Teachers Retirement System of The State of Kentucky cut its holdings in shares of Prudential Financial (NYSE:PRU) by 7.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,900 shares of the financial services provider’s stock after selling 3,500 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Prudential Financial were worth $5,278,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Prudential Financial in the 4th quarter valued at $105,000. Truewealth LLC acquired a new position in shares of Prudential Financial in the 4th quarter valued at $105,000. Grove Bank & Trust increased its position in shares of Prudential Financial by 507.0% in the 3rd quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 943 shares during the period. Virtue Capital Management LLC acquired a new position in shares of Prudential Financial in the 4th quarter valued at $123,000. Finally, FTB Advisors Inc. increased its position in shares of Prudential Financial by 232.2% in the 4th quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock valued at $124,000 after acquiring an additional 750 shares during the period. 66.76% of the stock is currently owned by institutional investors and hedge funds.
Shares of PRU stock traded down $2.58 during mid-day trading on Friday, hitting $102.33. 1,800,885 shares of the stock were exchanged, compared to its average volume of 2,158,703. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.32. Prudential Financial has a 52-week low of $97.88 and a 52-week high of $127.14. The firm has a market cap of $44,272.02, a P/E ratio of 9.67, a PEG ratio of 1.02 and a beta of 1.52.
Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share (EPS) for the quarter, topping the 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 prior year, the company posted $2.46 EPS. analysts anticipate that Prudential Financial will post 12.05 earnings per share for the current fiscal year.
Prudential Financial announced that its board has initiated a stock repurchase 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 purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Wednesday, February 21st were paid a dividend of $0.90 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. This represents a $3.60 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend was Tuesday, February 20th. Prudential Financial’s dividend payout ratio is presently 34.03%.
In other news, insider Stephen Pelletier sold 40,729 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $108.75, for a total transaction of $4,429,278.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.66% of the company’s stock.
Several equities analysts recently issued reports on the company. Atlantic Securities raised Prudential Financial from a “neutral” rating to an “overweight” rating in a research report on Thursday, January 11th. Sandler O’Neill reaffirmed a “buy” rating and issued a $134.00 price target on shares of Prudential Financial in a report on Thursday, January 11th. 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 report on Monday, January 8th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $127.00 price target on shares of Prudential Financial in a report on Thursday, December 21st. Finally, Deutsche Bank assumed coverage on shares of Prudential Financial in a report on Tuesday, January 2nd. They issued a “hold” rating and a $124.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Prudential Financial presently has a consensus rating of “Hold” and an average target price of $119.25.
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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.
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