Essex Financial Services Inc. Takes $266,000 Position in Prudential Financial Inc (PRU)
Essex Financial Services Inc. purchased a new stake in Prudential Financial Inc (NYSE:PRU) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 2,313 shares of the financial services provider’s stock, valued at approximately $266,000.
Other large investors have also recently made changes to their positions in the company. FTB Advisors Inc. raised its position in shares of Prudential Financial by 232.2% in the 4th quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock valued at $124,000 after acquiring an additional 750 shares during the period. Cerebellum GP LLC acquired a new stake in shares of Prudential Financial in the 4th quarter valued at approximately $127,000. Grove Bank & Trust raised 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 buying an additional 943 shares during the period. Legacy Advisors LLC acquired a new stake in Prudential Financial during the 3rd quarter worth approximately $129,000. Finally, Community Bank N.A. raised 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 buying an additional 987 shares during the period. Institutional investors and hedge funds own 64.37% of the company’s stock.
In other news, EVP Timothy P. Harris sold 10,527 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Barbara Koster sold 16,801 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was 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 directly owns 37,327 shares of the company’s stock, valued at $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 (NYSE:PRU) last issued its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.05. The company had revenue of $15.25 billion during the quarter, compared to analysts’ expectations of $12.87 billion. Prudential Financial had a net margin of 13.41% and a return on equity of 9.29%. During the same period last year, the business earned $2.46 EPS. equities research analysts predict that Prudential Financial Inc will post 12.17 earnings per share for the current fiscal year.
Prudential Financial declared that its board has authorized a stock repurchase 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 21st will be paid a dividend of $0.90 per share. This is a boost from Prudential Financial’s previous quarterly dividend of $0.75. This represents a $3.60 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Tuesday, February 20th. Prudential Financial’s dividend payout ratio (DPR) is currently 16.75%.
PRU has been the topic of several research analyst reports. Keefe, Bruyette & Woods restated a “buy” rating and set a $127.00 target price on shares of Prudential Financial in a report on Thursday, December 21st. B. Riley restated a “buy” rating on shares of Prudential Financial in a report on Monday, November 6th. ValuEngine downgraded shares of Prudential Financial from a “strong-buy” rating to a “buy” rating in a report on Friday, November 10th. Citigroup upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 target price on the stock in a report on Tuesday, October 17th. Finally, Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 target price on the stock in a report on Monday, January 8th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $119.14.
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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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