Financial by 507.0% in the third quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock worth $120,000 after buying an additional 943 shares in the last quarter. FTB Advisors Inc. raised its stake in Prudential Financial by 232.2% in the fourth quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock worth $124,000 after buying an additional 750 shares in the last quarter. Cerebellum GP LLC bought a new position in Prudential Financial in the fourth quarter worth approximately $127,000. Legacy Advisors LLC bought a new position in Prudential Financial in the third quarter worth approximately $129,000. Finally, Community Bank N.A. raised its stake in Prudential Financial by 269.7% in the fourth quarter. Community Bank N.A. now owns 1,353 shares of the financial services provider’s stock worth $156,000 after buying an additional 987 shares in the last quarter. 63.81% of the stock is owned by institutional investors.
A number of equities analysts recently commented on PRU shares. Royal Bank of Canada reissued a “hold” rating and issued a $119.00 price objective on shares of Prudential Financial in a research note on Friday, November 3rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $127.00 price objective on shares of Prudential Financial in a research note on Thursday, December 21st. Morgan Stanley boosted their price objective on shares of Prudential Financial from $123.00 to $124.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 2nd. ValuEngine raised shares of Prudential Financial from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Finally, Zacks Investment Research downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Six 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 stock. The company currently has a consensus rating of “Buy” and a consensus target price of $118.38.
Prudential Financial (NYSE:PRU) last released its quarterly earnings results 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. 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 for the quarter, compared to analyst estimates of $12.87 billion. During the same period in the previous year, the company earned $2.46 earnings per share. sell-side analysts anticipate 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. Shareholders of record on Wednesday, February 21st will be issued a $0.90 dividend. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. This represents a $3.60 annualized dividend and a yield of 3.29%. The ex-dividend date is Tuesday, February 20th. Prudential Financial’s payout ratio is currently 16.75%.
Prudential Financial announced that its Board of Directors has authorized a share repurchase plan 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. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, EVP Timothy P. Harris sold 10,527 shares of the business’s stock in a transaction on 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 document filed with the SEC, which can be accessed through the SEC website. Also, SVP Barbara Koster sold 16,801 shares of the business’s stock in a transaction on 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 sale, the senior vice president now directly owns 37,327 shares in the company, valued at $4,298,950.59. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by 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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