Security National Bank of Sioux City Iowa IA reduced its position in Prudential Financial, Inc. (NYSE:PRU) by 6.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,956 shares of the financial services provider’s stock after selling 929 shares during the period. Security National Bank of Sioux City Iowa IA’s holdings in Prudential Financial were worth $1,272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently bought and sold shares of the company. California Public Employees Retirement System grew its holdings in shares of Prudential Financial by 4.8% during the fourth quarter. California Public Employees Retirement System now owns 996,423 shares of the financial services provider’s stock worth $77,791,000 after buying an additional 45,307 shares in the last quarter. Trust Co. of Vermont raised its holdings in Prudential Financial by 106.6% in the fourth quarter. Trust Co. of Vermont now owns 1,058 shares of the financial services provider’s stock valued at $83,000 after acquiring an additional 546 shares in the last quarter. Winslow Evans & Crocker Inc. grew its position in shares of Prudential Financial by 4,903.8% during the fourth quarter. Winslow Evans & Crocker Inc. now owns 5,254 shares of the financial services provider’s stock worth $410,000 after acquiring an additional 5,149 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Prudential Financial by 26.5% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 93,143 shares of the financial services provider’s stock valued at $7,272,000 after buying an additional 19,489 shares during the last quarter. Finally, Steel Peak Wealth Management LLC acquired a new stake in Prudential Financial in the fourth quarter valued at $262,000. Hedge funds and other institutional investors own 54.57% of the company’s stock.
PRU has been the subject of a number of research reports. Credit Suisse Group boosted their target price on Prudential Financial from $121.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, May 12th. Royal Bank of Canada upped their target price on Prudential Financial from $92.00 to $108.00 and gave the company a “sector perform” rating in a research report on Thursday, May 6th. They noted that the move was a valuation call. Zacks Investment Research raised Prudential Financial from a “sell” rating to a “hold” rating and set a $94.00 target price on the stock in a research report on Thursday, February 25th. Citigroup upped their price target on Prudential Financial from $83.00 to $97.00 in a research report on Wednesday, March 31st. Finally, TheStreet upgraded Prudential Financial from a “c” rating to a “b-” rating in a research note on Tuesday, May 4th. Ten analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $95.23.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, May 4th. The financial services provider reported $4.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.75 by $1.36. The firm had revenue of $14.22 billion during the quarter, compared to the consensus estimate of $14.45 billion. Prudential Financial had a return on equity of 7.56% and a net margin of 4.88%. During the same period last year, the business posted $2.32 EPS. On average, analysts predict that Prudential Financial, Inc. will post 13.12 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 17th. Shareholders of record on Tuesday, May 25th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Monday, May 24th. This represents a $4.60 annualized dividend and a dividend yield of 4.35%. Prudential Financial’s dividend payout ratio is currently 45.05%.
Prudential Financial declared that its board has approved a share repurchase plan on Tuesday, May 4th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the financial services provider to repurchase up to 1.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, CFO Kenneth Tanji sold 29,285 shares of the firm’s stock in a transaction that occurred on Monday, March 22nd. The shares were sold at an average price of $90.94, for a total transaction of $2,663,177.90. Following the completion of the sale, the chief financial officer now owns 36,477 shares in the company, valued at approximately $3,317,218.38. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.33% of the stock is owned by company insiders.
About Prudential Financial
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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