Verity & Verity LLC Purchases 3,192 Shares of Prudential Financial, Inc. (NYSE:PRU)

Verity & Verity LLC lifted its position in shares of Prudential Financial, Inc. (NYSE:PRU – Get Rating) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 120,580 shares of the financial services provider’s stock after acquiring an additional 3,192 shares during the quarter. Prudential Financial makes up about 1.6% of Verity & Verity LLC’s investment portfolio, making the stock its 24th largest position. Verity & Verity LLC’s holdings in Prudential Financial were worth $11,993,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Legacy Bridge LLC increased its holdings in Prudential Financial by 17.7% in the fourth quarter. Legacy Bridge LLC now owns 1,136 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 171 shares during the last quarter. Sound Income Strategies LLC increased its holdings in Prudential Financial by 4.7% in the fourth quarter. Sound Income Strategies LLC now owns 16,386 shares of the financial services provider’s stock valued at $1,630,000 after purchasing an additional 742 shares during the last quarter. MADDEN SECURITIES Corp bought a new stake in Prudential Financial in the fourth quarter valued at about $73,000. Glassy Mountain Advisors Inc. bought a new stake in Prudential Financial in the fourth quarter valued at about $82,000. Finally, MCIA Inc increased its holdings in Prudential Financial by 21.3% in the fourth quarter. MCIA Inc now owns 20,872 shares of the financial services provider’s stock valued at $2,074,000 after purchasing an additional 3,660 shares during the last quarter. Institutional investors own 56.33% of the company’s stock.

Insider Activity

In other news, EVP Andrew F. Sullivan sold 11,405 shares of the stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $100.95, for a total transaction of $1,151,334.75. Following the transaction, the executive vice president now owns 12,300 shares in the company, valued at $1,241,685. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Andrew F. Sullivan sold 11,405 shares of the stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $100.95, for a total transaction of $1,151,334.75. Following the transaction, the executive vice president now owns 12,300 shares in the company, valued at $1,241,685. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Andrew F. Sullivan sold 4,126 shares of the stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $99.20, for a total value of $409,299.20. Following the transaction, the executive vice president now owns 12,241 shares in the company, valued at approximately $1,214,307.20. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial Stock Down 5.1 %

Shares of NYSE PRU opened at $78.02 on Friday. The stock has a 50 day moving average price of $98.36 and a 200 day moving average price of $98.88. Prudential Financial, Inc. has a 52 week low of $76.90 and a 52 week high of $122.54. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.07 and a quick ratio of 0.07.

Prudential Financial (NYSE:PRU – Get Rating) last released its quarterly earnings data on Tuesday, February 7th. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.15). Prudential Financial had a negative net margin of 2.33% and a positive return on equity of 13.31%. The business had revenue of $12.65 billion during the quarter, compared to analyst estimates of $12.78 billion. During the same period in the previous year, the business earned $3.18 earnings per share. Equities analysts forecast that Prudential Financial, Inc. will post 12.2 earnings per share for the current year.

Prudential Financial declared that its board has approved a share buyback program on Tuesday, February 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Tuesday, February 21st were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 6.41%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Friday, February 17th. Prudential Financial’s dividend payout ratio (DPR) is presently -126.90%.

Wall Street Analyst Weigh In

PRU has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on Prudential Financial from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Monday, February 13th. The Goldman Sachs Group downgraded Prudential Financial from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $98.00 to $96.00 in a report on Monday, January 9th. JPMorgan Chase & Co. lowered their price target on Prudential Financial from $118.00 to $114.00 and set a “neutral” rating for the company in a report on Wednesday, February 8th. StockNews.com initiated coverage on Prudential Financial in a report on Thursday. They issued a “hold” rating for the company. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $110.00 price target on shares of Prudential Financial in a report on Thursday, February 9th. Four analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $103.00.

Prudential Financial Company Profile

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Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.