NuWave Investment Management LLC Invests $996,000 in Prudential Financial Inc (PRU) Stock
NuWave Investment Management LLC purchased a new stake in shares of Prudential Financial Inc (NYSE:PRU) during the 4th quarter, Holdings Channel reports. The fund purchased 8,659 shares of the financial services provider’s stock, valued at approximately $996,000. Prudential Financial accounts for approximately 1.2% of NuWave Investment Management LLC’s investment portfolio, making the stock its 12th largest holding.
A number of other large investors have also recently modified their holdings of PRU. FTB Advisors Inc. raised its position 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 valued at $124,000 after buying an additional 750 shares during the last quarter. Cerebellum GP LLC bought a new stake in shares of Prudential Financial during the fourth quarter valued at approximately $127,000. Grove Bank & Trust raised its position 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 valued at $120,000 after buying an additional 943 shares during the last quarter. Legacy Advisors LLC bought a new stake in shares of Prudential Financial during the third quarter valued at approximately $129,000. Finally, Community Bank N.A. raised its position 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 valued at $156,000 after buying an additional 987 shares during the last quarter. 64.37% of the stock is currently owned by institutional investors and hedge funds.
Shares of Prudential Financial Inc (NYSE:PRU) opened at $106.04 on Monday. Prudential Financial Inc has a 1 year low of $97.88 and a 1 year high of $127.14. The firm has a market cap of $44,960.96, a price-to-earnings ratio of 5.92, a P/E/G ratio of 1.09 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 declared that its board has authorized a share buyback plan 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 buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared 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. This represents a $3.60 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Tuesday, February 20th. This is a boost from Prudential Financial’s previous quarterly dividend of $0.75. Prudential Financial’s payout ratio is currently 16.75%.
In other Prudential Financial news, EVP Timothy P. Harris sold 10,527 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $115.00, for a total transaction of $1,210,605.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Barbara Koster sold 16,801 shares of the business’s stock in a transaction 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 transaction, the senior vice president now owns 37,327 shares in the company, valued at approximately $4,298,950.59. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.
PRU has been the topic of several recent analyst reports. Royal Bank of Canada reiterated a “hold” rating and set a $119.00 price objective on shares of Prudential Financial in a research report on Friday, November 3rd. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $127.00 price objective on shares of Prudential Financial in a research report on Thursday, December 21st. Morgan Stanley lifted their price objective on shares of Prudential Financial from $123.00 to $124.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Goldman Sachs Group began coverage on shares of Prudential Financial in a research report on Wednesday, October 18th. They set a “neutral” rating and a $114.00 price objective on the stock. Finally, Citigroup upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 price target on the stock in a research report on Tuesday, October 17th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Prudential Financial presently has a consensus rating of “Buy” and a consensus target price of $119.14.
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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