Kovitz Investment Group Partners LLC Takes $372,000 Position in Prudential Financial (NYSE:PRU)

Kovitz Investment Group Partners LLC bought a new stake in Prudential Financial (NYSE:PRU) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,232 shares of the financial services provider’s stock, valued at approximately $372,000.

Other institutional investors also recently bought and sold shares of the company. Clark Capital Management Group Inc. lifted its position in Prudential Financial by 3.5% in the fourth quarter. Clark Capital Management Group Inc. now owns 129,859 shares of the financial services provider’s stock valued at $14,931,000 after acquiring an additional 4,336 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Prudential Financial by 6.7% in the fourth quarter. LPL Financial LLC now owns 51,077 shares of the financial services provider’s stock valued at $5,873,000 after buying an additional 3,222 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Prudential Financial by 45.5% in the fourth quarter. Millennium Management LLC now owns 1,818,479 shares of the financial services provider’s stock valued at $209,089,000 after buying an additional 568,343 shares during the last quarter. Sciencast Management LP increased its stake in shares of Prudential Financial by 102.4% during the fourth quarter. Sciencast Management LP now owns 15,084 shares of the financial services provider’s stock worth $1,860,000 after acquiring an additional 7,633 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Prudential Financial by 4.8% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 30,338 shares of the financial services provider’s stock worth $3,489,000 after acquiring an additional 1,378 shares during the period. Hedge funds and other institutional investors own 66.76% of the company’s stock.

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Several research analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of Prudential Financial from $131.00 to $128.00 and set an “equal weight” rating on the stock in a research report on Thursday. Bank of America started coverage on shares of Prudential Financial in a report on Monday, March 26th. They issued a “buy” rating and a $117.00 price target on the stock. ValuEngine downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Zacks Investment Research downgraded shares of Prudential Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, March 20th. Finally, Sandler O’Neill reissued a “buy” rating and set a $134.00 price objective on shares of Prudential Financial in a research note on Thursday, January 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. Prudential Financial currently has an average rating of “Hold” and an average target price of $119.25.

PRU stock traded down $2.58 during mid-day trading on Friday, hitting $102.33. 1,800,885 shares of the company were exchanged, compared to its average volume of 2,158,703. The firm has a market cap of $44,272.02, a P/E ratio of 9.67, a P/E/G ratio of 1.02 and a beta of 1.52. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial has a twelve month low of $97.88 and a twelve month high of $127.14.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.64 by $0.05. The company had revenue of $15.25 billion during the quarter, compared to analyst estimates of $12.87 billion. Prudential Financial had a net margin of 13.41% and a return on equity of 9.29%. During the same period last year, the business earned $2.46 EPS. sell-side analysts expect that Prudential Financial will post 12.05 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Wednesday, February 21st were given a $0.90 dividend. 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 dividend yield of 3.52%. The ex-dividend date of this dividend was Tuesday, February 20th. Prudential Financial’s dividend payout ratio (DPR) is presently 34.03%.

Prudential Financial declared that its board has initiated 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 repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

In other news, insider Stephen Pelletier sold 40,729 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $108.75, for a total value of $4,429,278.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.66% of the company’s stock.

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Prudential Financial Company Profile

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through U.S. Individual Solutions, U.S. Workplace Solutions, Investment Management, and International Insurance divisions.

Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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