Kingswood Wealth Advisors LLC Decreases Stock Holdings in Prudential Financial, Inc. $PRU

Key Points

• Kingswood Wealth Advisors LLC has significantly decreased its stake in Prudential Financial, cutting holdings by 73.7% in the second quarter, leaving them with only 2,149 shares valued at approximately $231,000.
• Several other institutional investors increased their positions in Prudential Financial, including Brighton Jones LLC, which raised its stake by 3.7% to own a total of 3,681 shares worth $436,000.
• Prudential Financial's stock recently experienced a 3.4% decline and has an average target price of $122.27 from analysts, with a consensus rating of "Hold".

Kingswood Wealth Advisors LLC decreased its holdings in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 73.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,149 shares of the financial services provider's stock after selling 6,011 shares during the period. Kingswood Wealth Advisors LLC's holdings in Prudential Financial were worth $231,000 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 recently made changes to their positions in the business. Brighton Jones LLC raised its stake in Prudential Financial by 3.7% in the 4th quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider's stock valued at $436,000 after purchasing an additional 133 shares during the last quarter. GAMMA Investing LLC raised its stake in Prudential Financial by 1.9% in the 1st quarter. GAMMA Investing LLC now owns 7,771 shares of the financial services provider's stock valued at $868,000 after purchasing an additional 145 shares during the last quarter. NorthCrest Asset Manangement LLC raised its stake in Prudential Financial by 3.8% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock valued at $306,000 after purchasing an additional 101 shares during the last quarter. Goldstone Financial Group LLC raised its stake in Prudential Financial by 7.9% in the 1st quarter. Goldstone Financial Group LLC now owns 4,049 shares of the financial services provider's stock valued at $452,000 after purchasing an additional 295 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Prudential Financial by 3.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 79,888 shares of the financial services provider's stock valued at $8,922,000 after purchasing an additional 2,623 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Insider Buying and Selling

In related news, EVP Ann M. Kappler sold 4,000 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the transaction, the executive vice president directly owned 21,506 shares in the company, valued at $2,358,132.90. This trade represents a 15.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Morgan Stanley raised their target price on Prudential Financial from $117.00 to $118.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 7th. JPMorgan Chase & Co. raised their target price on Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Wolfe Research assumed coverage on Prudential Financial in a research note on Tuesday, September 16th. They issued a "peer perform" rating for the company. Piper Sandler cut their target price on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company cut their target price on Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $122.27.

Prudential Financial Stock Down 3.4%

Shares of NYSE:PRU opened at $99.08 on Friday. The business has a 50-day moving average price of $105.15 and a 200 day moving average price of $104.47. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $34.88 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 0.88 and a beta of 1.04. Prudential Financial, Inc. has a 12-month low of $90.38 and a 12-month high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. The firm had revenue of $8.35 billion during the quarter. Prudential Financial had a return on equity of 15.80% and a net margin of 2.75%. Sell-side analysts expect that Prudential Financial, Inc. will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date was Tuesday, August 19th. Prudential Financial's dividend payout ratio (DPR) is 119.73%.

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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