ING Groep NV lifted its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 4.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,458 shares of the financial services provider’s stock after buying an additional 1,293 shares during the period. ING Groep NV’s holdings in Prudential Financial were worth $2,501,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Lindbrook Capital LLC lifted its position in Prudential Financial by 25.5% during the first quarter. Lindbrook Capital LLC now owns 512 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 104 shares during the period. Boston Private Wealth LLC raised its position in shares of Prudential Financial by 2.2% in the first quarter. Boston Private Wealth LLC now owns 5,292 shares of the financial services provider’s stock worth $482,000 after acquiring an additional 114 shares during the period. Joseph P. Lucia & Associates LLC raised its position in shares of Prudential Financial by 23.9% in the first quarter. Joseph P. Lucia & Associates LLC now owns 623 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 120 shares during the period. Glassman Wealth Services raised its position in shares of Prudential Financial by 3.9% in the first quarter. Glassman Wealth Services now owns 3,202 shares of the financial services provider’s stock worth $292,000 after acquiring an additional 120 shares during the period. Finally, Hancock Whitney Corp raised its position in shares of Prudential Financial by 0.4% in the fourth quarter. Hancock Whitney Corp now owns 29,637 shares of the financial services provider’s stock worth $2,314,000 after acquiring an additional 127 shares during the period. Institutional investors and hedge funds own 54.57% of the company’s stock.
In other Prudential Financial news, CFO Kenneth Tanji sold 29,285 shares of the stock in a transaction that occurred on Monday, March 22nd. The shares were sold at an average price of $90.94, for a total value of $2,663,177.90. Following the sale, the chief financial officer now directly owns 36,477 shares of the company’s stock, valued at approximately $3,317,218.38. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.33% of the company’s stock.
Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, May 4th. The financial services provider reported $4.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.75 by $1.36. The company had revenue of $14.22 billion for the quarter, compared to analyst estimates of $14.45 billion. Prudential Financial had a net margin of 4.88% and a return on equity of 7.56%. During the same period in the prior year, the business earned $2.32 EPS. Analysts forecast that Prudential Financial, Inc. will post 13.12 EPS for the current fiscal year.
Prudential Financial declared that its board has approved a share buyback plan on Tuesday, May 4th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 1.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 17th. Shareholders of record on Tuesday, May 25th will be given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend is Monday, May 24th. Prudential Financial’s dividend payout ratio is presently 45.05%.
PRU has been the subject of a number of research reports. Citigroup boosted their target price on shares of Prudential Financial from $83.00 to $97.00 in a research note on Wednesday, March 31st. Morgan Stanley boosted their target price on shares of Prudential Financial from $102.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 19th. UBS Group started coverage on shares of Prudential Financial in a research note on Monday, April 26th. They set a “neutral” rating and a $96.00 target price for the company. Piper Sandler upped their price objective on shares of Prudential Financial from $85.00 to $94.00 in a research note on Thursday, March 18th. Finally, Barclays upped their price objective on shares of Prudential Financial from $91.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, April 12th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Prudential Financial presently has a consensus rating of “Hold” and an average price target of $95.23.
Prudential Financial Profile
Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.
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