Douglas Lane & Associates LLC Has $24.20 Million Stock Position in Prudential Financial, Inc. $PRU

Key Points

• Douglas Lane & Associates LLC has decreased its holdings in Prudential Financial by 24.5%, owning 225,249 shares worth approximately $24.20 million as of the last SEC filing.
• Prudential Financial's stock has seen varied reactions from analysts, with price target adjustments ranging from $110 to $136, reflecting a consensus average rating of "Hold."
• The company declared a quarterly dividend of $1.35, translating to a 5.0% yield, although its dividend payout ratio stands at 119.73%, indicating it pays out more in dividends than it earns.

Douglas Lane & Associates LLC lowered its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 24.5% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 225,249 shares of the financial services provider's stock after selling 73,164 shares during the period. Douglas Lane & Associates LLC owned about 0.06% of Prudential Financial worth $24,201,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of PRU. Invesco Ltd. increased its holdings in Prudential Financial by 2.7% in the 1st quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider's stock worth $495,859,000 after purchasing an additional 116,079 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Prudential Financial by 19.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider's stock worth $469,777,000 after purchasing an additional 678,028 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Prudential Financial by 11.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,410,363 shares of the financial services provider's stock worth $404,230,000 after purchasing an additional 352,335 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Prudential Financial by 5.6% in the 1st quarter. Ameriprise Financial Inc. now owns 1,801,551 shares of the financial services provider's stock worth $201,201,000 after purchasing an additional 95,021 shares in the last quarter. Finally, Amundi increased its holdings in Prudential Financial by 14.1% in the 1st quarter. Amundi now owns 1,751,633 shares of the financial services provider's stock worth $183,571,000 after purchasing an additional 216,119 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PRU shares. Piper Sandler reduced their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Morgan Stanley upped their price target on Prudential Financial from $113.00 to $117.00 and gave the company an "equal weight" rating in a research report on Monday, August 18th. Wells Fargo & Company reduced their price target on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 16th. JPMorgan Chase & Co. upped their price target on Prudential Financial from $126.00 to $136.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, UBS Group reduced their price target on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $122.08.

Prudential Financial Trading Down 0.0%

NYSE PRU opened at $106.94 on Friday. The business has a 50 day simple moving average of $105.61 and a 200 day simple moving average of $105.49. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55. The stock has a market capitalization of $37.64 billion, a P/E ratio of 23.71, a P/E/G ratio of 0.95 and a beta of 1.07. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16.

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

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Tuesday, August 19th were issued a $1.35 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 annualized dividend and a yield of 5.0%. Prudential Financial's dividend payout ratio is presently 119.73%.

Insider Activity at Prudential Financial

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

Prudential Financial Company 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.

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