Prudential Financial (NYSE:PRU) Board of Directors Declares Share Repurchase Program


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Prudential Financial (NYSE:PRU) declared that its board has approved a share buyback plan on Tuesday, May 4th, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 1.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Shares of Prudential Financial stock traded up $0.23 during trading on Tuesday, reaching $101.67. The company had a trading volume of 1,995,468 shares, compared to its average volume of 2,347,939. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.12 and a current ratio of 0.12. Prudential Financial has a fifty-two week low of $48.52 and a fifty-two week high of $102.39. The firm’s fifty day moving average is $95.02 and its 200-day moving average is $82.62. The company has a market cap of $40.20 billion, a price-to-earnings ratio of -282.42, a price-to-earnings-growth ratio of 1.72 and a beta of 1.72.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, May 4th. The financial services provider reported $4.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.75 by $1.36. Prudential Financial had a positive return on equity of 6.06% and a negative net margin of 0.12%. During the same quarter in the previous year, the company earned $2.32 EPS. On average, research analysts anticipate that Prudential Financial will post 9.82 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 11th. Investors of record on Tuesday, February 16th were issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date was Friday, February 12th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.10. Prudential Financial’s dividend payout ratio (DPR) is 39.35%.

Several analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $94.00 price objective for the company in a research note on Thursday, February 25th. Piper Sandler upped their price target on shares of Prudential Financial from $85.00 to $94.00 in a research report on Thursday, March 18th. Citigroup raised their price objective on Prudential Financial from $83.00 to $97.00 in a research report on Wednesday, March 31st. Morgan Stanley upped their target price on Prudential Financial from $90.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 1st. Finally, UBS Group started coverage on shares of Prudential Financial in a research report on Monday, April 26th. They issued a “neutral” rating and a $96.00 price objective for the company. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Prudential Financial presently has an average rating of “Hold” and a consensus target price of $91.36.

In other Prudential Financial news, CFO Kenneth Tanji sold 29,285 shares of the company’s stock in a transaction that occurred on Monday, March 22nd. The stock was sold at an average price of $90.94, for a total value of $2,663,177.90. Following the completion of the sale, the chief financial officer now directly owns 36,477 shares in the company, valued at $3,317,218.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Timothy L. Schmidt sold 5,000 shares of the business’s stock in a transaction on Monday, March 8th. The stock was sold at an average price of $94.11, for a total value of $470,550.00. The disclosure for this sale can be found here. Insiders have sold a total of 42,485 shares of company stock valued at $3,876,812 over the last three months. 0.33% of the stock is currently owned by company insiders.

About Prudential Financial

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 eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.

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