Kingsview Wealth Management LLC Takes Position in Prudential Financial, Inc. $PRU

Kingsview Wealth Management LLC acquired a new stake in Prudential Financial, Inc. (NYSE:PRU) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 15,499 shares of the financial services provider’s stock, valued at approximately $1,673,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Oxbow Advisors LLC acquired a new stake in shares of Prudential Financial in the fourth quarter valued at approximately $6,545,000. Orca Investment Management LLC acquired a new position in shares of Prudential Financial during the 2nd quarter worth approximately $2,605,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Prudential Financial by 4.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 735,934 shares of the financial services provider’s stock valued at $83,801,000 after buying an additional 29,720 shares in the last quarter. Strs Ohio grew its holdings in Prudential Financial by 128.6% during the 4th quarter. Strs Ohio now owns 19,389 shares of the financial services provider’s stock valued at $2,189,000 after buying an additional 10,909 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its position in Prudential Financial by 45.8% during the fourth quarter. Handelsbanken Fonder AB now owns 108,060 shares of the financial services provider’s stock worth $12,198,000 after buying an additional 33,932 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PRU has been the topic of several recent research reports. Morgan Stanley upped their price objective on Prudential Financial from $92.00 to $105.00 and gave the company an “underweight” rating in a research report on Monday, August 24th. Jefferies Financial Group lifted their price objective on Prudential Financial from $105.00 to $110.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $103.00 to $110.00 and gave the company an “underweight” rating in a research report on Wednesday, August 19th. Piper Sandler raised their target price on shares of Prudential Financial from $110.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods boosted their price target on Prudential Financial from $113.00 to $123.00 and gave the company a “market perform” rating in a report on Tuesday, August 11th. One investment 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. According to MarketBeat.com, Prudential Financial presently has a consensus rating of “Reduce” and an average target price of $109.31.

Insiders Place Their Bets

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of Prudential Financial stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total value of $5,314,963.50. Following the transaction, the insider owned 7,973,657 shares in the company, valued at $197,348,010.75. This trade represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 value of $956,576.52. Following the sale, the executive vice president owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.05% of the stock is owned by company insiders.

Prudential Financial Stock Down 0.5%

PRU opened at $119.80 on Friday. Prudential Financial, Inc. has a 12 month low of $91.89 and a 12 month high of $127.72. The business has a 50-day moving average of $117.95 and a two-hundred day moving average of $106.27. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a market capitalization of $41.33 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-growth ratio of 2.25 and a beta of 0.84.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The business had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. During the same period in the prior year, the firm posted $3.58 EPS. On average, research analysts expect that Prudential Financial, Inc. will post 14.51 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business 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 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 yield of 4.7%. Prudential Financial’s dividend payout ratio (DPR) is currently 50.72%.

Prudential Financial Company 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.