Prudential Financial (NYSE:PRU) Stock Price Target Lowered at Wells Fargo & Company

by · The Markets Daily

Prudential Financial (NYSE:PRU – Free Report) had its price target cut by Wells Fargo & Company from $110.00 to $104.00 in a research note published on Monday,Benzinga reports. They currently have an underweight rating on the financial services provider’s stock.

A number of other analysts also recently issued reports on PRU. Wall Street Zen downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Monday, September 28th. JPMorgan Chase & Co. increased their price target on shares of Prudential Financial from $129.00 to $131.00 and gave the stock a “neutral” rating in a research report on Monday, August 17th. Piper Sandler reduced their price objective on Prudential Financial from $128.00 to $120.00 and set a “neutral” rating on the stock in a research note on Monday. Barclays lifted their target price on Prudential Financial from $92.00 to $96.00 and gave the company an “underweight” rating in a report on Wednesday, October 7th. Finally, Weiss Ratings raised Prudential Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, September 29th. One equities research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $108.46.

Get Our Latest Analysis on PRU

Prudential Financial Stock Up 0.2%

Shares of NYSE:PRU opened at $113.28 on Monday. Prudential Financial has a 52-week low of $91.89 and a 52-week high of $127.72. The stock has a market cap of $39.08 billion, a P/E ratio of 10.26, a PEG ratio of 1.70 and a beta of 0.85. The business has a fifty day moving average of $118.99 and a two-hundred day moving average of $110.33. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial (NYSE:PRU – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.52 by $0.56. The business had revenue of $14.15 billion for the quarter, compared to analyst estimates 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 in the previous year, the firm earned $3.58 EPS. On average, research analysts expect that Prudential Financial will post 14.50 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th were given a dividend of $1.40 per share. The ex-dividend date was Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.9%. Prudential Financial’s payout ratio is 50.72%.

Insider Activity at Prudential Financial

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Prudential Financial in the second quarter worth $3,507,481,000. Bank of New York Mellon Corp purchased a new stake in shares of Prudential Financial during the 2nd quarter worth $209,055,000. Bank of America Corp DE purchased a new stake in shares of Prudential Financial during the 2nd quarter worth $208,957,000. Deutsche Bank AG acquired a new position in shares of Prudential Financial during the 2nd quarter worth $157,752,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Prudential Financial by 95.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock worth $249,769,000 after purchasing an additional 1,247,371 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Company Profile

(Get Free Report)

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.

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