Pictet Asset Management Holding SA Boosts Holdings in Prudential Financial, Inc. (NYSE:PRU)

Pictet Asset Management Holding SA raised its stake in Prudential Financial, Inc. (NYSE:PRU) by 11.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 245,350 shares of the financial services provider’s stock after acquiring an additional 25,682 shares during the period. Pictet Asset Management Holding SA owned 0.07% of Prudential Financial worth $29,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in PRU. Grove Bank & Trust grew its stake in Prudential Financial by 65.9% during the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after buying an additional 87 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Prudential Financial during the fourth quarter worth approximately $29,000. CGC Financial Services LLC increased its holdings in shares of Prudential Financial by 82.1% in the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 124 shares during the period. Wingate Wealth Advisors Inc. acquired a new stake in Prudential Financial during the 4th quarter worth $33,000. Finally, Quarry LP grew its position in Prudential Financial by 376.3% during the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 222 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Down 3.9 %

PRU stock opened at $109.94 on Monday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The company’s 50-day moving average price is $113.09 and its 200 day moving average price is $118.98. Prudential Financial, Inc. has a 52 week low of $104.45 and a 52 week high of $130.55. The company has a market cap of $39.36 billion, a P/E ratio of 14.72, a P/E/G ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. On average, research analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 4.91%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. Prudential Financial’s dividend payout ratio is presently 72.29%.

Wall Street Analyst Weigh In

PRU has been the topic of a number of research reports. Piper Sandler lowered their price target on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Wells Fargo & Company boosted their target price on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a report on Wednesday, February 19th. Jefferies Financial Group increased their price target on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods dropped their price objective on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. Finally, Morgan Stanley reduced their target price on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial currently has an average rating of “Hold” and a consensus price target of $126.15.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of Prudential Financial stock in a transaction dated Tuesday, March 25th. The stock was bought at an average price of $28.52 per share, for a total transaction of $1,500,009.40. Following the completion of the transaction, the insider now directly owns 139,987 shares of the company’s stock, valued at approximately $3,992,429.24. This represents a 60.18 % increase in their ownership of the stock. The disclosure for this purchase 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.