Covenant Multifamily Offices LLC Has $3.66 Million Position in Prudential Financial Inc (PRU)
Covenant Multifamily Offices LLC decreased its position in shares of Prudential Financial Inc (NYSE:PRU) by 5.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,815 shares of the financial services provider’s stock after selling 1,730 shares during the period. Prudential Financial comprises approximately 2.4% of Covenant Multifamily Offices LLC’s holdings, making the stock its 11th biggest holding. Covenant Multifamily Offices LLC’s holdings in Prudential Financial were worth $3,658,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC increased its stake in Prudential Financial by 3.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,045 shares of the financial services provider’s stock worth $1,499,000 after buying an additional 433 shares during the period. Seaward Management Limited Partnership increased its stake in Prudential Financial by 1.1% during the 4th quarter. Seaward Management Limited Partnership now owns 42,653 shares of the financial services provider’s stock worth $4,904,000 after buying an additional 450 shares during the period. Cetera Advisor Networks LLC increased its stake in Prudential Financial by 10.2% during the 4th quarter. Cetera Advisor Networks LLC now owns 5,142 shares of the financial services provider’s stock worth $586,000 after buying an additional 475 shares during the period. Hussman Strategic Advisors Inc. increased its stake in Prudential Financial by 2.0% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 25,500 shares of the financial services provider’s stock worth $2,711,000 after buying an additional 500 shares during the period. Finally, Mn Services Vermogensbeheer B.V. increased its stake in Prudential Financial by 0.7% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 70,536 shares of the financial services provider’s stock worth $7,499,000 after buying an additional 500 shares during the period. 64.37% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP Barbara Koster sold 16,801 shares of Prudential Financial stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total value of $1,934,971.17. Following the completion of the transaction, the senior vice president now directly owns 37,327 shares of the company’s stock, valued at approximately $4,298,950.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Timothy P. Harris sold 10,527 shares of Prudential Financial stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $115.00, for a total transaction of $1,210,605.00. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.
Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.64 by $0.05. The company had revenue of $15.25 billion during the quarter, compared to the consensus estimate of $12.87 billion. Prudential Financial had a net margin of 13.41% and a return on equity of 9.29%. During the same quarter in the previous year, the firm earned $2.46 EPS. equities research analysts forecast that Prudential Financial Inc will post 12.05 earnings per share for the current fiscal year.
Prudential Financial declared that its board has approved a stock buyback plan on Thursday, December 14th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is 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 issued a $0.90 dividend. The ex-dividend date is Tuesday, February 20th. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. This represents a $3.60 annualized dividend and a dividend yield of 3.37%. Prudential Financial’s payout ratio is 16.75%.
PRU has been the topic of several analyst reports. Citigroup raised 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 note on Tuesday, October 17th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $127.00 price target on shares of Prudential Financial in a research note on Thursday, December 21st. ValuEngine downgraded shares of Prudential Financial from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 10th. B. Riley reissued a “buy” rating on shares of Prudential Financial in a research report on Monday, November 6th. Finally, Zacks Investment Research raised 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 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 stock currently has an average rating of “Buy” and an average target price of $119.14.
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Prudential Financial Company 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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