Prudential Financial (PRU) Board of Directors Authorizes Stock Repurchase Plan

Prudential Financial (NYSE:PRU) announced that its Board of Directors has authorized a share repurchase program, which authorizes the company to repurchase $1.50 billion in shares on Thursday, December 14th, EventVestor reports. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

PRU has been the subject of a number of analyst reports. Royal Bank of Canada reaffirmed a “hold” rating and issued a $119.00 price target on shares of Prudential Financial in a research report on Friday, November 3rd. Morgan Stanley boosted their price target on Prudential Financial from $123.00 to $124.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Goldman Sachs Group initiated coverage on Prudential Financial in a research note on Wednesday, October 18th. They issued a “neutral” rating and a $114.00 price objective on the stock. Citigroup upgraded Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 price objective on the stock in a research note on Tuesday, October 17th. Finally, Wells Fargo & Company reiterated a “hold” rating and issued a $120.00 price objective (up from $114.00) on shares of Prudential Financial in a research note on Wednesday, November 8th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $115.78.

Shares of Prudential Financial (NYSE PRU) traded up $0.52 on Friday, reaching $114.47. The company had a trading volume of 1,981,800 shares, compared to its average volume of 1,843,200. Prudential Financial has a 1 year low of $97.88 and a 1 year high of $117.99. 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 capitalization of $48,314.80, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 1.28 and a beta of 1.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.30. Prudential Financial had a return on equity of 9.51% and a net margin of 7.71%. The firm had revenue of $13.36 billion for the quarter, compared to analyst estimates of $12.24 billion. During the same period in the previous year, the company posted $2.66 earnings per share. equities research analysts expect that Prudential Financial will post 10.44 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, December 14th. Investors of record on Monday, November 27th were paid a dividend of $0.75 per share. The ex-dividend date was Friday, November 24th. This represents a $3.00 annualized dividend and a yield of 2.62%. Prudential Financial’s dividend payout ratio is 30.18%.

In related news, EVP Charles F. Lowrey sold 44,630 shares of the business’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $111.91, for a total transaction of $4,994,543.30. Following the transaction, the executive vice president now directly owns 79,354 shares in the company, valued at $8,880,506.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas C. Silitch sold 44,860 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $111.77, for a total value of $5,014,002.20. Following the transaction, the insider now owns 27,927 shares in the company, valued at $3,121,400.79. The disclosure for this sale can be found here. Insiders have sold 100,017 shares of company stock worth $11,219,151 over the last 90 days. Corporate insiders own 0.66% of the company’s stock.

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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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