State of Michigan Retirement System Reduces Stock Position in Prudential Financial, Inc. (NYSE:PRU)

State of Michigan Retirement System trimmed its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 0.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 105,055 shares of the financial services provider’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Prudential Financial were worth $12,452,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PRU. Savant Capital LLC grew its position in shares of Prudential Financial by 0.6% in the 4th quarter. Savant Capital LLC now owns 14,382 shares of the financial services provider’s stock worth $1,705,000 after buying an additional 83 shares during the last quarter. Grove Bank & Trust raised its holdings in Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 87 shares in the last quarter. Avidian Wealth Enterprises LLC lifted its position in shares of Prudential Financial by 1.2% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,357 shares of the financial services provider’s stock worth $891,000 after purchasing an additional 89 shares during the period. Asset Dedication LLC boosted its stake in shares of Prudential Financial by 28.4% during the 4th quarter. Asset Dedication LLC now owns 420 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 93 shares in the last quarter. Finally, RNC Capital Management LLC raised its stake in Prudential Financial by 3.3% in the fourth quarter. RNC Capital Management LLC now owns 2,990 shares of the financial services provider’s stock worth $354,000 after buying an additional 95 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Price Performance

NYSE PRU opened at $110.90 on Thursday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market capitalization of $39.70 billion, a price-to-earnings ratio of 14.85, a PEG ratio of 0.98 and a beta of 1.31. The stock has a 50-day moving average of $115.89 and a 200 day moving average of $119.80. Prudential Financial, Inc. has a one year low of $104.44 and a one year high of $130.55.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. On average, sell-side analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th will be paid a dividend of $1.35 per share. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date is Tuesday, February 18th. Prudential Financial’s payout ratio is currently 72.29%.

Analysts Set New Price Targets

PRU has been the subject of several research reports. Wells Fargo & Company increased their target price on Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 19th. Jefferies Financial Group upped their target price on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods dropped their price objective on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. TD Cowen raised their target price on shares of Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Finally, BMO Capital Markets initiated coverage on Prudential Financial in a research note on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $126.15.

Prudential Financial Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.