HighTower Advisors LLC Sells 9,571 Shares of Prudential Financial, Inc. $PRU

Key Points

• HighTower Advisors reduced its Prudential Financial stake by 12.7% in the second quarter, selling 9,571 shares and retaining 65,868 shares valued at approximately $7.1 million.
• Prudential reported quarterly earnings of $4.08 per share, beating estimates of $3.52, while revenue of $14.15 billion fell slightly short of expectations. The company also maintains a quarterly dividend of $1.40, yielding about 4.7% annually.
• Institutional investors own 56.83% of PRU, but analyst sentiment remains cautious: the stock carries an average “Reduce” rating and a consensus price target of $109.31, below its reported share price of $118.54.

HighTower Advisors LLC decreased its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 12.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,868 shares of the financial services provider's stock after selling 9,571 shares during the period. HighTower Advisors LLC's holdings in Prudential Financial were worth $7,109,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. California State Teachers Retirement System lifted its stake in shares of Prudential Financial by 10,014.4% in the 2nd quarter. California State Teachers Retirement System now owns 63,173,911 shares of the financial services provider's stock valued at $6,818,360,000 after purchasing an additional 62,549,318 shares during the period. BlackRock Inc. acquired a new stake in Prudential Financial during the second quarter worth approximately $3,507,481,000. Bank of New York Mellon Corp bought a new stake in Prudential Financial in the second quarter worth approximately $209,055,000. Bank of America Corp DE bought a new stake in Prudential Financial in the second quarter worth approximately $208,957,000. Finally, Deutsche Bank AG acquired a new position in Prudential Financial in the second quarter valued at approximately $157,752,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Price Performance

Shares of PRU opened at $118.54 on Friday. The business's fifty day moving average is $119.91 and its 200 day moving average is $107.29. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month 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 stock has a market cap of $40.90 billion, a P/E ratio of 10.74, a P/E/G ratio of 1.77 and a beta of 0.83.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, topping 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 firm had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.36 billion. During the same quarter in the prior year, the company posted $3.58 earnings per share. Sell-side analysts anticipate that Prudential Financial, Inc. will post 14.51 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

PRU has been the subject of several recent analyst reports. Weiss Ratings raised shares of Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods increased their target price on shares of Prudential Financial from $113.00 to $123.00 and gave the stock a "market perform" rating in a research note on Tuesday, August 11th. Barclays raised their price target on shares of Prudential Financial from $90.00 to $92.00 and gave the stock an "underweight" rating in a report on Tuesday, July 7th. Piper Sandler lifted their price target on shares of Prudential Financial from $110.00 to $128.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company upped their price objective on shares of Prudential Financial from $103.00 to $110.00 and gave the company an "underweight" rating in a report on Wednesday, August 19th. One 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. Based on data from MarketBeat.com, Prudential Financial has an average rating of "Reduce" and an average target price of $109.31.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 7,973,657 shares of the company's stock, valued at approximately $197,348,010.75. This trade represents a 2.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann Kappler sold 7,652 shares of the company's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the sale, the executive vice president owned 14,407 shares of the company's stock, valued at $1,801,019.07. This trade represents a 34.69% decrease in their position. The SEC filing for this sale provides additional information. 0.05% of the stock is currently owned by company insiders.

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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