Sit Investment Associates Inc. boosted its position in shares of Prudential Financial Inc (NYSE:PRU) by 2.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 51,605 shares of the financial services provider’s stock after purchasing an additional 1,310 shares during the period. Sit Investment Associates Inc.’s holdings in Prudential Financial were worth $5,934,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PRU. Oppenheimer Asset Management Inc. grew its holdings in Prudential Financial by 12.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,859 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 314 shares during the period. Stephens Inc. AR grew its holdings in Prudential Financial by 7.5% during the second quarter. Stephens Inc. AR now owns 4,536 shares of the financial services provider’s stock valued at $491,000 after purchasing an additional 315 shares during the period. Bridgewater Associates LP acquired a new position in Prudential Financial during the second quarter valued at approximately $931,000. Courier Capital LLC grew its holdings in Prudential Financial by 5.9% during the second quarter. Courier Capital LLC now owns 6,774 shares of the financial services provider’s stock valued at $733,000 after purchasing an additional 380 shares during the period. Finally, Comerica Securities Inc. grew its holdings in Prudential Financial by 6.4% during the second quarter. Comerica Securities Inc. now owns 3,434 shares of the financial services provider’s stock valued at $371,000 after purchasing an additional 206 shares during the period. Hedge funds and other institutional investors own 64.46% of the company’s stock.
Shares of Prudential Financial Inc (PRU) opened at $123.72 on Friday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.34. The company has a market cap of $53,250.00, a price-to-earnings ratio of 12.47, a PEG ratio of 1.27 and a beta of 1.55. Prudential Financial Inc has a 1 year low of $97.88 and a 1 year high of $123.78.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $3.01 EPS for the quarter, topping the Zacks’ consensus estimate of $2.71 by $0.30. The business had revenue of $13.36 billion for the quarter, compared to analyst estimates of $12.24 billion. Prudential Financial had a net margin of 7.71% and a return on equity of 9.51%. During the same quarter in the previous year, the firm posted $2.66 earnings per share. research analysts forecast that Prudential Financial Inc will post 10.48 EPS for the current year.
Prudential Financial announced that its board has initiated a stock buyback program on Thursday, December 14th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 14th. Stockholders of record on Monday, November 27th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend was Friday, November 24th. Prudential Financial’s dividend payout ratio is presently 30.24%.
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 value of $1,210,605.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Barbara Koster sold 16,801 shares of the business’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 sale, the senior vice president now directly owns 37,327 shares in the company, valued at approximately $4,298,950.59. The disclosure for this sale can be found here. In the last three months, insiders sold 116,818 shares of company stock worth $13,154,122. 0.66% of the stock is currently owned by insiders.
A number of brokerages have weighed in on PRU. Atlantic Securities raised shares of Prudential Financial from a “neutral” rating to an “overweight” rating in a research note on Thursday. Sandler O’Neill reaffirmed a “buy” rating and issued a $134.00 price target on shares of Prudential Financial in a research note on Thursday. Deutsche Bank began coverage on shares of Prudential Financial in a research note on Tuesday, January 2nd. They issued a “hold” rating and a $124.00 price target on the stock. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 price target on the stock in a research note on Monday. Finally, Wells Fargo & Co reaffirmed a “hold” rating and issued a $120.00 price target (up previously from $114.00) on shares of Prudential Financial in a research note on Wednesday, November 8th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $119.35.
About Prudential Financial
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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