Prudential Financial Inc (NYSE:PRU) – Investment analysts at Langen Mcalenn lowered their Q4 2017 EPS estimates for shares of Prudential Financial in a research note issued on Wednesday. Langen Mcalenn analyst L. Greenberg now expects that the financial services provider will post earnings of $2.58 per share for the quarter, down from their prior forecast of $2.60. Langen Mcalenn also issued estimates for Prudential Financial’s Q2 2018 earnings at $2.83 EPS.
A number of other equities analysts also recently issued reports on the stock. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $127.00 price objective on shares of Prudential Financial in a research note on Thursday. Wells Fargo & Co set a $122.00 price objective on shares of Prudential Financial and gave the company a “hold” rating in a research note on Thursday, December 14th. ValuEngine upgraded shares of Prudential Financial from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 5th. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a research note on Monday, November 6th. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $119.00 price objective on shares of Prudential Financial in a research note on Friday, November 3rd. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $116.92.
Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, November 1st. The financial services provider reported $3.01 EPS for the quarter, topping the Zacks’ consensus estimate of $2.71 by $0.30. The business had revenue of $13.36 billion for the quarter, compared to analyst estimates of $12.24 billion. Prudential Financial had a net margin of 7.71% and a return on equity of 9.51%. During the same period last year, the company posted $2.66 earnings per share.
The business also recently declared a quarterly dividend, which was paid on Thursday, December 14th. Shareholders of record on Monday, November 27th were issued a $0.75 dividend. 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 2.58%. Prudential Financial’s dividend payout ratio is currently 30.24%.
Prudential Financial declared that its board has authorized a share repurchase program 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 programs are typically a sign that the company’s management believes its stock is undervalued.
In other Prudential Financial news, insider Nicholas C. Silitch sold 44,860 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now owns 27,927 shares of the company’s stock, valued at $3,121,400.79. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Timothy P. Harris sold 10,527 shares of the firm’s stock in a transaction on Wednesday, November 29th. The stock was 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. In the last ninety days, insiders sold 100,017 shares of company stock valued at $11,219,151. Corporate insiders own 0.66% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. APG Asset Management N.V. grew its position in shares of Prudential Financial by 171.8% in the third 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 period. Janus Henderson Group PLC grew its position in shares of Prudential Financial by 1,997.1% in the second quarter. Janus Henderson Group PLC now owns 1,204,160 shares of the financial services provider’s stock valued at $130,218,000 after purchasing an additional 1,146,739 shares during the period. BlackRock Inc. grew its position in shares of Prudential Financial by 2.9% in the second quarter. BlackRock Inc. now owns 33,155,309 shares of the financial services provider’s stock valued at $3,585,415,000 after purchasing an additional 934,352 shares during the period. AJO LP grew its position in shares of Prudential Financial by 42.8% in the second quarter. AJO LP now owns 2,743,406 shares of the financial services provider’s stock valued at $296,672,000 after purchasing an additional 821,881 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Prudential Financial by 48.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,247,204 shares of the financial services provider’s stock valued at $243,013,000 after purchasing an additional 737,458 shares during the period. 64.46% of the stock is owned by institutional investors and hedge funds.
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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