Integrated Wealth Concepts LLC Sells 4,568 Shares of Prudential Financial, Inc. (NYSE:PRU)

Integrated Wealth Concepts LLC trimmed its stake in Prudential Financial, Inc. (NYSE:PRU - Free Report) by 21.1% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,088 shares of the financial services provider's stock after selling 4,568 shares during the period. Integrated Wealth Concepts LLC's holdings in Prudential Financial were worth $2,069,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRU. International Assets Investment Management LLC increased its stake in shares of Prudential Financial by 4,130.8% in the third quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider's stock worth $157,219,000 after purchasing an additional 1,267,571 shares during the period. AQR Capital Management LLC grew its holdings in Prudential Financial by 97.4% in the 2nd quarter. AQR Capital Management LLC now owns 724,244 shares of the financial services provider's stock valued at $84,874,000 after buying an additional 357,300 shares during the last quarter. FMR LLC increased its position in Prudential Financial by 31.3% during the third quarter. FMR LLC now owns 1,444,288 shares of the financial services provider's stock worth $174,903,000 after acquiring an additional 344,254 shares during the period. Legal & General Group Plc increased its holdings in shares of Prudential Financial by 9.4% during the 2nd quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider's stock worth $415,134,000 after purchasing an additional 305,143 shares during the period. Finally, Capital Advisors Inc. OK acquired a new position in Prudential Financial in the 3rd quarter valued at approximately $30,226,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the company's stock in a transaction dated Tuesday, October 8th. The shares were bought at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the completion of the transaction, the insider now directly owns 4,208,549 shares of the company's stock, valued at $116,071,781.42. This trade represents a 6.61 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.31% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PRU has been the topic of a number of recent research reports. Piper Sandler lifted their price target on shares of Prudential Financial from $121.00 to $127.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $121.00 price target on shares of Prudential Financial in a research note on Wednesday, August 21st. Morgan Stanley reduced their price objective on shares of Prudential Financial from $123.00 to $122.00 and set an "equal weight" rating on the stock in a research note on Monday, August 19th. Wells Fargo & Company upped their price target on Prudential Financial from $116.00 to $117.00 and gave the company an "equal weight" rating in a research note on Tuesday, November 5th. Finally, TD Cowen increased their price target on Prudential Financial from $130.00 to $133.00 and gave the stock a "hold" rating in a report on Wednesday, November 27th. Eleven equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $125.92.

Prudential Financial Stock Down 0.6 %

NYSE PRU traded down $0.73 during trading hours on Friday, hitting $126.56. 1,391,124 shares of the company traded hands, compared to its average volume of 1,412,572. The stock has a market capitalization of $45.06 billion, a price-to-earnings ratio of 11.25, a P/E/G ratio of 0.90 and a beta of 1.29. Prudential Financial, Inc. has a twelve month low of $98.24 and a twelve month high of $130.55. The business's 50-day moving average is $124.80 and its 200-day moving average is $120.31. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14.

Prudential Financial (NYSE:PRU - Get Free Report) last released its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The business had revenue of $19.48 billion during the quarter, compared to analysts' expectations of $14.57 billion. During the same period last year, the business earned $3.44 earnings per share. Sell-side analysts anticipate that Prudential Financial, Inc. will post 13.35 earnings per share for the current year.

Prudential Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.11%. Prudential Financial's payout ratio is 46.22%.

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.