Prudential Financial, Inc. $PRU Shares Sold by Capital Advisors Inc. OK

Key Points

• Capital Advisors Inc. OK cut its Prudential Financial stake by 34.9% in the second quarter, selling 160,321 shares and retaining 299,287 shares valued at approximately $32.3 million.
• Prudential reported quarterly EPS of $4.08, beating estimates of $3.52, while revenue of $14.15 billion fell short of expectations. The company also declared a $1.40 quarterly dividend, equivalent to a 4.7% annual yield.
• Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $109.31, below the stock’s reported $119.80 trading price.

Capital Advisors Inc. OK reduced its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 34.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 299,287 shares of the financial services provider's stock after selling 160,321 shares during the quarter. Capital Advisors Inc. OK owned 0.09% of Prudential Financial worth $32,302,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PRU. Brighton Jones LLC grew its position 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 buying an additional 133 shares during the last quarter. Empowered Funds LLC raised its position in Prudential Financial by 30.5% during the 1st quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider's stock worth $1,976,000 after buying an additional 4,134 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Prudential Financial by 3.5% in the 2nd quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider's stock worth $447,000 after acquiring an additional 140 shares during the period. AXA S.A. boosted its holdings in shares of Prudential Financial by 25.8% in the second quarter. AXA S.A. now owns 56,700 shares of the financial services provider's stock valued at $6,092,000 after acquiring an additional 11,630 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Prudential Financial by 15.1% during the second quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider's stock worth $4,005,000 after acquiring an additional 4,895 shares during the period. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Trading Down 0.5%

Shares of PRU opened at $119.80 on Friday. Prudential Financial, Inc. has a twelve month low of $91.89 and a twelve month high of $127.72. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $41.33 billion, a P/E ratio of 10.85, a PEG ratio of 2.25 and a beta of 0.84. The firm's 50-day moving average is $117.95 and its two-hundred day moving average is $106.27.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.52 by $0.56. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same period last year, the firm earned $3.58 EPS. On average, research analysts predict that Prudential Financial, Inc. will post 14.51 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 annualized dividend and a yield of 4.7%. Prudential Financial's payout ratio is currently 50.72%.

Wall Street Analyst Weigh In

PRU has been the subject of several analyst reports. Argus cut shares of Prudential Financial from a "buy" rating to a "hold" rating in a report on Tuesday, June 9th. TD Cowen boosted their target price on Prudential Financial from $102.00 to $114.00 and gave the stock a "hold" rating in a research report on Wednesday, July 22nd. Wells Fargo & Company increased their target price on Prudential Financial from $103.00 to $110.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 19th. Piper Sandler raised their price target on Prudential Financial from $110.00 to $128.00 and gave the company a "neutral" rating in a report on Tuesday, August 11th. Finally, Morgan Stanley lifted their price target on Prudential Financial from $92.00 to $105.00 and gave the company an "underweight" rating in a research note on Monday, August 24th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $109.31.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the sale, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann M. Kappler sold 7,652 shares of the firm's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the transaction, the executive vice president owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. This 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 insiders.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

Want to see what other hedge funds are holding PRU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prudential Financial, Inc. (NYSE:PRU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source