GSA Capital Partners LLP boosted its stake in Prudential Financial, Inc. (NYSE:PRU) by 420.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,671 shares of the financial services provider’s stock after buying an additional 9,429 shares during the quarter. GSA Capital Partners LLP’s holdings in Prudential Financial were worth $1,241,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in PRU. Douglas Lane & Associates LLC raised its position in Prudential Financial by 3.1% in the 3rd quarter. Douglas Lane & Associates LLC now owns 647,412 shares of the financial services provider’s stock valued at $68,833,000 after purchasing an additional 19,238 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Prudential Financial by 25.3% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 21,649 shares of the financial services provider’s stock valued at $2,341,000 after purchasing an additional 4,372 shares during the last quarter. Seizert Capital Partners LLC raised its position in Prudential Financial by 2.2% in the 2nd quarter. Seizert Capital Partners LLC now owns 114,414 shares of the financial services provider’s stock valued at $12,373,000 after purchasing an additional 2,421 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its position in Prudential Financial by 5.0% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 42,113 shares of the financial services provider’s stock valued at $4,477,000 after purchasing an additional 1,990 shares during the last quarter. Finally, APG Asset Management N.V. raised its position in Prudential Financial by 171.8% in the 3rd quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock valued at $287,566,000 after purchasing an additional 1,709,699 shares during the last quarter. 64.46% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have issued reports on PRU. Wells Fargo & Company set a $122.00 price objective on Prudential Financial and gave the company a “hold” rating in a research report on Thursday, December 14th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $127.00 price objective on shares of Prudential Financial in a research report on Thursday. FBR & Co upgraded Prudential Financial from a “neutral” rating to a “buy” rating and cut their price objective for the company from $117.00 to $100.00 in a research report on Tuesday, October 10th. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a research report on Monday, November 6th. Finally, ValuEngine upgraded Prudential Financial from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 5th. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $116.92.
Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.30. The company had revenue of $13.36 billion during the quarter, compared to the consensus estimate of $12.24 billion. Prudential Financial had a return on equity of 9.51% and a net margin of 7.71%. During the same quarter in the previous year, the company posted $2.66 earnings per share. research analysts forecast that Prudential Financial, Inc. will post 10.44 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 14th. Stockholders of record on Monday, November 27th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, November 24th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.57%. Prudential Financial’s payout ratio is currently 30.18%.
Prudential Financial announced that its board has approved a share repurchase plan on Thursday, December 14th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, insider Nicholas C. Silitch sold 44,860 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $111.77, for a total transaction of $5,014,002.20. Following the completion of the sale, the insider now owns 27,927 shares in the company, valued at $3,121,400.79. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Timothy P. Harris sold 10,527 shares of the business’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $115.00, for a total value of $1,210,605.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,017 shares of company stock valued at $11,219,151. 0.66% of the stock is currently owned by corporate insiders.
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Prudential Financial Company 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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