Point72 Asset Management L.P. bought a new stake in Prudential Financial, Inc. (NYSE:PRU) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 82,198 shares of the financial services provider’s stock, valued at approximately $8,739,000.
Other large investors also recently added to or reduced their stakes in the company. Douglas Lane & Associates LLC boosted its holdings in Prudential Financial by 3.1% in the third quarter. Douglas Lane & Associates LLC now owns 647,412 shares of the financial services provider’s stock valued at $68,833,000 after purchasing an additional 19,238 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in Prudential Financial by 25.3% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 21,649 shares of the financial services provider’s stock valued at $2,341,000 after purchasing an additional 4,372 shares during the period. Seizert Capital Partners LLC boosted its holdings in Prudential Financial by 2.2% in the second quarter. Seizert Capital Partners LLC now owns 114,414 shares of the financial services provider’s stock valued at $12,373,000 after purchasing an additional 2,421 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Prudential Financial by 5.0% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 42,113 shares of the financial services provider’s stock valued at $4,477,000 after purchasing an additional 1,990 shares during the period. Finally, APG Asset Management N.V. boosted its holdings in Prudential Financial by 171.8% in the third quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock valued at $287,566,000 after purchasing an additional 1,709,699 shares during the period. Hedge funds and other institutional investors own 64.65% of the company’s stock.
Shares of Prudential Financial, Inc. (NYSE PRU) traded up $1.26 during midday trading on Friday, reaching $115.73. The company’s stock had a trading volume of 2,850,000 shares, compared to its average volume of 1,750,000. The stock has a market cap of $49,810.00, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 1.30 and a beta of 1.55. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial, Inc. has a 12 month low of $97.88 and a 12 month high of $117.99.
Prudential Financial announced that its board has approved a share buyback program 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 reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 14th. Stockholders of record on Monday, November 27th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Friday, November 24th. Prudential Financial’s dividend payout ratio (DPR) is currently 30.24%.
In other news, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Charles F. Lowrey sold 44,630 shares of Prudential Financial stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $111.91, for a total value of $4,994,543.30. Following the sale, the executive vice president now owns 79,354 shares in the company, valued at approximately $8,880,506.14. The disclosure for this sale can be found here. Insiders have sold 100,017 shares of company stock worth $11,219,151 in the last quarter. Insiders own 0.66% of the company’s stock.
A number of research analysts recently issued reports on PRU shares. Royal Bank of Canada reiterated a “hold” rating and issued a $117.00 target price on shares of Prudential Financial in a report on Wednesday, September 6th. Morgan Stanley lifted their target price on Prudential Financial from $118.00 to $123.00 and gave the company an “equal weight” rating in a report on Thursday, October 5th. FBR & Co raised Prudential Financial from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $117.00 to $100.00 in a report on Tuesday, October 10th. Zacks Investment Research raised Prudential Financial from a “hold” rating to a “buy” rating and set a $122.00 price target for the company in a report on Tuesday, October 10th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $121.00 price target on shares of Prudential Financial in a report on Monday, October 16th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $115.78.
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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