Corient Private Wealth LP Reduces Holdings in Prudential Financial, Inc. $PRU

Key Points

• Corient Private Wealth reduced its Prudential Financial stake by 22.9% in the second quarter, selling 38,981 shares and retaining 131,487 shares valued at approximately $14.2 million. Institutional investors and hedge funds collectively own 56.83% of PRU.
• Analyst sentiment remains cautious: PRU has a consensus rating of “Reduce”, with one Buy, ten Hold, and five Sell ratings. The average price target is $109.31, below the stock’s reported price of $119.34.
• Prudential reported quarterly EPS of $4.08, exceeding estimates of $3.52, and maintains a quarterly dividend of $1.40 per share, equivalent to a 4.7% annual yield.

Corient Private Wealth LP lowered its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 22.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 131,487 shares of the financial services provider's stock after selling 38,981 shares during the period. Corient Private Wealth LP's holdings in Prudential Financial were worth $14,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in PRU. BlackRock Inc. acquired a new stake in shares of Prudential Financial during the 2nd quarter worth about $3,507,481,000. Geode Capital Management LLC lifted its position in Prudential Financial by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider's stock valued at $1,078,904,000 after buying an additional 26,414 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Prudential Financial by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider's stock worth $367,089,000 after buying an additional 166,641 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Prudential Financial by 95.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider's stock valued at $249,769,000 after acquiring an additional 1,247,371 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Prudential Financial in the 2nd quarter valued at approximately $209,055,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRU has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Prudential Financial from $129.00 to $131.00 and gave the stock a "neutral" rating in a research report on Monday, August 17th. Wall Street Zen lowered Prudential Financial from a "buy" rating to a "hold" rating in a research report on Saturday. Jefferies Financial Group raised their price target on Prudential Financial from $105.00 to $110.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Argus cut Prudential Financial from a "buy" rating to a "hold" rating in a research note on Tuesday, June 9th. Finally, Piper Sandler increased their target price on Prudential Financial from $110.00 to $128.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat, Prudential Financial has a consensus rating of "Reduce" and an average target price of $109.31.

Insider Activity

In other news, EVP Ann M. Kappler sold 7,652 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the transaction, the executive vice president directly owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the sale, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This trade represents a 2.62% decrease in their position. The SEC filing for this sale provides additional information. 0.05% of the stock is owned by corporate insiders.

Prudential Financial Price Performance

Prudential Financial stock opened at $119.34 on Wednesday. The firm has a market cap of $41.17 billion, a PE ratio of 10.81, a price-to-earnings-growth ratio of 1.80 and a beta of 0.83. Prudential Financial, Inc. has a 52-week low of $91.89 and a 52-week high of $127.72. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. The company's 50 day moving average is $120.21 and its two-hundred day moving average is $107.69.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The company had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.36 billion. During the same quarter last year, the company posted $3.58 EPS. On average, research analysts expect that Prudential Financial, Inc. will post 14.51 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th were issued a dividend of $1.40 per share. The ex-dividend date was Tuesday, August 25th. This represents a $5.60 annualized dividend and a yield of 4.7%. Prudential Financial's dividend payout ratio is 50.72%.

Prudential Financial Profile

Prudential Financial, Inc is a global financial services company headquartered in Newark, New Jersey. Founded in 1875 as The Widows and Orphans Friendly Society, the company has grown from a life insurance provider into a diversified business offering insurance, retirement, investment management and related financial services.

Through its U.S. businesses, Prudential provides individual life insurance and annuities, workplace retirement plans, pension risk transfer solutions, group life and disability insurance, and other benefits and financial wellness products.

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