Pictet Asset Management Holding SA Sells 28,665 Shares of Prudential Financial, Inc. $PRU

Pictet Asset Management Holding SA decreased its position in Prudential Financial, Inc. (NYSE:PRU) by 10.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 236,949 shares of the financial services provider’s stock after selling 28,665 shares during the period. Pictet Asset Management Holding SA’s holdings in Prudential Financial were worth $26,913,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Archer Investment Corp bought a new stake in shares of Prudential Financial in the 2nd quarter worth approximately $26,000. Team Financial Group LLC acquired a new position in shares of Prudential Financial in the third quarter valued at $27,000. Heritage Family Offices LLP acquired a new position in shares of Prudential Financial in the third quarter valued at $33,000. MADDEN SECURITIES Corp bought a new position in Prudential Financial in the third quarter worth $38,000. Finally, Center for Financial Planning Inc. lifted its position in Prudential Financial by 90.4% in the third quarter. Center for Financial Planning Inc. now owns 339 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 161 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

Analyst Ratings Changes

PRU has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Monday, September 28th. Bank of America restated a “neutral” rating on shares of Prudential Financial in a research note on Wednesday, November 4th. Mizuho set a $108.00 price objective on shares of Prudential Financial in a report on Monday, October 12th. Piper Sandler lifted their target price on shares of Prudential Financial from $120.00 to $133.00 and gave the company a “neutral” rating in a research report on Thursday, November 5th. Finally, Weiss Ratings lowered shares of Prudential Financial from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, October 14th. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, Prudential Financial presently has a consensus rating of “Reduce” and an average target price of $114.20.

Insider Buying and Selling at Prudential Financial

In other news, SVP Robert E. Boyle sold 2,794 shares of the business’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $121.24, for a total value of $338,744.56. Following the sale, the senior vice president owned 6,008 shares in the company, valued at approximately $728,409.92. The trade was a 31.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Kappler sold 7,652 shares of the business’s stock in a transaction on Friday, August 14th. The shares were 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 owned 14,407 shares in the company, valued at $1,801,019.07. This represents a 34.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 16,787 shares of company stock valued at $2,062,597. 0.05% of the stock is currently owned by company insiders.

Prudential Financial Trading Down 0.2%

Shares of PRU opened at $123.00 on Thursday. Prudential Financial, Inc. has a 1 year low of $91.89 and a 1 year high of $128.78. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.66. The stock has a 50 day simple moving average of $117.26 and a 200-day simple moving average of $109.18. The stock has a market cap of $42.19 billion, a PE ratio of 8.35, a PEG ratio of 1.95 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.33 by $0.44. Prudential Financial had a return on equity of 16.38% and a net margin of 6.75%. The business had revenue of $14.45 billion for the quarter, compared to analyst estimates of $14.66 billion. During the same quarter in the previous year, the firm earned $4.26 EPS. On average, sell-side analysts predict that Prudential Financial, Inc. will post 13.60 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Tuesday, November 24th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, November 24th. 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 presently 50.96%.

Key Stories Impacting Prudential Financial

These are some of the PRU stories that stood out recently:

• Positive Sentiment: Prudential declared a quarterly dividend of $1.40 per share, equivalent to $5.60 annually and a yield of about 4.6%. The dividend supports the stock’s appeal to income-focused investors. Dividend announcement
• Neutral Sentiment: UBS raised its price target from $92 to $125 but maintained a neutral rating. The new target implies only about 1.6% upside from the cited $123 share price, suggesting limited near-term upside in the analyst’s view. UBS rating information
• Negative Sentiment: Three executives sold a combined 9,135 shares on November 6: CEO Andrew Sullivan, EVP Ann Kappler and SVP Robert Boyle. The sales may weigh on sentiment, although the filings do not give the executives’ reasons. Read More.; Read More.; Read More..

Prudential Financial Company Profile

Prudential Financial, Inc. is a financial services company headquartered in Newark, New Jersey. Founded in 1875 as the Prudential Friendly Society, it has grown into a provider of insurance, retirement and investment services. The company offers life insurance, annuities, workplace benefits and retirement-related products and services. Through its asset management businesses, Prudential also serves individual and institutional investors. Prudential serves customers in the United States and operates internationally, with a significant presence in Japan and other markets.