State of Alaska Department of Revenue raised its position in Prudential Financial Inc (NYSE:PRU) by 230.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,169 shares of the financial services provider’s stock after buying an additional 29,424 shares during the quarter. State of Alaska Department of Revenue’s holdings in Prudential Financial were worth $4,846,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of PRU. Fieldpoint Private Securities LLC bought a new stake in shares of Prudential Financial during the 2nd quarter valued at $103,000. Grove Bank & Trust raised its stake in shares of Prudential Financial by 507.0% during the 3rd 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 period. Legacy Advisors LLC bought a new stake in shares of Prudential Financial during the 3rd quarter valued at $129,000. Zions Bancorporation raised its stake in shares of Prudential Financial by 44.9% during the 3rd quarter. Zions Bancorporation now owns 1,690 shares of the financial services provider’s stock valued at $180,000 after purchasing an additional 524 shares during the period. Finally, Advisory Services Network LLC raised its stake in shares of Prudential Financial by 128.8% during the 2nd quarter. Advisory Services Network LLC now owns 1,700 shares of the financial services provider’s stock valued at $184,000 after purchasing an additional 957 shares during the period. Hedge funds and other institutional investors own 64.50% of the company’s stock.
In other Prudential Financial news, insider Nicholas C. Silitch sold 44,860 shares of the company’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $111.77, for a total value of $5,014,002.20. Following the transaction, the insider now directly owns 27,927 shares in the company, valued at approximately $3,121,400.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Barbara Koster sold 16,801 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was 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 owns 37,327 shares in the company, valued at $4,298,950.59. The disclosure for this sale can be found here. Insiders sold a total of 116,818 shares of company stock worth $13,154,122 over the last 90 days. Corporate insiders own 0.66% of the company’s stock.
Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.30. The business had revenue of $13.36 billion for the quarter, compared to analyst estimates of $12.24 billion. Prudential Financial had a return on equity of 9.51% and a net margin of 7.71%. During the same period in the prior year, the company earned $2.66 EPS. equities analysts predict that Prudential Financial Inc will post 10.49 earnings per share for the current fiscal year.
Prudential Financial declared that its board has initiated a share repurchase program 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. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
A number of research firms recently issued reports on PRU. Atlantic Securities upgraded Prudential Financial from a “neutral” rating to an “overweight” rating in a research note on Thursday, January 11th. Sandler O’Neill reiterated a “buy” rating and set a $134.00 price objective on shares of Prudential Financial in a research note on Thursday, January 11th. Wells Fargo & Co reiterated a “hold” rating and set a $120.00 price objective (up from $114.00) on shares of Prudential Financial in a research note on Wednesday, November 8th. Zacks Investment Research upgraded Prudential Financial from a “hold” rating to a “buy” rating and set a $132.00 price objective on the stock in a research note on Monday, January 8th. Finally, FBR & Co upgraded Prudential Financial from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $117.00 to $100.00 in a research note on Tuesday, October 10th. Seven investment 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. Prudential Financial has an average rating of “Buy” and a consensus target price of $119.35.
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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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