Prudential Financial, Inc. (NYSE:PRU) Shares Sold by Kestra Advisory Services LLC

Posted by Defense World Staff on Apr 19th, 2023

Kestra Advisory Services LLC trimmed its position in Prudential Financial, Inc. (NYSE:PRU – Get Rating) by 15.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 37,338 shares of the financial services provider’s stock after selling 6,968 shares during the period. Kestra Advisory Services LLC’s holdings in Prudential Financial were worth $3,714,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Park Avenue Securities LLC grew its position in shares of Prudential Financial by 15.1% in the fourth quarter. Park Avenue Securities LLC now owns 11,863 shares of the financial services provider’s stock valued at $1,180,000 after purchasing an additional 1,553 shares in the last quarter. Kovack Advisors Inc. grew its position in shares of Prudential Financial by 26.1% in the third quarter. Kovack Advisors Inc. now owns 3,040 shares of the financial services provider’s stock valued at $261,000 after purchasing an additional 630 shares in the last quarter. Gradient Investments LLC grew its position in shares of Prudential Financial by 90.4% in the third quarter. Gradient Investments LLC now owns 1,165 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 553 shares in the last quarter. Diversified Trust Co grew its position in shares of Prudential Financial by 50.2% in the third quarter. Diversified Trust Co now owns 8,504 shares of the financial services provider’s stock valued at $729,000 after purchasing an additional 2,844 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Prudential Financial by 1.0% in the third quarter. Nisa Investment Advisors LLC now owns 140,152 shares of the financial services provider’s stock valued at $12,132,000 after purchasing an additional 1,395 shares in the last quarter. 56.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PRU shares. StockNews.com started coverage on Prudential Financial in a research report on Thursday, March 16th. They issued a “hold” rating for the company. The Goldman Sachs Group lowered Prudential Financial from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $98.00 to $96.00 in a research report on Monday, January 9th. Barclays lowered their price objective on Prudential Financial from $104.00 to $88.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 12th. Wells Fargo & Company increased their price objective on Prudential Financial from $97.00 to $100.00 and gave the stock an “underweight” rating in a research report on Monday, February 13th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $110.00 price objective on shares of Prudential Financial in a research report on Thursday, February 9th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.58.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, EVP Andrew F. Sullivan sold 4,126 shares of the firm’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $99.20, for a total value of $409,299.20. Following the sale, the executive vice president now directly owns 12,241 shares in the company, valued at $1,214,307.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Prudential Financial news, EVP Andrew F. Sullivan sold 4,126 shares of the firm’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $99.20, for a total value of $409,299.20. Following the sale, the executive vice president now directly owns 12,241 shares in the company, valued at $1,214,307.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Andrew F. Sullivan sold 11,405 shares of the firm’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $100.95, for a total value of $1,151,334.75. Following the completion of the sale, the executive vice president now owns 12,300 shares in the company, valued at $1,241,685. The disclosure for this sale can be found here. 0.37% of the stock is owned by insiders.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $87.00 on Wednesday. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.16. Prudential Financial, Inc. has a 12-month low of $75.37 and a 12-month high of $122.54. The business’s fifty day simple moving average is $90.14 and its 200-day simple moving average is $97.32.

Prudential Financial (NYSE:PRU – Get Rating) last announced its quarterly earnings data on Tuesday, February 7th. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.57 by ($0.15). The company had revenue of $12.65 billion during the quarter, compared to analyst estimates of $12.78 billion. Prudential Financial had a negative net margin of 2.33% and a positive return on equity of 13.31%. During the same quarter in the previous year, the business posted $3.18 earnings per share. As a group, equities research analysts expect that Prudential Financial, Inc. will post 12.19 EPS for the current year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Tuesday, February 21st were paid a $1.25 dividend. This is a boost from Prudential Financial’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a dividend yield of 5.75%. The ex-dividend date was Friday, February 17th. Prudential Financial’s dividend payout ratio (DPR) is presently -126.90%.

Prudential Financial declared that its Board of Directors has initiated a stock repurchase program on Tuesday, February 7th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

About Prudential Financial

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Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.