Prudential Financial, Inc. (NYSE:PRU) Announces Quarterly Dividend of $1.30

Prudential Financial, Inc. (NYSE:PRU) declared a quarterly dividend on Tuesday, May 7th, RTT News reports. Stockholders of record on Tuesday, May 21st will be paid a dividend of 1.30 per share by the financial services provider on Thursday, June 13th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.48%.

Prudential Financial has raised its dividend by an average of 4.4% per year over the last three years and has increased its dividend annually for the last 16 consecutive years. Prudential Financial has a dividend payout ratio of 35.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Prudential Financial to earn $14.45 per share next year, which means the company should continue to be able to cover its $5.20 annual dividend with an expected future payout ratio of 36.0%.

Prudential Financial Stock Performance

NYSE PRU traded down $0.05 during trading hours on Wednesday, reaching $116.18. The stock had a trading volume of 132,358 shares, compared to its average volume of 1,510,382. Prudential Financial has a 52-week low of $77.87 and a 52-week high of $118.69. The stock has a fifty day moving average of $112.48 and a 200 day moving average of $104.78. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market cap of $41.71 billion, a P/E ratio of 19.77, a price-to-earnings-growth ratio of 0.83 and a beta of 1.35.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $3.12 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The business had revenue of $15.01 billion during the quarter, compared to analysts’ expectations of $14.50 billion. During the same period last year, the company earned $2.66 earnings per share. The firm’s revenue was up 69.9% on a year-over-year basis. Sell-side analysts predict that Prudential Financial will post 13.36 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PRU shares. Piper Sandler cut their price target on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a research report on Monday. Keefe, Bruyette & Woods raised their target price on Prudential Financial from $112.00 to $118.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Raymond James lowered Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, February 9th. Wells Fargo & Company raised their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a research report on Thursday, April 11th. Finally, TheStreet upgraded shares of Prudential Financial from a “c+” rating to an “a-” rating in a research report on Tuesday, February 6th. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $111.08.

Insider Activity

In other Prudential Financial news, SVP Timothy L. Schmidt sold 7,912 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $108.13, for a total value of $855,524.56. Following the completion of the sale, the senior vice president now directly owns 14,754 shares of the company’s stock, valued at approximately $1,595,350.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Timothy L. Schmidt sold 7,912 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $108.13, for a total value of $855,524.56. Following the completion of the sale, the senior vice president now owns 14,754 shares of the company’s stock, valued at approximately $1,595,350.02. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Robert Axel sold 6,436 shares of Prudential Financial stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $111.86, for a total transaction of $719,930.96. Following the sale, the senior vice president now directly owns 7,901 shares in the company, valued at approximately $883,805.86. The disclosure for this sale can be found here. Insiders sold 29,255 shares of company stock worth $3,215,664 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Prudential Financial Company 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.