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

Pictet Asset Management Holding SA lowered its stake in Prudential Financial, Inc. (NYSE:PRU) by 10.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 owned approximately 0.07% of Prudential Financial worth $26,913,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Prudential Financial during the 2nd quarter valued at about $3,507,481,000. State Street Corp raised its stake in shares of Prudential Financial by 1.2% in the 2nd quarter. State Street Corp now owns 17,164,760 shares of the financial services provider’s stock valued at $1,852,593,000 after acquiring an additional 209,179 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Prudential Financial by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock valued at $367,089,000 after acquiring an additional 166,641 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Prudential Financial by 95.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock worth $249,769,000 after purchasing an additional 1,247,371 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Prudential Financial in the 2nd quarter worth approximately $209,055,000. Institutional investors own 56.83% of the company’s stock.

Top Prudential Financial Stories

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..

Insider Transactions at Prudential Financial

In other news, SVP Robert E. Boyle sold 2,794 shares of the firm’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. This trade represents a 31.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Ann Kappler sold 2,797 shares of the business’s stock in a transaction on Friday, November 6th. The stock was sold at an average price of $120.60, for a total transaction of $337,318.20. Following the transaction, the executive vice president directly owned 14,482 shares in the company, valued at $1,746,529.20. This trade represents a 16.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 16,787 shares of company stock worth $2,062,597. Insiders own 0.05% of the company’s stock.

Prudential Financial Trading Down 0.2%

Prudential Financial stock opened at $123.00 on Thursday. Prudential Financial, Inc. has a 52 week low of $91.89 and a 52 week high of $128.78. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.17 and a current ratio of 0.17. The firm has a market capitalization of $42.19 billion, a PE ratio of 8.35, a PEG ratio of 1.95 and a beta of 0.85. The business’s 50-day simple moving average is $117.26 and its 200-day simple moving average is $109.18.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, November 3rd. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.33 by $0.44. The firm had revenue of $14.45 billion for the quarter, compared to analyst estimates of $14.66 billion. Prudential Financial had a return on equity of 16.38% and a net margin of 6.75%. During the same quarter last year, the firm posted $4.26 EPS. Equities research analysts forecast that Prudential Financial, Inc. will post 13.60 earnings per share for the current year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Tuesday, November 24th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, November 24th. Prudential Financial’s dividend payout ratio is currently 50.96%.

Analyst Ratings Changes

Several equities analysts have commented on the company. Deutsche Bank lowered their price target on Prudential Financial from $105.00 to $102.00 and set a “hold” rating on the stock in a report on Friday, October 23rd. UBS Group lifted their price target on shares of Prudential Financial from $92.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday. Mizuho set a $108.00 price objective on shares of Prudential Financial in a research note on Monday, October 12th. Barclays upped their price objective on shares of Prudential Financial from $94.00 to $98.00 and gave the stock an “underweight” rating in a report on Wednesday, November 4th. Finally, Zacks Research lowered shares of Prudential Financial from a “hold” rating to a “strong sell” rating in a research note on Friday, October 23rd. Two research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, Prudential Financial has an average rating of “Reduce” and an average price target of $114.20.

Prudential Financial 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.