Bank of America Increases Prudential Financial (NYSE:PRU) Price Target to $118.00

Prudential Financial (NYSE:PRU) had its price objective upped by Bank of America from $109.00 to $118.00 in a research report released on Thursday morning, Benzinga reports. Bank of America currently has a neutral rating on the financial services provider’s stock.

Several other analysts have also recently commented on the company. Jefferies Financial Group decreased their target price on Prudential Financial from $143.00 to $141.00 and set a buy rating for the company in a research report on Friday, June 28th. Piper Sandler increased their price objective on Prudential Financial from $121.00 to $127.00 and gave the stock a neutral rating in a report on Wednesday, October 2nd. TD Cowen started coverage on Prudential Financial in a report on Wednesday. They set a hold rating and a $130.00 price objective for the company. Citigroup increased their price objective on Prudential Financial from $104.00 to $120.00 and gave the stock a neutral rating in a report on Tuesday, July 23rd. Finally, Wells Fargo & Company increased their price objective on Prudential Financial from $113.00 to $116.00 and gave the stock an equal weight rating in a report on Thursday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Prudential Financial currently has an average rating of Hold and an average price target of $123.69.

Prudential Financial Stock Performance

PRU opened at $123.72 on Thursday. The firm has a market cap of $44.42 billion, a PE ratio of 21.04, a P/E/G ratio of 0.97 and a beta of 1.30. The business has a fifty day simple moving average of $116.93 and a 200-day simple moving average of $117.15. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. Prudential Financial has a fifty-two week low of $87.95 and a fifty-two week high of $128.52.

Prudential Financial (NYSE:PRU) last issued its earnings results on Thursday, August 1st. The financial services provider reported $3.39 EPS for the quarter, missing the consensus estimate of $3.43 by ($0.04). The business had revenue of $13.84 billion during 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%. As a group, equities analysts predict that Prudential Financial will post 13.28 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

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

Insider Transactions at Prudential Financial

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

Institutional Investors Weigh In On Prudential Financial

A number of institutional investors have recently added to or reduced their stakes in the company. Annex Advisory Services LLC grew its position in Prudential Financial by 3.4% during the second quarter. Annex Advisory Services LLC now owns 2,467 shares of the financial services provider’s stock worth $289,000 after buying an additional 81 shares in the last quarter. Raymond James Trust N.A. grew its position in Prudential Financial by 1.1% during the second quarter. Raymond James Trust N.A. now owns 8,117 shares of the financial services provider’s stock worth $951,000 after buying an additional 87 shares in the last quarter. Peoples Bank OH grew 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 in the last quarter. Quotient Wealth Partners LLC grew its position in Prudential Financial by 3.9% during the second quarter. Quotient Wealth Partners LLC now owns 2,424 shares of the financial services provider’s stock worth $284,000 after buying an additional 92 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew 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 in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

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.