Prudential Financial Inc (PRU) Shares Sold by Associated Banc Corp
Associated Banc Corp reduced its stake in Prudential Financial Inc (NYSE:PRU) by 0.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 129,487 shares of the financial services provider’s stock after selling 564 shares during the period. Associated Banc Corp’s holdings in Prudential Financial were worth $14,888,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently bought and sold shares of PRU. Steward Partners Investment Advisory LLC boosted its position in Prudential Financial by 3.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,045 shares of the financial services provider’s stock worth $1,499,000 after buying an additional 433 shares during the period. Seaward Management Limited Partnership boosted its position in Prudential Financial by 1.1% during the 4th quarter. Seaward Management Limited Partnership now owns 42,653 shares of the financial services provider’s stock worth $4,904,000 after buying an additional 450 shares during the period. Hussman Strategic Advisors Inc. boosted its position in Prudential Financial by 2.0% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 25,500 shares of the financial services provider’s stock worth $2,711,000 after buying an additional 500 shares during the period. Mn Services Vermogensbeheer B.V. boosted its position in Prudential Financial by 0.7% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 70,536 shares of the financial services provider’s stock worth $7,499,000 after buying an additional 500 shares during the period. Finally, First Allied Advisory Services Inc. boosted its position in Prudential Financial by 4.5% during the 3rd quarter. First Allied Advisory Services Inc. now owns 11,820 shares of the financial services provider’s stock worth $1,253,000 after buying an additional 507 shares during the period. Institutional investors own 64.35% of the company’s stock.
PRU has been the topic of several recent research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $121.00 target price on shares of Prudential Financial in a research report on Monday, October 16th. Citigroup upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 target price on the stock in a research report on Tuesday, October 17th. Goldman Sachs Group initiated coverage on shares of Prudential Financial in a research report on Wednesday, October 18th. They set a “neutral” rating and a $114.00 target price on the stock. Morgan Stanley lifted their target price on shares of Prudential Financial from $123.00 to $124.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $119.00 target price on shares of Prudential Financial in a research report on Friday, November 3rd. Seven investment analysts have rated the stock with a hold rating, ten have assigned 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.
Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.05. Prudential Financial had a net margin of 13.41% and a return on equity of 9.29%. The firm had revenue of $15.25 billion during the quarter, compared to analyst estimates of $12.87 billion. During the same quarter last year, the business earned $2.46 EPS. sell-side analysts forecast that Prudential Financial Inc will post 12.17 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 21st will be issued a dividend of $0.90 per share. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. The ex-dividend date is Tuesday, February 20th. This represents a $3.60 annualized dividend and a yield of 3.39%. Prudential Financial’s dividend payout ratio (DPR) is presently 16.80%.
Prudential Financial announced that its board has authorized a stock repurchase plan on Thursday, December 14th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Prudential Financial news, 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 in the company, valued at approximately $4,298,950.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Timothy P. Harris sold 10,527 shares of the firm’s stock in a transaction that occurred 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. 0.66% of the stock is currently owned by company 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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