California State Teachers Retirement System Increases Position in Prudential Financial, Inc. (NYSE:PRU)

California State Teachers Retirement System raised its stake in Prudential Financial, Inc. (NYSE:PRU – Get Rating) by 1.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 649,097 shares of the financial services provider’s stock after buying an additional 10,961 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Prudential Financial worth $55,680,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Fairfield Bush & CO. acquired a new position in Prudential Financial during the first quarter worth $36,000. Blair William & Co. IL boosted its position in shares of Prudential Financial by 11.3% in the 1st quarter. Blair William & Co. IL now owns 50,600 shares of the financial services provider’s stock worth $5,979,000 after buying an additional 5,126 shares in the last quarter. Sei Investments Co. increased its holdings in Prudential Financial by 6.4% during the 1st quarter. Sei Investments Co. now owns 90,235 shares of the financial services provider’s stock valued at $10,698,000 after acquiring an additional 5,452 shares in the last quarter. Candriam Luxembourg S.C.A. raised its position in Prudential Financial by 0.7% during the first quarter. Candriam Luxembourg S.C.A. now owns 47,576 shares of the financial services provider’s stock worth $5,621,000 after acquiring an additional 326 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its holdings in shares of Prudential Financial by 36.4% in the first quarter. Baird Financial Group Inc. now owns 135,716 shares of the financial services provider’s stock valued at $16,037,000 after purchasing an additional 36,184 shares in the last quarter. Hedge funds and other institutional investors own 56.33% of the company’s stock.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $82.19 on Friday. The firm has a market cap of $30.08 billion, a PE ratio of -20.86, a price-to-earnings-growth ratio of 0.53 and a beta of 1.41. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.16. The business has a 50 day moving average price of $98.82 and a two-hundred day moving average price of $99.00. Prudential Financial, Inc. has a fifty-two week low of $76.90 and a fifty-two week high of $122.54.

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

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Shareholders of record on Tuesday, February 21st were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 6.08%. The ex-dividend date was Friday, February 17th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.20. Prudential Financial’s dividend payout ratio (DPR) is currently -126.90%.

Prudential Financial announced that its Board of Directors has authorized a stock buyback plan on Tuesday, February 7th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PRU shares. Morgan Stanley upped their target price on Prudential Financial from $112.00 to $114.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 10th. StockNews.com initiated coverage on shares of Prudential Financial in a research note on Thursday. They issued a “hold” rating for the company. JPMorgan Chase & Co. lowered their price target on shares of Prudential Financial from $118.00 to $114.00 and set a “neutral” rating for the company in a report on Wednesday, February 8th. The Goldman Sachs Group lowered Prudential Financial from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $98.00 to $96.00 in a research note on Monday, January 9th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $106.00 target price on shares of Prudential Financial in a research note on Wednesday, February 8th. Four research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.00.

Insider Transactions at Prudential Financial

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

Prudential Financial Profile

(Get Rating)

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.