Great Lakes Advisors LLC Decreases Position in Prudential Financial, Inc. $PRU

Key Points

• Great Lakes Advisors LLC has reduced its stake in Prudential Financial, decreasing its ownership by 9.2% to a total of 459,572 shares.
• Analyst ratings for Prudential Financial vary, with a consensus average price target of $122.08 and an overall rating of "Hold" based on recent reports.
• Prudential Financial has announced a quarterly dividend of $1.35, reflecting a 5.1% yield, to be paid on September 11th.

Great Lakes Advisors LLC cut its stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 9.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 459,572 shares of the financial services provider's stock after selling 46,602 shares during the period. Great Lakes Advisors LLC owned 0.13% of Prudential Financial worth $51,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Brighton Jones LLC grew its stake in Prudential Financial by 3.7% in the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock worth $436,000 after purchasing an additional 133 shares in the last quarter. EP Wealth Advisors LLC grew its stake in Prudential Financial by 12.6% in the fourth quarter. EP Wealth Advisors LLC now owns 7,642 shares of the financial services provider's stock worth $906,000 after purchasing an additional 855 shares in the last quarter. First Manhattan CO. LLC. grew its stake in Prudential Financial by 59.3% in the fourth quarter. First Manhattan CO. LLC. now owns 3,704 shares of the financial services provider's stock worth $439,000 after purchasing an additional 1,379 shares in the last quarter. Fiduciary Trust Co grew its stake in Prudential Financial by 50.2% in the fourth quarter. Fiduciary Trust Co now owns 3,123 shares of the financial services provider's stock worth $370,000 after purchasing an additional 1,044 shares in the last quarter. Finally, Focus Partners Wealth grew its stake in Prudential Financial by 12.1% in the fourth quarter. Focus Partners Wealth now owns 17,131 shares of the financial services provider's stock worth $2,181,000 after purchasing an additional 1,846 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on PRU shares. Wells Fargo & Company dropped their price objective on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 16th. Piper Sandler dropped their target price 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. Barclays increased their target price on Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. increased their target price 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, Morgan Stanley increased their target price 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. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $122.08.

Insider Activity

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

Prudential Financial Stock Down 3.0%

Prudential Financial stock opened at $105.62 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a market capitalization of $37.18 billion, a price-to-earnings ratio of 23.42, a PEG ratio of 0.94 and a beta of 1.07. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $130.55. The business has a fifty day moving average price of $105.88 and a 200-day moving average price of $105.61.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share 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 analysts' expectations of $13.47 billion. During the same quarter last year, the firm earned $3.39 EPS. The business's quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts forecast that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's payout ratio is 119.73%.

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.

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