Palladium Partners LLC Takes Position in Prudential Financial Inc (PRU)

Palladium Partners LLC bought a new position in Prudential Financial Inc (NYSE:PRU) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 2,501 shares of the financial services provider’s stock, valued at approximately $288,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Grove Bank & Trust increased its stake in shares of Prudential Financial by 507.0% in the third quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 943 shares in the last quarter. FTB Advisors Inc. increased its stake in shares of Prudential Financial by 232.2% in the fourth quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock worth $124,000 after purchasing an additional 750 shares in the last quarter. Cerebellum GP LLC purchased a new position in shares of Prudential Financial in the fourth quarter worth about $127,000. Legacy Advisors LLC purchased a new position in shares of Prudential Financial in the third quarter worth about $129,000. Finally, Zions Bancorporation increased its stake in shares of Prudential Financial by 44.9% in the third quarter. Zions Bancorporation now owns 1,690 shares of the financial services provider’s stock worth $180,000 after purchasing an additional 524 shares in the last quarter. Hedge funds and other institutional investors own 64.35% of the company’s stock.

In other news, EVP Timothy P. Harris sold 10,527 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $115.00, for a total value of $1,210,605.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Barbara Koster sold 16,801 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the senior vice president now owns 37,327 shares of the company’s stock, valued at $4,298,950.59. The disclosure for this sale can be found here. Insiders sold 72,188 shares of company stock valued at $8,159,578 over the last 90 days. 0.66% of the stock is owned by company insiders.

Several equities analysts have recently weighed in on the stock. Wells Fargo & Co reiterated a “hold” rating and issued a $120.00 target price (up previously from $114.00) on shares of Prudential Financial in a research note on Wednesday, November 8th. Sandler O’Neill reiterated a “buy” rating and issued a $134.00 target price on shares of Prudential Financial in a research note on Thursday, January 11th. FBR & Co upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $117.00 to $100.00 in a research note on Tuesday, October 10th. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a research note on Monday, November 6th. Finally, Atlantic Securities upgraded shares of Prudential Financial from a “neutral” rating to an “overweight” rating in a research note on Thursday, January 11th. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Prudential Financial has a consensus rating of “Buy” and an average price target of $119.35.

Prudential Financial Inc (NYSE PRU) opened at $110.99 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial Inc has a 1 year low of $97.88 and a 1 year high of $127.14. The company has a market cap of $46,974.96, a P/E ratio of 10.70, a PEG ratio of 1.13 and a beta of 1.50.

Prudential Financial announced that its Board of Directors has initiated a stock repurchase plan on Thursday, December 14th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

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About Prudential Financial

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

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