Prudential Financial, Inc. $PRU Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its Prudential Financial stake by 15.1% in the second quarter, selling 25,771 shares and retaining 144,697 shares valued at approximately $15.6 million. Institutional investors and hedge funds own 56.83% of PRU.
• Analysts remain cautious: PRU has a consensus rating of “Reduce”, with 11 Hold, five Sell and one Buy rating, despite several price-target increases. The average target is $109.31, below the stock’s reported $119.80 price.
• Prudential exceeded quarterly earnings expectations, reporting $4.08 in EPS versus $3.52 expected, and declared a $1.40 quarterly dividend. The annualized dividend of $5.60 implies a 4.7% yield.

Corient Private Wealth LP trimmed its position in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 15.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,697 shares of the financial services provider's stock after selling 25,771 shares during the quarter. Corient Private Wealth LP's holdings in Prudential Financial were worth $15,617,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Keating Financial Advisory Services Inc. raised its holdings in Prudential Financial by 34.8% in the second quarter. Keating Financial Advisory Services Inc. now owns 395 shares of the financial services provider's stock valued at $43,000 after buying an additional 102 shares during the period. Rossby Financial LCC grew its stake in Prudential Financial by 32.4% during the fourth quarter. Rossby Financial LCC now owns 421 shares of the financial services provider's stock worth $48,000 after buying an additional 103 shares during the period. TD Private Client Wealth LLC increased its position in shares of Prudential Financial by 5.6% in the fourth quarter. TD Private Client Wealth LLC now owns 1,972 shares of the financial services provider's stock worth $223,000 after acquiring an additional 104 shares in the last quarter. Western Wealth Management LLC increased its position in shares of Prudential Financial by 1.7% in the fourth quarter. Western Wealth Management LLC now owns 6,215 shares of the financial services provider's stock worth $702,000 after acquiring an additional 105 shares in the last quarter. Finally, Apella Capital LLC raised its stake in shares of Prudential Financial by 3.7% in the 1st quarter. Apella Capital LLC now owns 2,979 shares of the financial services provider's stock valued at $303,000 after acquiring an additional 106 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRU has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price target on shares of Prudential Financial from $129.00 to $131.00 and gave the stock a "neutral" rating in a research report on Monday, August 17th. Piper Sandler raised their price objective on Prudential Financial from $110.00 to $128.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Morgan Stanley boosted their price objective on Prudential Financial from $92.00 to $105.00 and gave the stock an "underweight" rating in a research note on Monday, August 24th. Weiss Ratings upgraded Prudential Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, July 16th. Finally, TD Cowen raised their target price on Prudential Financial from $102.00 to $114.00 and gave the company a "hold" rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat.com, Prudential Financial has a consensus rating of "Reduce" and an average target price of $109.31.

Prudential Financial Stock Performance

Prudential Financial stock opened at $119.80 on Friday. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $127.72. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market capitalization of $41.33 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-growth ratio of 2.25 and a beta of 0.84. The firm's fifty day moving average price is $117.95 and its 200 day moving average price is $106.27.

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

Prudential Financial Dividend Announcement

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

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ann M. Kappler sold 7,652 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the sale, the executive vice president directly owned 14,407 shares of the company's stock, valued at $1,801,019.07. The trade was a 34.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.05% of the stock is owned by company insiders.

Prudential Financial Company Profile

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.

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