Prudential Financial (NYSE:PRU) Given New $128.00 Price Target at JPMorgan Chase & Co.

Prudential Financial (NYSE:PRU) had its target price hoisted by JPMorgan Chase & Co. from $118.00 to $128.00 in a report issued on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Several other research analysts have also issued reports on PRU. Wells Fargo & Company raised their price target on Prudential Financial from $100.00 to $106.00 and gave the stock an underweight rating in a research report on Thursday, April 11th. Keefe, Bruyette & Woods raised their price target on Prudential Financial from $112.00 to $118.00 and gave the stock a market perform rating in a research report on Wednesday, April 10th. Morgan Stanley raised their price target on Prudential Financial from $109.00 to $117.00 and gave the stock an equal weight rating in a research report on Monday, April 15th. Piper Sandler reduced 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, May 6th. Finally, Evercore ISI raised their price target on Prudential Financial from $115.00 to $116.00 and gave the stock an underperform rating in a research report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $115.92.

Prudential Financial Stock Up 0.9 %

NYSE PRU opened at $118.55 on Tuesday. The stock has a fifty day moving average of $116.50 and a 200-day moving average of $111.05. The stock has a market capitalization of $42.56 billion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 0.88 and a beta of 1.34. Prudential Financial has a 52 week low of $87.57 and a 52 week high of $121.39. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.13 and a current ratio of 0.13.

Prudential Financial (NYSE:PRU) last released its earnings results 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). The firm had revenue of $15.01 billion during the quarter, compared to analyst estimates of $14.50 billion. Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The firm’s quarterly revenue was up 69.9% on a year-over-year basis. During the same period last year, the business posted $2.66 earnings per share. On average, equities research analysts forecast that Prudential Financial will post 13.41 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Tuesday, May 21st were issued a $1.30 dividend. The ex-dividend date was Monday, May 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.39%. Prudential Financial’s dividend payout ratio (DPR) is 88.44%.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were bought at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the acquisition, the insider now directly owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Robert Falzon sold 130,092 shares of Prudential Financial stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $118.57, for a total value of $15,425,008.44. Following the sale, the executive vice president now owns 202,083 shares of the company’s stock, valued at $23,960,981.31. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was bought at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the transaction, the insider now owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Prudential Financial

A number of hedge funds and other institutional investors have recently modified their holdings of PRU. Peoples Bank OH increased its position in Prudential Financial by 2.3% during the first quarter. Peoples Bank OH now owns 4,046 shares of the financial services provider’s stock worth $475,000 after buying an additional 90 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Prudential Financial by 1.3% during the first quarter. Sequoia Financial Advisors LLC now owns 7,449 shares of the financial services provider’s stock worth $875,000 after buying an additional 94 shares during the last quarter. Jaffetilchin Investment Partners LLC increased its position in Prudential Financial by 4.6% during the first quarter. Jaffetilchin Investment Partners LLC now owns 2,131 shares of the financial services provider’s stock worth $250,000 after buying an additional 94 shares during the last quarter. Bruce G. Allen Investments LLC increased its position in Prudential Financial by 38.6% during the first quarter. Bruce G. Allen Investments LLC now owns 352 shares of the financial services provider’s stock worth $41,000 after buying an additional 98 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its position in Prudential Financial by 2.0% during the first quarter. Checchi Capital Advisers LLC now owns 4,932 shares of the financial services provider’s stock worth $579,000 after buying an additional 99 shares during the last quarter. Institutional investors and hedge funds own 56.83% 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.