Prudential Financial Inc (PRU) Stake Raised by DnB Asset Management AS
DnB Asset Management AS grew its position in Prudential Financial Inc (NYSE:PRU) by 1.6% during the 4th quarter, HoldingsChannel reports. The firm owned 93,950 shares of the financial services provider’s stock after purchasing an additional 1,500 shares during the quarter. DnB Asset Management AS’s holdings in Prudential Financial were worth $10,802,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Fieldpoint Private Securities LLC acquired a new stake in shares of Prudential Financial in the 2nd quarter valued at $103,000. Grove Bank & Trust boosted its stake 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 purchasing an additional 943 shares in the last quarter. Legacy Advisors LLC acquired a new stake in shares of Prudential Financial in the 3rd quarter valued at $129,000. Zions Bancorporation boosted its stake in shares of Prudential Financial by 44.9% in the 3rd quarter. Zions Bancorporation now owns 1,690 shares of the financial services provider’s stock valued at $180,000 after purchasing an additional 524 shares in the last quarter. Finally, Advisory Services Network LLC boosted its stake in shares of Prudential Financial by 128.8% in the 2nd quarter. Advisory Services Network LLC now owns 1,700 shares of the financial services provider’s stock valued at $184,000 after purchasing an additional 957 shares in the last quarter. Institutional investors own 64.46% of the company’s stock.
Prudential Financial Inc (PRU) opened at $121.51 on Thursday. The stock has a market cap of $52,290.00, a PE ratio of 12.25, a P/E/G ratio of 1.27 and a beta of 1.55. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.34. Prudential Financial Inc has a 52-week low of $97.88 and a 52-week high of $122.94.
Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.30. Prudential Financial had a net margin of 7.71% and a return on equity of 9.51%. The company had revenue of $13.36 billion for the quarter, compared to the consensus estimate of $12.24 billion. During the same period in the prior year, the company posted $2.66 EPS. analysts forecast that Prudential Financial Inc will post 10.48 earnings per share for the current year.
Prudential Financial declared that its board has initiated a share repurchase plan on Thursday, December 14th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 14th. Shareholders of record on Monday, November 27th were given a dividend of $0.75 per share. The ex-dividend date was Friday, November 24th. This represents a $3.00 dividend on an annualized basis and a yield of 2.47%. Prudential Financial’s payout ratio is presently 30.24%.
In other Prudential Financial news, SVP Barbara Koster sold 16,801 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 37,327 shares in the company, valued at approximately $4,298,950.59. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Timothy P. Harris sold 10,527 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $115.00, for a total transaction of $1,210,605.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 116,818 shares of company stock worth $13,154,122. Corporate insiders own 0.66% of the company’s stock.
PRU has been the topic of several research reports. Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $122.00 price target on the stock in a research report on Tuesday, October 10th. Citigroup upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 price target on the stock in a research report on Tuesday, October 17th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Prudential Financial in a research report on Friday, November 10th. Royal Bank of Canada reiterated a “hold” rating and set a $119.00 price target on shares of Prudential Financial in a research report on Friday, November 3rd. Finally, Morgan Stanley upped their price target on shares of Prudential Financial from $118.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 5th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Prudential Financial presently has a consensus rating of “Buy” and a consensus price target of $118.22.
Prudential Financial 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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