My Legacy Advisors LLC Takes $310,000 Position in Prudential Financial, Inc. $PRU

Key Points

• My Legacy Advisors LLC acquired a new stake in Prudential Financial, purchasing 2,893 shares valued at approximately $310,000 during the 2nd quarter.
• Prudential Financial reported earnings of $3.58 per share for the last quarter, surpassing analysts' expectations by $0.36, despite a year-over-year revenue decline of 2.5%.
• The company announced a quarterly dividend of $1.35 per share, resulting in a 5.2% annualized yield and a high payout ratio of 119.73%.

My Legacy Advisors LLC bought a new stake in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,893 shares of the financial services provider's stock, valued at approximately $310,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRU. Invesco Ltd. increased its stake in shares of Prudential Financial by 2.7% in the first 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 stake in shares of Prudential Financial by 19.2% in the first 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. Ameriprise Financial Inc. increased its stake in shares of Prudential Financial by 5.6% in the first 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. Amundi increased its stake in shares of Prudential Financial by 14.1% in the first 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. Finally, Deutsche Bank AG increased its stake in shares of Prudential Financial by 2.3% in the first quarter. Deutsche Bank AG now owns 1,284,466 shares of the financial services provider's stock worth $143,449,000 after purchasing an additional 29,025 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRU has been the subject of a number of analyst reports. Wolfe Research initiated coverage on shares of Prudential Financial in a research note on Tuesday, September 16th. They issued a "peer perform" rating for the company. Morgan Stanley upped their target price on shares of Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a research report on Monday, August 18th. Barclays upped their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. upped their target price on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company dropped their target price on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Prudential Financial currently has a consensus rating of "Hold" and an average price target of $122.08.

Insider Activity at Prudential Financial

In other news, EVP Ann M. Kappler sold 4,000 shares of the company's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the transaction, the executive vice president owned 21,506 shares of the company's stock, valued at approximately $2,358,132.90. This represents a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.25% of the company's stock.

Prudential Financial Price Performance

PRU stock traded down $0.69 during trading on Monday, hitting $102.90. 1,439,552 shares of the company's stock traded hands, compared to its average volume of 1,761,198. Prudential Financial, Inc. has a 52 week low of $90.38 and a 52 week high of $130.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The business has a fifty day simple moving average of $105.30 and a 200 day simple moving average of $105.15. The stock has a market capitalization of $36.22 billion, a price-to-earnings ratio of 22.82, a P/E/G ratio of 0.92 and a beta of 1.07.

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

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Tuesday, August 19th were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. Prudential Financial's payout ratio is currently 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.