Kingswood Wealth Advisors LLC Boosts Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Kingswood Wealth Advisors LLC lifted its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 24.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,745 shares of the financial services provider’s stock after buying an additional 924 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Prudential Financial were worth $556,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in PRU. Cambridge Trust Co. increased its position in shares of Prudential Financial by 77.2% in the 4th quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 105 shares during the last quarter. Creekmur Asset Management LLC raised its stake in 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 buying an additional 108 shares in the last quarter. Lynx Investment Advisory acquired a new position in shares of Prudential Financial in the 2nd quarter worth approximately $29,000. Crewe Advisors LLC bought a new stake in shares of Prudential Financial in the 1st quarter valued at approximately $33,000. Finally, ESL Trust Services LLC acquired a new stake in shares of Prudential Financial during the 1st quarter valued at approximately $34,000. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

Prudential Financial stock traded down $0.29 during trading hours on Wednesday, hitting $106.76. 1,802,670 shares of the company traded hands, compared to its average volume of 1,502,298. Prudential Financial, Inc. has a 1-year low of $87.95 and a 1-year high of $128.52. The firm has a market cap of $38.33 billion, a P/E ratio of 18.56, a P/E/G ratio of 0.86 and a beta of 1.34. The firm’s 50-day simple moving average is $119.03 and its two-hundred day simple moving average is $114.25. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.67.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 20th will be issued a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $5.20 annualized dividend and a yield of 4.87%. Prudential Financial’s payout ratio is 88.44%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PRU shares. Wells Fargo & Company raised their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a research report on Thursday, April 11th. Piper Sandler lowered their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Evercore ISI raised their price target on Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a report on Thursday, April 25th. Morgan Stanley upped their price objective on Prudential Financial from $120.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods raised their target price on Prudential Financial from $118.00 to $121.00 and gave the company a “market perform” rating in a research note on Monday, July 8th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Prudential Financial presently has an average rating of “Hold” and a consensus price target of $118.25.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were purchased at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the acquisition, the insider now directly owns 3,883,390 shares in the company, valued at $107,065,062.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was acquired at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the purchase, the insider now directly owns 3,883,390 shares in the company, valued at $107,065,062.30. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Robert Falzon sold 130,092 shares of Prudential Financial stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the completion of the transaction, the executive vice president now owns 202,083 shares in the company, valued at approximately $23,960,981.31. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

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.