Prudential Financial (NYSE:PRU) Price Target Raised to $116.00

Prudential Financial (NYSE:PRU) had its price objective lifted by Wells Fargo & Company from $113.00 to $116.00 in a research report report published on Thursday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

Several other research firms have also recently weighed in on PRU. Piper Sandler raised their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the company a neutral rating in a research report on Wednesday, October 2nd. Keefe, Bruyette & Woods restated a market perform rating and issued a $121.00 price objective on shares of Prudential Financial in a research report on Wednesday, August 21st. Jefferies Financial Group lowered their price objective on shares of Prudential Financial from $143.00 to $141.00 and set a buy rating for the company in a research report on Friday, June 28th. UBS Group raised their price objective on shares of Prudential Financial from $112.00 to $119.00 and gave the company a neutral rating in a research report on Tuesday, August 13th. Finally, Morgan Stanley lowered their price objective on shares of Prudential Financial from $123.00 to $122.00 and set an equal weight rating for the company in a research report on Monday, August 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Prudential Financial has a consensus rating of Hold and a consensus target price of $123.69.

Prudential Financial Trading Up 1.7 %

Shares of Prudential Financial stock opened at $123.72 on Thursday. The stock has a market capitalization of $44.42 billion, a P/E ratio of 21.04, a price-to-earnings-growth ratio of 0.97 and a beta of 1.30. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The company has a 50-day simple moving average of $116.93 and a 200 day simple moving average of $117.15. Prudential Financial has a 12-month low of $87.95 and a 12-month high of $128.52.

Prudential Financial (NYSE:PRU) last announced its earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The firm had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. Research analysts expect that Prudential Financial will post 13.28 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.20%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s payout ratio is 88.44%.

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of Prudential Financial stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average price of $27.58 per share, with a total value of $7,200,007.22. Following the purchase, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the transaction, the executive vice president now owns 10,175 shares of the company’s stock, valued at approximately $1,220,694.75. The trade was a 0.00 % 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, major shareholder Insurance Co Of Ame Prudential purchased 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was bought at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the purchase, the insider now owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Cullinan Associates Inc. lifted its position in shares of Prudential Financial by 2,355.0% in the first quarter. Cullinan Associates Inc. now owns 151,598 shares of the financial services provider’s stock worth $17,798,000 after purchasing an additional 145,423 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Prudential Financial by 44.9% in the first quarter. National Bank of Canada FI now owns 230,044 shares of the financial services provider’s stock worth $27,327,000 after purchasing an additional 71,274 shares in the last quarter. Greenwood Capital Associates LLC bought a new stake in shares of Prudential Financial in the fourth quarter worth $1,087,000. Nomura Holdings Inc. bought a new stake in shares of Prudential Financial in the fourth quarter worth $761,000. Finally, Brookstone Capital Management lifted its position in shares of Prudential Financial by 1,635.0% in the first quarter. Brookstone Capital Management now owns 87,201 shares of the financial services provider’s stock worth $10,237,000 after purchasing an additional 82,175 shares in the last quarter. Institutional investors own 56.83% of the company’s stock.

About Prudential Financial

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.