Prudential Financial, Inc. (NYSE:PRU) Receives $109.31 Average PT from Analysts

Prudential Financial, Inc. (NYSE:PRU) has received an average rating of “Reduce” from the seventeen analysts that are currently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $109.3077.

A number of research firms recently commented on PRU. Wall Street Zen raised shares of Prudential Financial from a “hold” rating to a “buy” rating in a research report on Saturday, August 29th. Piper Sandler upped their price objective on shares of Prudential Financial from $110.00 to $128.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. Mizuho raised their price objective on Prudential Financial from $101.00 to $109.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Jefferies Financial Group lifted their target price on Prudential Financial from $105.00 to $110.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Finally, JPMorgan Chase & Co. upped their target price on Prudential Financial from $129.00 to $131.00 and gave the company a “neutral” rating in a research report on Monday, August 17th.

Prudential Financial Stock Performance

Shares of PRU opened at $123.15 on Friday. The company has a market capitalization of $42.49 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 1.80 and a beta of 0.83. Prudential Financial has a 52-week low of $91.89 and a 52-week high of $127.72. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. The stock has a 50 day moving average price of $118.90 and a 200 day moving average price of $106.72.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.52 by $0.56. The company had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same quarter last year, the company earned $3.58 earnings per share. Research analysts predict that Prudential Financial will post 14.51 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be paid a $1.40 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a yield of 4.5%. Prudential Financial’s payout ratio is currently 50.72%.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the sale, the insider owned 7,973,657 shares in the company, valued at $197,348,010.75. This represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann M. Kappler sold 7,652 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the transaction, the executive vice president directly owned 14,407 shares in the company, valued at $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in PRU. Allianz Asset Management GmbH increased its stake in shares of Prudential Financial by 32.4% during the second quarter. Allianz Asset Management GmbH now owns 28,105 shares of the financial services provider’s stock worth $3,033,000 after acquiring an additional 6,877 shares during the period. Groupe la Francaise increased its stake in Prudential Financial by 5.4% in the 2nd quarter. Groupe la Francaise now owns 91,867 shares of the financial services provider’s stock valued at $9,915,000 after purchasing an additional 4,702 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Prudential Financial during the second quarter worth $20,740,000. California State Teachers Retirement System grew its holdings in Prudential Financial by 10,014.4% in the second quarter. California State Teachers Retirement System now owns 63,173,911 shares of the financial services provider’s stock valued at $6,818,360,000 after purchasing an additional 62,549,318 shares during the last quarter. Finally, Washington Trust Advisors Inc. increased its position in shares of Prudential Financial by 2,900.0% in the second quarter. Washington Trust Advisors Inc. now owns 420 shares of the financial services provider’s stock valued at $45,000 after buying an additional 406 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial News Roundup

Here are the key news stories impacting Prudential Financial this week:

• Positive Sentiment: Prudential Advisors added an experienced advisor overseeing more than $106 million in client assets. Zachary Karason joined the Mid America Financial Group after roles at U.S. Bancorp Advisors and Merrill Lynch. The move could modestly support Prudential’s wealth-management growth and advisor recruiting efforts. Prudential Advisors Welcomes Zachary Karason to Mid America Financial Group
• Neutral Sentiment: Prudential’s latest earnings were better than expected, but revenue fell short of estimates. The company reported quarterly earnings of $4.08 per share, above the $3.52 analyst consensus, while revenue of $14.16 billion trailed the $14.36 billion estimate. The earnings beat is supportive, although the revenue miss and comparisons with the prior year provide a mixed signal for investors. Prudential Down Since Last Earnings Report: Can It Rebound?
• Negative Sentiment: PRU has slightly underperformed since its earnings release. A market update noted that the stock was down 0.3% over the 30 days following its report, suggesting that the earnings beat has not yet translated into sustained momentum and that investors may be looking for stronger forward guidance or estimate revisions. Prudential Down 0.3% Since Last Earnings Report

About Prudential Financial

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.