Corient Private Wealth LP Takes $15.62 Million Position in Prudential Financial, Inc. $PRU

Key Points

• Corient Private Wealth LP established a new $15.62 million position in Prudential Financial during the second quarter by purchasing 144,698 shares. Institutional investors collectively own 56.83% of PRU.
• Analysts maintain a cautious outlook, with a consensus “Reduce” rating, 17 total ratings, and an average price target of $109.31 versus the stock’s reported $119.80 price.
• Prudential reported quarterly EPS of $4.08, beating estimates of $3.52, and declared a quarterly dividend of $1.40, equivalent to an annualized yield of approximately 4.7%.

Corient Private Wealth LP bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 144,698 shares of the financial services provider's stock, valued at approximately $15,617,000.

A number of other large investors have also added to or reduced their stakes in PRU. Keating Financial Advisory Services Inc. lifted its holdings in Prudential Financial by 34.8% during the 2nd quarter. Keating Financial Advisory Services Inc. now owns 395 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 102 shares during the last quarter. Rossby Financial LCC boosted its position in Prudential Financial by 32.4% during the fourth quarter. Rossby Financial LCC now owns 421 shares of the financial services provider's stock worth $48,000 after purchasing an additional 103 shares during the period. TD Private Client Wealth LLC increased its holdings in shares of Prudential Financial by 5.6% in the fourth quarter. TD Private Client Wealth LLC now owns 1,972 shares of the financial services provider's stock valued at $223,000 after purchasing an additional 104 shares during the last quarter. Western Wealth Management LLC raised its position in shares of Prudential Financial by 1.7% in the fourth quarter. Western Wealth Management LLC now owns 6,215 shares of the financial services provider's stock valued at $702,000 after purchasing an additional 105 shares during the period. Finally, Apella Capital LLC lifted its stake in shares of Prudential Financial by 3.7% during the 1st quarter. Apella Capital LLC now owns 2,979 shares of the financial services provider's stock worth $303,000 after buying an additional 106 shares during the last quarter. Institutional investors own 56.83% of the company's stock.

Analysts Set New Price Targets

PRU has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Prudential Financial from $113.00 to $123.00 and gave the stock a "market perform" rating in a report on Tuesday, August 11th. TD Cowen increased their price target on shares of Prudential Financial from $102.00 to $114.00 and gave the company a "hold" rating in a report on Wednesday, July 22nd. Wells Fargo & Company boosted their price objective on Prudential Financial from $103.00 to $110.00 and gave the stock an "underweight" rating in a report on Wednesday, August 19th. Mizuho upped their target price on Prudential Financial from $101.00 to $109.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Finally, Zacks Research raised Prudential Financial from a "strong sell" rating to a "hold" rating in a report on Friday, June 12th. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat, Prudential Financial presently has a consensus rating of "Reduce" and an average target price of $109.31.

Prudential Financial Stock Performance

NYSE PRU opened at $119.80 on Friday. The firm has a 50-day moving average price of $117.95 and a two-hundred day moving average price of $106.27. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $127.72. The company has a market capitalization of $41.33 billion, a P/E ratio of 10.85, a P/E/G ratio of 2.25 and a beta of 0.84. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.52 by $0.56. The company had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same period last year, the firm earned $3.58 earnings per share. Analysts anticipate that Prudential Financial, Inc. will post 14.51 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, August 25th. Prudential Financial's payout ratio is 50.72%.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the business'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 value of $5,314,963.50. Following the completion of the transaction, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ann M. Kappler sold 7,652 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the sale, the executive vice president directly owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.05% of the company's stock.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

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