Swiss National Bank Reduces Holdings in Prudential Financial Inc (PRU)
Swiss National Bank decreased its position in shares of Prudential Financial Inc (NYSE:PRU) by 0.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,574,587 shares of the financial services provider’s stock after selling 6,400 shares during the quarter. Swiss National Bank’s holdings in Prudential Financial were worth $181,046,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of PRU. Grove Bank & Trust grew its holdings in shares of Prudential Financial by 507.0% during the third quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 943 shares during the last quarter. FTB Advisors Inc. grew its holdings in shares of Prudential Financial by 232.2% during the fourth quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock worth $124,000 after purchasing an additional 750 shares during the last quarter. Cerebellum GP LLC purchased a new position in shares of Prudential Financial during the fourth quarter worth about $127,000. Legacy Advisors LLC purchased a new position in shares of Prudential Financial during the third quarter worth about $129,000. Finally, Community Bank N.A. grew its holdings in shares of Prudential Financial by 269.7% during the fourth quarter. Community Bank N.A. now owns 1,353 shares of the financial services provider’s stock worth $156,000 after purchasing an additional 987 shares during the last quarter. 64.35% of the stock is currently owned by institutional investors.
Shares of Prudential Financial Inc (PRU) opened at $106.04 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market cap of $44,960.96, a PE ratio of 5.92, a P/E/G ratio of 1.08 and a beta of 1.50. Prudential Financial Inc has a 12-month low of $97.88 and a 12-month high of $127.14.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 21st will be given a $0.90 dividend. The ex-dividend date is Tuesday, February 20th. This represents a $3.60 dividend on an annualized basis and a yield of 3.39%. This is an increase from Prudential Financial’s previous quarterly dividend of $0.75. Prudential Financial’s dividend payout ratio (DPR) is presently 16.75%.
Prudential Financial announced that its Board of Directors has approved a share buyback plan on Thursday, December 14th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Several equities analysts have issued reports on the company. Wells Fargo & Co set a $122.00 price objective on Prudential Financial and gave the stock a “hold” rating in a report on Thursday, December 14th. Atlantic Securities upgraded shares of Prudential Financial from a “neutral” rating to an “overweight” rating in a research note on Thursday, January 11th. Morgan Stanley increased 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 note on Thursday, November 2nd. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a research note on Monday, November 6th. Finally, Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 target price for the company in a research note on Monday, January 8th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $119.14.
In related news, EVP Timothy P. Harris sold 10,527 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $115.00, for a total value of $1,210,605.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Barbara Koster sold 16,801 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now owns 37,327 shares of the company’s stock, valued at approximately $4,298,950.59. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.
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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