Bank of America Corp. Upgrades Prudential Financial Inc. (PRU) to Buy
Prudential Financial Inc. (NYSE:PRU) was upgraded by stock analysts at Bank of America Corp. from an “underperform” rating to a “buy” rating in a research note issued to investors on Friday.
Other equities research analysts also recently issued reports about the stock. Goldman Sachs Group Inc. upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $80.00 to $93.00 in a report on Friday, September 23rd. Wells Fargo & Co. started coverage on shares of Prudential Financial in a report on Friday, September 23rd. They set a “market perform” rating for the company. FBR & Co downgraded shares of Prudential Financial from an “outperform” rating to a “market perform” rating and set a $86.00 price target for the company. in a report on Tuesday, October 18th. They noted that the move was a valuation call. Finally, Credit Suisse Group AG started coverage on shares of Prudential Financial in a report on Friday, October 7th. They set a “neutral” rating and a $89.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $90.67.
Shares of Prudential Financial (NYSE:PRU) opened at 100.57 on Friday. The company’s 50-day moving average is $87.95 and its 200 day moving average is $79.23. The stock has a market capitalization of $43.25 billion, a P/E ratio of 9.48 and a beta of 1.68. Prudential Financial has a 52 week low of $57.19 and a 52 week high of $100.64.
Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, November 2nd. The company reported $2.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.17. Prudential Financial had a net margin of 8.92% and a return on equity of 7.73%. During the same quarter in the prior year, the company posted $2.40 earnings per share. On average, equities analysts forecast that Prudential Financial will post $8.99 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 22nd will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 18th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.78%. Prudential Financial’s dividend payout ratio (DPR) is presently 26.32%.
In related news, EVP Timothy P. Harris sold 6,531 shares of Prudential Financial stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $85.00, for a total value of $555,135.00. Following the completion of the sale, the executive vice president now owns 20,924 shares in the company, valued at $1,778,540. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charles F. Lowrey sold 50,322 shares of Prudential Financial stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $85.00, for a total transaction of $4,277,370.00. Following the completion of the sale, the insider now owns 92,458 shares of the company’s stock, valued at approximately $7,858,930. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Americafirst Capital Management LLC acquired a new stake in Prudential Financial during the second quarter valued at $100,000. Oakworth Capital Inc. raised its stake in Prudential Financial by 21.8% in the third quarter. Oakworth Capital Inc. now owns 1,297 shares of the company’s stock valued at $106,000 after buying an additional 232 shares during the last quarter. Bessemer Group Inc. raised its stake in Prudential Financial by 6.7% in the second quarter. Bessemer Group Inc. now owns 1,516 shares of the company’s stock valued at $108,000 after buying an additional 95 shares during the last quarter. Gierl Augustine Investment Management Inc raised its stake in Prudential Financial by 14.4% in the second quarter. Gierl Augustine Investment Management Inc now owns 1,632 shares of the company’s stock valued at $116,000 after buying an additional 206 shares during the last quarter. Finally, Global X Management Co. LLC raised its stake in Prudential Financial by 272.3% in the third quarter. Global X Management Co. LLC now owns 1,489 shares of the company’s stock valued at $122,000 after buying an additional 1,089 shares during the last quarter. Institutional investors and hedge funds own 60.56% of the company’s stock.
About Prudential Financial
Prudential Financial, Inc is a financial services company. The Company, through its subsidiaries and affiliates, provides a range of financial products and services, including life insurance, annuities and investment management. The Company’s divisions include U.S. Retirement Solutions and Investment Management Division; U.S.
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