HBK Investments L P raised its position in Prudential Financial Inc (NYSE:PRU) by 148.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 213,220 shares of the financial services provider’s stock after buying an additional 127,320 shares during the quarter. HBK Investments L P owned approximately 0.05% of Prudential Financial worth $24,516,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Prudential Financial by 5.0% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 42,113 shares of the financial services provider’s stock valued at $4,477,000 after purchasing an additional 1,990 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Prudential Financial by 10.3% in the third quarter. Pacer Advisors Inc. now owns 10,836 shares of the financial services provider’s stock valued at $1,152,000 after purchasing an additional 1,014 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Prudential Financial in the third quarter valued at approximately $8,739,000. Cipher Capital LP increased its holdings in shares of Prudential Financial by 11.3% in the third quarter. Cipher Capital LP now owns 84,075 shares of the financial services provider’s stock valued at $8,939,000 after purchasing an additional 8,554 shares during the period. Finally, California Public Employees Retirement System increased its holdings in shares of Prudential Financial by 3.2% in the third quarter. California Public Employees Retirement System now owns 1,178,615 shares of the financial services provider’s stock valued at $125,310,000 after purchasing an additional 36,270 shares during the period. Institutional investors own 66.79% of the company’s stock.
Prudential Financial Inc (NYSE PRU) opened at $110.70 on Monday. Prudential Financial Inc has a twelve month low of $97.88 and a twelve month high of $127.14. The firm has a market capitalization of $46,546.60, a price-to-earnings ratio of 6.16, a P/E/G ratio of 1.14 and a beta of 1.54. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.32.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 21st will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Tuesday, February 20th. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. Prudential Financial’s dividend payout ratio is currently 20.10%.
Prudential Financial announced that its board has approved a share buyback program on Thursday, December 14th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
A number of research analysts have recently issued reports on the company. ValuEngine raised Prudential Financial from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 5th. Royal Bank of Canada raised Prudential Financial from a “sector perform” rating to an “outperform” rating in a report on Monday, February 12th. They noted that the move was a valuation call. Sandler O’Neill reissued a “buy” rating and issued a $134.00 target price on shares of Prudential Financial in a report on Thursday, January 11th. Morgan Stanley dropped their target price on Prudential Financial from $133.00 to $131.00 and set an “equal weight” rating on the stock in a report on Thursday, February 8th. Finally, Wells Fargo & Co reissued a “hold” rating and issued a $122.00 target price on shares of Prudential Financial in a report on Wednesday, February 7th. Seven 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 company. The company currently has a consensus rating of “Buy” and an average price target of $118.45.
In other Prudential Financial news, insider Stephen Pelletier sold 40,729 shares of the business’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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Barbara Koster sold 16,801 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $115.17, for a total value 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. Corporate insiders own 0.66% of the company’s stock.
Prudential Financial Profile
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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