Commonwealth Equity Services LLC Reduces Stake in Prudential Financial, Inc. (NYSE:PRU)

Commonwealth Equity Services LLC lessened its holdings in shares of Prudential Financial, Inc. (NYSE:PRU) by 9.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 277,321 shares of the financial services provider’s stock after selling 29,336 shares during the period. Commonwealth Equity Services LLC owned about 0.08% of Prudential Financial worth $32,499,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PRU. Creekmur Asset Management LLC raised its stake in shares of Prudential Financial by 78.8% during the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 108 shares in the last quarter. Lynx Investment Advisory bought a new stake in shares of Prudential Financial during the second quarter valued at approximately $29,000. Crewe Advisors LLC bought a new stake in shares of Prudential Financial during the first quarter valued at approximately $33,000. ESL Trust Services LLC bought a new stake in shares of Prudential Financial during the first quarter valued at approximately $34,000. Finally, Pineridge Advisors LLC bought a new position in Prudential Financial in the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

Shares of PRU opened at $121.16 on Monday. The stock has a 50-day moving average of $118.10 and a two-hundred day moving average of $115.35. Prudential Financial, Inc. has a one year low of $87.95 and a one year high of $128.52. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market cap of $43.50 billion, a P/E ratio of 20.61, a P/E/G ratio of 0.94 and a beta of 1.34.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. The firm had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. As a group, research analysts predict that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th will be given a dividend of $1.30 per share. The ex-dividend date is Tuesday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.29%. Prudential Financial’s dividend payout ratio is currently 88.44%.

Analysts Set New Price Targets

Several research firms have commented on PRU. Piper Sandler decreased their price target on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. JPMorgan Chase & Co. raised their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. UBS Group upped their price target on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $121.00 price objective on shares of Prudential Financial in a research report on Wednesday, August 21st. Finally, Citigroup raised their price objective on Prudential Financial from $104.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Prudential Financial has an average rating of “Hold” and an average target price of $119.33.

Insider Activity

In other news, EVP Ann M. Kappler sold 2,839 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now owns 14,535 shares of the company’s stock, valued at approximately $1,648,705.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the transaction, the executive vice president now owns 14,535 shares in the company, valued at approximately $1,648,705.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were purchased at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the purchase, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Prudential Financial 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.