Pictet Asset Management Ltd. lowered its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 37.8% during the second quarter, Holdings Channel reports. The firm owned 340,262 shares of the financial services provider’s stock after selling 206,476 shares during the period. Pictet Asset Management Ltd.’s holdings in Prudential Financial were worth $35,677,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the stock. Adirondack Trust Co. boosted its stake in shares of Prudential Financial by 7.6% in the first quarter. Adirondack Trust Co. now owns 1,133 shares of the financial services provider’s stock worth $121,000 after buying an additional 80 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of Prudential Financial by 11.1% in the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the financial services provider’s stock worth $139,000 after buying an additional 137 shares during the period. First Personal Financial Services boosted its stake in shares of Prudential Financial by 3.4% in the first quarter. First Personal Financial Services now owns 1,407 shares of the financial services provider’s stock worth $150,000 after buying an additional 46 shares during the period. Guardian Life Insurance Co. of America boosted its stake in shares of Prudential Financial by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 1,658 shares of the financial services provider’s stock worth $177,000 after buying an additional 5 shares during the period. Finally, Accurate Investment Solutions Inc. boosted its stake in shares of Prudential Financial by 2.3% in the second quarter. Accurate Investment Solutions Inc. now owns 1,664 shares of the financial services provider’s stock worth $180,000 after buying an additional 38 shares during the period. Hedge funds and other institutional investors own 63.51% of the company’s stock.

Shares of Prudential Financial, Inc. (NYSE PRU) opened at 109.94 on Thursday. The stock’s 50 day moving average price is $110.32 and its 200 day moving average price is $108.13. The firm has a market cap of $47.27 billion, a PE ratio of 12.04 and a beta of 1.50. Prudential Financial, Inc. has a 12-month low of $74.85 and a 12-month high of $115.26.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share for the quarter, missing the consensus estimate of $2.70 by $0.61. Prudential Financial had a return on equity of 8.98% and a net margin of 7.15%. The firm had revenue of $13.03 billion for the quarter, compared to analysts’ expectations of $12.45 billion. During the same quarter in the previous year, the firm posted $1.84 earnings per share. On average, equities research analysts predict that Prudential Financial, Inc. will post $10.30 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Tuesday, August 22nd will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, August 18th. Prudential Financial’s payout ratio is 33.63%.

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A number of brokerages have commented on PRU. Wells Fargo & Company reiterated a “hold” rating on shares of Prudential Financial in a report on Thursday, August 3rd. BidaskClub upgraded Prudential Financial from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Zacks Investment Research cut Prudential Financial from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Royal Bank Of Canada reiterated a “hold” rating and set a $113.00 target price on shares of Prudential Financial in a report on Tuesday, June 27th. Finally, Credit Suisse Group reiterated a “hold” rating and set a $121.00 target price on shares of Prudential Financial in a report on Thursday, April 27th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Prudential Financial has an average rating of “Buy” and a consensus target price of $111.21.

In other Prudential Financial news, Chairman John R. Strangfeld, Jr. sold 201,585 shares of Prudential Financial stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $110.00, for a total transaction of $22,174,350.00. Following the transaction, the chairman now directly owns 456,121 shares in the company, valued at approximately $50,173,310. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Stephen Pelletier sold 4,133 shares of Prudential Financial stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $112.18, for a total transaction of $463,639.94. Following the transaction, the insider now owns 10,924 shares in the company, valued at $1,225,454.32. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

Prudential Financial Company Profile

Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.

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Institutional Ownership by Quarter for Prudential Financial (NYSE:PRU)

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