Municipal Employees Retirement System of Michigan decreased its position in shares of Prudential Financial Inc (NYSE:PRU) by 39.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,030 shares of the financial services provider’s stock after selling 7,200 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Prudential Financial were worth $1,268,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Prudential Financial during the 4th quarter worth approximately $105,000. Truewealth LLC acquired a new stake in shares of Prudential Financial during the 4th quarter worth approximately $105,000. Grove Bank & Trust grew its stake in 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 acquiring an additional 943 shares during the period. Virtue Capital Management LLC acquired a new stake in Prudential Financial in the 4th quarter valued at $123,000. Finally, FTB Advisors Inc. grew its stake in Prudential Financial by 232.2% in the 4th quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock valued at $124,000 after acquiring an additional 750 shares during the period. 66.75% of the stock is currently owned by institutional investors and hedge funds.
Shares of Prudential Financial Inc (NYSE PRU) opened at $107.72 on Tuesday. The stock has a market cap of $45,850.30, a PE ratio of 10.27, a P/E/G ratio of 1.13 and a beta of 1.54. Prudential Financial Inc has a fifty-two week low of $97.88 and a fifty-two week high of $127.14. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.13 and a quick ratio of 0.13.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.05. The firm had revenue of $15.25 billion for the quarter, compared to analyst estimates of $12.87 billion. Prudential Financial had a net margin of 13.41% and a return on equity of 9.29%. During the same period in the previous year, the firm earned $2.46 EPS. equities analysts predict that Prudential Financial Inc will post 12.06 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Wednesday, February 21st were issued a $0.90 dividend. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. This represents a $3.60 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend was Tuesday, February 20th. Prudential Financial’s payout ratio is 20.10%.
Prudential Financial announced that its Board of Directors has initiated a share buyback 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 usually a sign that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts recently issued reports on PRU shares. ValuEngine raised shares of Prudential Financial from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 5th. Wells Fargo set a $122.00 price target on shares of Prudential Financial and gave the company a “hold” rating in a research note on Thursday, December 14th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $127.00 price target on shares of Prudential Financial in a research note on Thursday, December 21st. Deutsche Bank began coverage on shares of Prudential Financial in a research note on Tuesday, January 2nd. They set a “hold” rating and a $124.00 target price on the stock. Finally, Zacks Investment Research lowered Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Seven equities research 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 stock. Prudential Financial presently has an average rating of “Buy” and a consensus target price of $118.45.
In other Prudential Financial news, insider Stephen Pelletier sold 40,729 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $108.75, for a total transaction of $4,429,278.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Barbara Koster sold 16,801 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now owns 37,327 shares in the company, valued at $4,298,950.59. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.
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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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