Wells Fargo & Company Has Lowered Expectations for Prudential Financial (NYSE:PRU) Stock Price

Prudential Financial (NYSE:PRU) had its price target reduced by research analysts at Wells Fargo & Company from $110.00 to $104.00 in a report issued on Monday, Benzinga reports. The firm currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 8.37% from the company’s current price.

A number of other analysts also recently weighed in on PRU. Wall Street Zen downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Monday, September 28th. Weiss Ratings upgraded shares of Prudential Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, September 29th. Mizuho set a $108.00 price objective on shares of Prudential Financial in a report on Monday. Barclays upped their target price on shares of Prudential Financial from $92.00 to $96.00 and gave the company an “underweight” rating in a research note on Wednesday, October 7th. Finally, TD Cowen increased their target price on shares of Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Prudential Financial currently has a consensus rating of “Reduce” and an average target price of $108.46.

Prudential Financial Trading Up 0.1%

NYSE:PRU opened at $113.50 on Monday. Prudential Financial has a 1-year low of $91.89 and a 1-year high of $127.72. The business’s 50-day moving average price is $118.79 and its two-hundred day moving average price is $110.45. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $39.16 billion, a price-to-earnings ratio of 7.44, a PEG ratio of 1.70 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.52 by $0.56. The firm had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.36 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%. During the same quarter last year, the business earned $3.58 earnings per share. On average, equities analysts expect that Prudential Financial will post 14.48 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Prudential Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in PRU. Archer Investment Corp bought a new stake in Prudential Financial in the 2nd quarter valued at $26,000. SJS Investment Consulting Inc. grew its holdings in Prudential Financial by 93.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock valued at $27,000 after buying an additional 134 shares in the last quarter. Union Savings Bank bought a new position in Prudential Financial during the 4th quarter worth $35,000. Reflection Asset Management bought a new position in Prudential Financial during the 4th quarter worth $39,000. Finally, EFG International AG increased its position in Prudential Financial by 452.2% during the 2nd quarter. EFG International AG now owns 381 shares of the financial services provider’s stock worth $41,000 after buying an additional 312 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Key Prudential Financial News

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

• Positive Sentiment: Prudential’s retirement businesses, higher investment income and efficiency initiatives continue to support earnings. The stock also trades at a relatively modest valuation, which could limit downside if the Japan issue is resolved without broader financial damage. PRU Outperforms Industry, Trades at a Discount: Time to Exit or Hold?
• Neutral Sentiment: Piper Sandler reduced its price target to $120 from $128 and maintained a neutral rating. The new target still implies some potential upside, but the reduction indicates lower near-term expectations. Piper Sandler Adjusts Price Target on Prudential Financial
• Negative Sentiment: Japanese authorities ordered Prudential’s life-insurance units to stop soliciting new business through January 31. The suspension could delay sales, reduce growth in an important market and raise concerns about regulatory and execution risks. Japan Orders Prudential’s Life Units to Stop Soliciting New Business
• Negative Sentiment: Wells Fargo lowered its price target to $104 from $110 and assigned an underweight rating, implying that analysts see downside risk from the Japan disruption and broader near-term uncertainties. Prudential Financial Given New Price Target at Wells Fargo

About Prudential Financial

Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in 1875 and headquartered in Newark, New Jersey, the company serves individual, institutional and workplace customers through businesses in the United States and selected international markets.

In the United States, Prudential offers life insurance, annuities, retirement plans and group insurance products, including coverage for employees and their families.