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

Pictet Asset Management Holding SA lifted its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 11.7% during the 4th quarter, HoldingsChannel reports. The fund 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’s holdings in Prudential Financial were worth $29,081,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of Prudential Financial in the 4th quarter valued at $115,878,000. Nordea Investment Management AB raised its position in shares of Prudential Financial by 176.8% in the 4th quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock worth $123,804,000 after buying an additional 665,180 shares during the period. Raymond James Financial Inc. acquired a new position in Prudential Financial in the fourth quarter valued at $76,303,000. Amundi grew its position in Prudential Financial by 32.7% during the fourth quarter. Amundi now owns 1,535,514 shares of the financial services provider’s stock valued at $181,851,000 after acquiring an additional 378,266 shares during the period. Finally, FMR LLC raised its holdings in shares of Prudential Financial by 31.3% in the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock worth $174,903,000 after purchasing an additional 344,254 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRU has been the subject of a number of research reports. Keefe, Bruyette & Woods decreased their target price on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. Barclays increased their price objective on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Piper Sandler reduced their target price on shares of 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 increased their price target on Prudential Financial from $113.00 to $118.00 and gave the company an “equal weight” rating in a report on Wednesday, February 19th. Finally, Jefferies Financial Group upped their target price on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $126.15.

Insiders Place Their Bets

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value 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 $2,869,090.56. The trade was a 18.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $28.72 per share, with a total value of $2,499,989.84. Following the purchase, the insider now owns 87,047 shares of the company’s stock, valued at $2,499,989.84. The trade was a ∞ 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 company insiders.

Prudential Financial Stock Down 3.9 %

PRU stock opened at $109.94 on Monday. The company has a market capitalization of $39.36 billion, a P/E ratio of 14.72, a PEG ratio of 0.98 and a beta of 1.28. The firm has a 50 day simple moving average of $113.09 and a 200-day simple moving average of $118.98. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. Prudential Financial, Inc. has a twelve month low of $104.45 and a twelve month high of $130.55.

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

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is currently 72.29%.

About Prudential Financial

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.