Pinnacle Wealth Planning Services Inc. acquired a new position in Prudential Financial Inc (NYSE:PRU) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 914 shares of the financial services provider’s stock, valued at approximately $105,000.
Other hedge funds also recently bought and sold shares of the company. Grove Bank & Trust grew its holdings in Prudential Financial by 507.0% during the 3rd quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock worth $120,000 after acquiring an additional 943 shares during the period. FTB Advisors Inc. grew its holdings in Prudential Financial by 232.2% during the 4th quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock worth $124,000 after acquiring an additional 750 shares during the period. Cerebellum GP LLC acquired a new stake in Prudential Financial during the 4th quarter worth $127,000. Legacy Advisors LLC acquired a new stake in Prudential Financial during the 3rd quarter worth $129,000. Finally, Community Bank N.A. grew its holdings in Prudential Financial by 269.7% during the 4th quarter. Community Bank N.A. now owns 1,353 shares of the financial services provider’s stock worth $156,000 after acquiring an additional 987 shares during the period. Hedge funds and other institutional investors own 63.81% of the company’s stock.
Prudential Financial Inc (NYSE:PRU) opened at $110.12 on Tuesday. The firm has a market cap of $45,989.56, a price-to-earnings ratio of 10.30, a P/E/G ratio of 1.13 and a beta of 1.50. 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 Inc has a one year low of $97.88 and a one year high of $127.14.
Prudential Financial announced that its Board of Directors has approved a stock repurchase 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. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 21st will be paid a $0.90 dividend. The ex-dividend date 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 3.27%. Prudential Financial’s dividend payout ratio is presently 20.10%.
In related news, SVP Barbara Koster sold 16,801 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total value of $1,934,971.17. Following the completion of the transaction, 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 document filed with the SEC, which is available through the SEC website. Also, insider Stephen Pelletier sold 40,729 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $108.75, for a total transaction of $4,429,278.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,057 shares of company stock valued at $7,574,855. Company insiders own 0.66% of the company’s stock.
A number of analysts have commented on the stock. Sandler O’Neill reaffirmed a “buy” rating and set a $134.00 target price on shares of Prudential Financial in a report on Thursday, January 11th. Atlantic Securities raised shares of Prudential Financial from a “neutral” rating to an “overweight” rating in a report on Thursday, January 11th. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 price target for the company in a report on Monday, January 8th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $127.00 price target on shares of Prudential Financial in a report on Thursday, December 21st. Finally, ValuEngine raised shares of Prudential Financial from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 5th. Six analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $118.45.
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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