Great Lakes Advisors LLC cut its position in shares of Prudential Financial, Inc. (NYSE:PRU – Free Report) by 87.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,285 shares of the financial services provider’s stock after selling 224,050 shares during the quarter. Great Lakes Advisors LLC’s holdings in Prudential Financial were worth $3,485,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRU. Jessup Wealth Management Inc bought a new stake in shares of Prudential Financial during the 4th quarter valued at $25,000. Garton & Associates Financial Advisors LLC purchased a new position in Prudential Financial during the 4th quarter valued at about $26,000. Salomon & Ludwin LLC boosted its stake in Prudential Financial by 98.3% during the fourth quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 114 shares in the last quarter. Basepoint Wealth LLC purchased a new stake in Prudential Financial in the fourth quarter worth about $30,000. Finally, Coston McIsaac & Partners increased its stake in shares of Prudential Financial by 93.4% during the fourth quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 128 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.
Prudential Financial Price Performance
Shares of Prudential Financial stock opened at $120.65 on Friday. Prudential Financial, Inc. has a one year low of $91.89 and a one year high of $127.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16. The stock has a market cap of $41.62 billion, a P/E ratio of 10.93, a P/E/G ratio of 2.31 and a beta of 0.84. The stock’s fifty day moving average is $116.40 and its 200 day moving average is $105.60.
Prudential Financial Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 4.6%. The ex-dividend date is Tuesday, August 25th. Prudential Financial’s dividend payout ratio is presently 50.72%.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on PRU shares. Argus cut Prudential Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, June 9th. Zacks Research upgraded Prudential Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 12th. Mizuho boosted their target price on Prudential Financial from $101.00 to $109.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. raised their price target on Prudential Financial from $129.00 to $131.00 and gave the company a “neutral” rating in a report on Monday. Finally, BMO Capital Markets lowered their price target on Prudential Financial from $91.00 to $87.00 and set an “underperform” rating for the company in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $108.31.
Check Out Our Latest Stock Report on Prudential Financial
Insider Activity at Prudential Financial
In other Prudential Financial 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 shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the sale, the insider directly owned 7,973,657 shares of the company’s stock, valued at $197,348,010.75. This trade represents a 2.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ann M. Kappler sold 7,652 shares of the company’s stock in a transaction 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 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. Corporate insiders own 0.05% of the company’s stock.
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.
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