KBC Group NV lowered its position in Prudential Financial Inc (NYSE:PRU) by 7.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 427,083 shares of the financial services provider’s stock after selling 34,827 shares during the period. KBC Group NV’s holdings in Prudential Financial were worth $49,106,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. FTB Advisors Inc. raised its holdings in shares of Prudential Financial by 232.2% in the fourth quarter. FTB Advisors Inc. now owns 1,073 shares of the financial services provider’s stock valued at $124,000 after purchasing an additional 750 shares during the last quarter. Cerebellum GP LLC purchased a new stake in shares of Prudential Financial in the fourth quarter valued at about $127,000. Grove Bank & Trust raised its holdings in shares of Prudential Financial by 507.0% in the third quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 943 shares during the last quarter. Legacy Advisors LLC purchased a new stake in shares of Prudential Financial in the third quarter valued at about $129,000. Finally, Community Bank N.A. raised its holdings in shares of Prudential Financial by 269.7% in the fourth quarter. Community Bank N.A. now owns 1,353 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 987 shares during the last quarter. Institutional investors own 64.35% of the company’s stock.
Prudential Financial Inc (PRU) opened at $106.04 on Friday. The firm has a market cap of $43,833.12, a PE ratio of 9.77, a P/E/G ratio of 1.05 and a beta of 1.50. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.32. Prudential Financial Inc has a 1 year low of $97.88 and a 1 year high of $127.14.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 21st will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend is Tuesday, February 20th. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. Prudential Financial’s dividend payout ratio (DPR) is currently 16.75%.
Prudential Financial declared that its Board of Directors has authorized a share repurchase program on Thursday, December 14th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Several brokerages have recently commented on PRU. Wells Fargo & Co set a $122.00 target price on shares of Prudential Financial and gave the company a “hold” rating in a report on Thursday, December 14th. Atlantic Securities upgraded shares of Prudential Financial from a “neutral” rating to an “overweight” rating in a research report on Thursday, January 11th. Morgan Stanley increased their price target 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. B. Riley restated a “buy” rating on shares of Prudential Financial in a research report on Monday, November 6th. Finally, Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 price target for the company in a research report on Monday, January 8th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $119.14.
In other Prudential Financial news, SVP Barbara Koster sold 16,801 shares of the 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 transaction, the senior vice president now owns 37,327 shares in the company, valued at $4,298,950.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Timothy P. Harris sold 10,527 shares of the 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. 0.66% of the stock is owned by company insiders.
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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