Great Lakes Advisors LLC Sells 224,050 Shares of Prudential Financial, Inc. $PRU

Great Lakes Advisors LLC cut its holdings in Prudential Financial, Inc. (NYSE:PRU) by 87.4% in the second quarter, HoldingsChannel reports. The firm 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 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PRU. Wealthfront Advisers LLC bought a new position in Prudential Financial during the second quarter valued at $9,466,000. Foster & Motley Inc. bought a new stake in shares of Prudential Financial in the 2nd quarter worth about $4,323,000. First National Bank of Omaha purchased a new stake in shares of Prudential Financial during the 2nd quarter valued at about $10,231,000. Meeder Advisory Services Inc. bought a new position in shares of Prudential Financial in the 2nd quarter valued at about $769,000. Finally, Citizens Financial Group Inc. RI bought a new stake in Prudential Financial during the second quarter worth approximately $593,000. Institutional investors own 56.83% of the company’s stock.

Wall Street Analyst Weigh In

PRU has been the subject of several analyst reports. Weiss Ratings raised Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Wells Fargo & Company boosted their target price on Prudential Financial from $103.00 to $110.00 and gave the company an “underweight” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of Prudential Financial from $129.00 to $131.00 and gave the stock a “neutral” rating in a research note on Monday. Jefferies Financial Group boosted their price objective on shares of Prudential Financial from $105.00 to $110.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Finally, Piper Sandler upped their price target on shares of Prudential Financial from $110.00 to $128.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, Prudential Financial presently has an average rating of “Reduce” and an average price target of $108.31.

Prudential Financial Stock Performance

PRU stock opened at $120.65 on Friday. Prudential Financial, Inc. has a twelve month low of $91.89 and a twelve month high of $127.72. The firm has a market cap of $41.62 billion, a price-to-earnings ratio of 10.93, a PEG ratio of 2.31 and a beta of 0.84. The business’s fifty day simple moving average is $116.40 and its two-hundred day simple moving average is $105.60. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.52 by $0.56. The firm had revenue of $14.15 billion for the quarter, compared to analysts’ expectations 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 in the prior year, the business posted $3.58 earnings per share. Analysts predict that Prudential Financial, Inc. will post 14.24 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.6%. Prudential Financial’s dividend payout ratio (DPR) is 50.72%.

Insider Activity at Prudential Financial

In other Prudential Financial news, EVP Ann M. Kappler sold 7,652 shares of Prudential Financial 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 completion of 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. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the transaction, the insider directly owned 7,973,657 shares in the company, valued at $197,348,010.75. The trade was a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.05% of the company’s stock.

Prudential Financial 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.