Prudential Financial Inc. (PRU) Upgraded by Goldman Sachs Group Inc. to Buy
Prudential Financial Inc. (NYSE:PRU) was upgraded by investment analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm currently has a $93.00 price target on the stock, up from their previous price target of $80.00. Goldman Sachs Group Inc.’s price objective would suggest a potential upside of 16.05% from the company’s current price.
PRU has been the subject of a number of other reports. Evercore ISI began coverage on Prudential Financial in a report on Wednesday, July 6th. They issued a “hold” rating and a $78.00 price target for the company. Citigroup Inc. dropped their target price on Prudential Financial from $83.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, July 7th. Zacks Investment Research upgraded Prudential Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 14th. Deutsche Bank AG dropped their target price on Prudential Financial from $90.00 to $83.00 and set a “buy” rating for the company in a research note on Thursday, July 7th. Finally, Bank of America Corp. lowered Prudential Financial from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 29th. One analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Prudential Financial has an average rating of “Buy” and a consensus target price of $89.33.
Shares of Prudential Financial (NYSE:PRU) traded up 1.24% during mid-day trading on Friday, hitting $81.13. The company’s stock had a trading volume of 499,673 shares. The company has a market cap of $35.45 billion, a PE ratio of 8.34 and a beta of 1.62. The stock has a 50-day moving average of $77.96 and a 200-day moving average of $75.44. Prudential Financial has a 12-month low of $57.19 and a 12-month high of $88.77.
Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $1.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.51 by $0.67. Prudential Financial had a return on equity of 8.11% and a net margin of 8.90%. During the same period last year, the firm earned $2.91 earnings per share. On average, equities research analysts forecast that Prudential Financial will post ($0.01) EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Tuesday, August 23rd were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date was Friday, August 19th. Prudential Financial’s dividend payout ratio is currently 28.78%.
In other Prudential Financial news, insider Charles F. Lowrey sold 41,644 shares of the stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $80.00, for a total transaction of $3,331,520.00. Following the transaction, the insider now owns 98,307 shares of the company’s stock, valued at approximately $7,864,560. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Robert Falzon sold 33,820 shares of the stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $77.13, for a total value of $2,608,536.60. Following the transaction, the chief financial officer now directly owns 70,264 shares in the company, valued at approximately $5,419,462.32. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Murphy Capital Management Inc. increased its position in Prudential Financial by 0.3% in the second quarter. Murphy Capital Management Inc. now owns 3,138 shares of the company’s stock worth $223,000 after buying an additional 8 shares in the last quarter. Hudock Capital Group LLC boosted its stake in shares of Prudential Financial by 0.4% in the second quarter. Hudock Capital Group LLC now owns 2,682 shares of the company’s stock worth $191,000 after buying an additional 10 shares during the last quarter. Concert Wealth Management Inc. boosted its stake in shares of Prudential Financial by 0.3% in the second quarter. Concert Wealth Management Inc. now owns 12,450 shares of the company’s stock worth $879,000 after buying an additional 42 shares during the last quarter. Arrow Financial Corp boosted its stake in shares of Prudential Financial by 1.4% in the second quarter. Arrow Financial Corp now owns 4,935 shares of the company’s stock worth $352,000 after buying an additional 66 shares during the last quarter. Finally, Point View Wealth Management Inc. boosted its stake in shares of Prudential Financial by 1.0% in the second quarter. Point View Wealth Management Inc. now owns 6,806 shares of the company’s stock worth $486,000 after buying an additional 70 shares during the last quarter. 60.62% of the stock is currently owned by institutional investors.
Prudential Financial Company Profile
Prudential Financial, Inc is a financial services company. The Company, through its subsidiaries and affiliates, provides a range of financial products and services, including life insurance, annuities and investment management. The Company’s divisions include U.S. Retirement Solutions and Investment Management Division; U.S.
Receive News & Ratings for Prudential Financial Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prudential Financial Inc. and related companies with MarketBeat.com's FREE daily email newsletter.