American International Group Inc. Sells 10,061 Shares of Prudential Financial Inc (PRU)
American International Group Inc. reduced its holdings in Prudential Financial Inc (NYSE:PRU) by 4.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 195,388 shares of the financial services provider’s stock after selling 10,061 shares during the period. American International Group Inc.’s holdings in Prudential Financial were worth $22,466,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. FTB Advisors Inc. increased its stake in 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 buying an additional 750 shares during the last quarter. Cerebellum GP LLC acquired a new stake in Prudential Financial in the 4th quarter valued at $127,000. Grove Bank & Trust increased its stake in Prudential Financial by 507.0% in the 3rd 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 acquired a new stake in Prudential Financial in the 3rd quarter valued at $129,000. Finally, Community Bank N.A. grew its position in shares of Prudential Financial by 269.7% in the 4th quarter. Community Bank N.A. now owns 1,353 shares of the financial services provider’s stock valued at $156,000 after acquiring an additional 987 shares during the period. Hedge funds and other institutional investors own 63.81% of the company’s stock.
PRU has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 price objective for the company in a research report on Monday, January 8th. B. Riley reissued a “buy” rating on shares of Prudential Financial in a research report on Monday, November 6th. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Prudential Financial in a research report on Friday, November 10th. ValuEngine downgraded shares of Prudential Financial from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 10th. Finally, Sandler O’Neill reissued a “buy” rating and issued a $134.00 price objective on shares of Prudential Financial in a research report on Thursday, January 11th. Six research 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’s stock. Prudential Financial has a consensus rating of “Buy” and a consensus price target of $118.38.
Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, February 7th. The financial services provider reported $2.69 EPS for the quarter, topping the consensus estimate of $2.64 by $0.05. The business 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 posted $2.46 EPS. analysts forecast that Prudential Financial Inc will post 12.06 earnings per share for the current fiscal year.
The business also recently announced 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 is an increase from Prudential Financial’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Tuesday, February 20th. This represents a $3.60 annualized dividend and a dividend yield of 3.29%. Prudential Financial’s payout ratio is presently 16.80%.
Prudential Financial announced that its Board of Directors has approved a stock repurchase program on Thursday, December 14th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In related 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Timothy P. Harris sold 10,527 shares of Prudential Financial stock in a transaction dated Wednesday, November 29th. The stock was 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.
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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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