Renaissance Group LLC decreased its stake in Prudential Financial Inc (NYSE:PRU) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 300,195 shares of the financial services provider’s stock after selling 11,325 shares during the quarter. Renaissance Group LLC’s holdings in Prudential Financial were worth $34,516,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in PRU. APG Asset Management N.V. boosted its holdings in shares of 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 worth $287,566,000 after purchasing an additional 1,709,699 shares during the period. PGGM Investments boosted its holdings in shares of Prudential Financial by 102.2% in the 3rd quarter. PGGM Investments now owns 578,084 shares of the financial services provider’s stock worth $61,462,000 after purchasing an additional 292,174 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Prudential Financial by 386.4% in the 4th quarter. Teacher Retirement System of Texas now owns 322,308 shares of the financial services provider’s stock worth $37,059,000 after purchasing an additional 256,049 shares during the period. Retirement Systems of Alabama boosted its holdings in shares of Prudential Financial by 93.9% in the 3rd quarter. Retirement Systems of Alabama now owns 403,359 shares of the financial services provider’s stock worth $42,885,000 after purchasing an additional 195,357 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Prudential Financial by 17.7% in the 3rd quarter. Canada Pension Plan Investment Board now owns 863,385 shares of the financial services provider’s stock worth $91,795,000 after purchasing an additional 129,700 shares during the period. Hedge funds and other institutional investors own 64.35% of the company’s stock.
Shares of Prudential Financial Inc (NYSE:PRU) opened at $106.04 on Friday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $43,833.12, a price-to-earnings ratio of 9.77, a price-to-earnings-growth ratio of 1.05 and a beta of 1.50. Prudential Financial Inc has a 1 year low of $97.88 and a 1 year high of $127.14.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 21st will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Tuesday, February 20th. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. This represents a $3.60 dividend on an annualized basis and a yield of 3.39%. Prudential Financial’s payout ratio is 16.75%.
Prudential Financial announced that its Board of Directors has authorized a share buyback plan on Thursday, December 14th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
A number of equities research analysts recently issued reports on the company. Wells Fargo & Co decreased their price target on Prudential Financial from $122.00 to $111.00 and set a “market perform” rating for the company in a research note on Friday. Deutsche Bank decreased their price target on Prudential Financial from $132.00 to $125.00 and set a “hold” rating for the company in a research note on Friday. Morgan Stanley decreased their price target on Prudential Financial from $133.00 to $131.00 and set an “equal weight” rating for the company in a research note on Thursday. ValuEngine raised Prudential Financial from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 5th. Finally, B. Riley reissued a “buy” rating on shares of Prudential Financial in a research note on Monday, November 6th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $119.14.
In other Prudential Financial news, SVP Barbara Koster sold 16,801 shares of Prudential Financial stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $115.17, for a total transaction of $1,934,971.17. Following the completion of the sale, the senior vice president now directly owns 37,327 shares of the company’s stock, valued at approximately $4,298,950.59. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Timothy P. Harris sold 10,527 shares of Prudential Financial stock in a transaction 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 disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.
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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