Bank of America Cuts Prudential Financial (NYSE:PRU) Price Target to $104.00
by Scott Moore · The Cerbat GemPrudential Financial (NYSE:PRU – Free Report) had its price target trimmed by Bank of America from $112.00 to $104.00 in a report released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.
Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company lowered their price target on Prudential Financial from $103.00 to $95.00 and set an “underweight” rating on the stock in a research report on Friday, April 10th. UBS Group reduced their price objective on Prudential Financial from $105.00 to $98.00 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Wall Street Zen downgraded Prudential Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Evercore reaffirmed a “negative” rating on shares of Prudential Financial in a research note on Friday, March 6th. Finally, Morgan Stanley decreased their price target on shares of Prudential Financial from $120.00 to $111.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Ten analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Prudential Financial has an average rating of “Reduce” and a consensus price target of $108.00.
Prudential Financial Trading Up 0.3%
Shares of Prudential Financial stock opened at $99.73 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial has a 1 year low of $91.89 and a 1 year high of $119.76. The firm has a market cap of $34.69 billion, a PE ratio of 9.97, a PEG ratio of 1.27 and a beta of 0.95. The company has a 50 day simple moving average of $98.29 and a two-hundred day simple moving average of $104.96.
Prudential Financial (NYSE:PRU – Get Free Report) last posted its quarterly earnings data on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share for the quarter, missing the consensus estimate of $3.37 by ($0.07). Prudential Financial had a net margin of 6.20% and a return on equity of 16.32%. The company had revenue of $14.52 billion for the quarter, compared to analysts’ expectations of $14.48 billion. During the same quarter last year, the business posted $2.96 EPS. Analysts expect that Prudential Financial will post 14.36 earnings per share for the current fiscal year.
Prudential Financial Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, March 12th. Stockholders of record on Tuesday, February 17th were paid a $1.40 dividend. This is a boost from Prudential Financial’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 5.6%. Prudential Financial’s dividend payout ratio is presently 56.00%.
Insider Buying and Selling
In related news, Director Joseph J. Wolk purchased 400 shares of the firm’s stock in a transaction on Wednesday, February 11th. The shares were acquired at an average cost of $105.32 per share, with a total value of $42,128.00. Following the purchase, the director directly owned 400 shares of the company’s stock, valued at approximately $42,128. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jacques Chappuis acquired 1,000 shares of the stock in a transaction on Friday, February 6th. The stock was bought at an average price of $100.97 per share, with a total value of $100,970.00. Following the transaction, the executive vice president directly owned 1,000 shares of the company’s stock, valued at approximately $100,970. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 1,408,389 shares of company stock valued at $35,154,439 in the last 90 days. 0.05% of the stock is owned by insiders.
Institutional Investors Weigh In On Prudential Financial
A number of large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in shares of Prudential Financial by 3.7% during the fourth quarter. Brighton Jones LLC now owns 3,681 shares of the financial services provider’s stock worth $436,000 after purchasing an additional 133 shares during the period. Empowered Funds LLC raised its position in Prudential Financial by 30.5% during the 1st quarter. Empowered Funds LLC now owns 17,690 shares of the financial services provider’s stock valued at $1,976,000 after purchasing an additional 4,134 shares during the last quarter. Brown Advisory Inc. raised its position in Prudential Financial by 3.5% during the 2nd quarter. Brown Advisory Inc. now owns 4,164 shares of the financial services provider’s stock valued at $447,000 after purchasing an additional 140 shares during the last quarter. AXA S.A. lifted its holdings in Prudential Financial by 25.8% in the 2nd quarter. AXA S.A. now owns 56,700 shares of the financial services provider’s stock worth $6,092,000 after buying an additional 11,630 shares during the period. Finally, NewEdge Advisors LLC grew its position in shares of Prudential Financial by 15.1% in the 2nd quarter. NewEdge Advisors LLC now owns 37,277 shares of the financial services provider’s stock worth $4,005,000 after buying an additional 4,895 shares during the last quarter. Institutional investors own 56.83% of the company’s stock.
Prudential Financial Company Profile
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.