Pictet Asset Management Holding SA reduced its stake in Prudential Financial, Inc. (NYSE:PRU – Free Report) by 6.5% during the first quarter, HoldingsChannel reports. The firm owned 445,016 shares of the financial services provider’s stock after selling 31,011 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Prudential Financial were worth $43,422,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Econ Financial Services Corp bought a new position in Prudential Financial in the 1st quarter valued at approximately $1,532,000. Wesbanco Bank Inc. boosted its position in Prudential Financial by 2.3% in the first quarter. Wesbanco Bank Inc. now owns 22,470 shares of the financial services provider’s stock valued at $2,195,000 after buying an additional 509 shares in the last quarter. Stokes Capital Advisors LLC bought a new stake in shares of Prudential Financial during the first quarter worth $347,000. Xcel Wealth Management LLC increased its holdings in shares of Prudential Financial by 82.4% during the first quarter. Xcel Wealth Management LLC now owns 29,281 shares of the financial services provider’s stock worth $2,860,000 after buying an additional 13,230 shares in the last quarter. Finally, Foster & Motley Inc. lifted its stake in shares of Prudential Financial by 6.4% in the 1st quarter. Foster & Motley Inc. now owns 50,644 shares of the financial services provider’s stock valued at $4,947,000 after acquiring an additional 3,054 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on PRU shares. BMO Capital Markets reduced their price objective on Prudential Financial from $91.00 to $87.00 and set an “underperform” rating on the stock in a research report on Thursday, April 23rd. Wells Fargo & Company lifted their price target on Prudential Financial from $93.00 to $100.00 and gave the company an “underweight” rating in a research note on Tuesday, May 12th. Zacks Research upgraded Prudential Financial from a “strong sell” rating to a “hold” rating in a report on Friday, June 12th. Evercore reiterated a “negative” rating on shares of Prudential Financial in a report on Friday, March 6th. Finally, Mizuho lifted their target price on shares of Prudential Financial from $96.00 to $101.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Eleven equities research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $101.92.
Prudential Financial Price Performance
PRU stock opened at $107.92 on Wednesday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The firm has a market cap of $37.45 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 1.99 and a beta of 0.86. The company’s fifty day simple moving average is $102.82 and its 200 day simple moving average is $104.16. Prudential Financial, Inc. has a 12-month low of $91.89 and a 12-month high of $119.76.
Prudential Financial (NYSE:PRU – Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.52. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.The firm had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $14.10 billion. During the same period last year, the business posted $3.29 EPS. On average, analysts expect that Prudential Financial, Inc. will post 13.81 earnings per share for the current year.
Prudential Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $5.60 annualized dividend and a yield of 5.2%. Prudential Financial’s dividend payout ratio (DPR) is currently 57.61%.
Prudential Financial Company Profile
Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.
Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.
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