Raymond James Financial Inc. Has $62.95 Million Stake in Prudential Financial, Inc. $PRU

Key Points

• Raymond James Financial Inc. reduced its position in Prudential Financial by 12.4%, owning 563,643 shares valued at approximately $62.95 million after selling 80,098 shares in the first quarter.
• Prudential Financial reported $3.58 EPS for its recent quarter, surpassing expectations, but experienced a 2.5% revenue decline compared to the same quarter last year.
• The company declared a $1.35 quarterly dividend, representing a yield of 5.0%, with a payout ratio of 119.73% scheduled for payment on September 11th.

Raymond James Financial Inc. decreased its position in shares of Prudential Financial, Inc. (NYSE:PRU - Free Report) by 12.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 563,643 shares of the financial services provider's stock after selling 80,098 shares during the quarter. Raymond James Financial Inc. owned about 0.16% of Prudential Financial worth $62,948,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its stake in Prudential Financial by 3.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider's stock worth $2,320,000 after acquiring an additional 721 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in Prudential Financial by 728.4% during the 1st quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider's stock worth $94,000 after acquiring an additional 743 shares during the last quarter. HighTower Advisors LLC boosted its stake in Prudential Financial by 68.2% during the 1st quarter. HighTower Advisors LLC now owns 110,794 shares of the financial services provider's stock worth $12,373,000 after acquiring an additional 44,937 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Prudential Financial by 9.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider's stock worth $279,000 after acquiring an additional 222 shares during the last quarter. Finally, Sound Income Strategies LLC boosted its stake in Prudential Financial by 9.0% during the 1st quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider's stock worth $3,954,000 after acquiring an additional 2,913 shares during the last quarter. Institutional investors own 56.83% of the company's stock.

Prudential Financial Stock Up 2.5%

Shares of PRU stock traded up $2.63 during trading on Friday, reaching $109.80. The company's stock had a trading volume of 1,957,163 shares, compared to its average volume of 1,771,471. The business has a fifty day moving average price of $105.21 and a 200-day moving average price of $105.94. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. The company has a market cap of $38.65 billion, a price-to-earnings ratio of 24.35, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07. Prudential Financial, Inc. has a one year low of $90.38 and a one year high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, topping analysts' consensus estimates of $3.22 by $0.36. The business had revenue of $13.50 billion for 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%. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.39 earnings per share. Analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Prudential Financial's payout ratio is currently 119.73%.

Analyst Ratings Changes

Several research firms recently weighed in on PRU. Piper Sandler reduced their price objective on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley raised their target price on shares of Prudential Financial from $113.00 to $117.00 and gave the stock an "equal weight" rating in a report on Monday, August 18th. JPMorgan Chase & Co. raised their target price on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Barclays raised their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $122.08.

Insider Activity at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 1,675,978 shares of the business's stock in a transaction dated Monday, June 16th. The shares were acquired at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the transaction, the insider directly owned 3,168,461 shares in the company, valued at $90,744,723.04. This trade represents a 112.29% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

About Prudential Financial

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.