Advisors Asset Management Inc. Has $3.05 Million Stake in Prudential Financial, Inc. $PRU

Key Points

• Advisors Asset Management Inc. reduced its holdings in Prudential Financial by 24.4%, selling 8,785 shares and leaving them with 27,263 shares worth approximately $3,045,000 as of the latest quarter.
• Prudential Financial has announced a quarterly dividend of $1.35 per share, with a total annualized dividend of $5.40, resulting in a dividend yield of 5.1%.
• Insider trading activity included Prudential's EVP Ann M. Kappler selling 4,000 shares and the Insurance Co Of America acquiring 1,675,978 shares, significantly increasing their total ownership in the company.

Advisors Asset Management Inc. trimmed its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 24.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,263 shares of the financial services provider's stock after selling 8,785 shares during the period. Advisors Asset Management Inc.'s holdings in Prudential Financial were worth $3,045,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Meeder Asset Management Inc. lifted its holdings in shares of Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock worth $26,000 after acquiring an additional 111 shares during the period. Cheviot Value Management LLC purchased a new position in shares of Prudential Financial during the 1st quarter worth about $26,000. North Capital Inc. acquired a new stake in Prudential Financial in the first quarter valued at approximately $28,000. AlphaQuest LLC grew its position in Prudential Financial by 12,250.0% in the first quarter. AlphaQuest LLC now owns 247 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 245 shares in the last quarter. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Prudential Financial during the 1st quarter valued at approximately $30,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PRU shares. UBS Group lowered their price target on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. Wall Street Zen raised Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. raised their price target on Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Piper Sandler lowered their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Finally, Wells Fargo & Company lowered their price target on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Prudential Financial currently has an average rating of "Hold" and a consensus price target of $122.08.

Prudential Financial Trading Up 1.1%

Shares of NYSE:PRU traded up $1.11 during midday trading on Thursday, reaching $106.78. The company had a trading volume of 658,825 shares, compared to its average volume of 1,747,947. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The firm has a market cap of $37.59 billion, a price-to-earnings ratio of 23.64, a price-to-earnings-growth ratio of 0.94 and a beta of 1.07. The company has a fifty day simple moving average of $105.72 and a two-hundred day simple moving average of $105.59.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, topping analysts' consensus estimates of $3.22 by $0.36. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%.The firm had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.47 billion. During the same period last year, the company posted $3.39 EPS. The business's quarterly revenue was down 2.5% compared to the same quarter last year. Research analysts predict that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th will be given a dividend of $1.35 per share. The ex-dividend date is Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a yield of 5.1%. Prudential Financial's dividend payout ratio (DPR) is presently 119.73%.

Insider Transactions at Prudential Financial

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the sale, the executive vice president directly owned 21,506 shares in the company, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the firm's stock in a transaction on Monday, June 16th. The shares were acquired at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the transaction, the insider directly owned 3,168,461 shares in the company, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.25% of the company's stock.

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 PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.