FBR & Co Trims Prudential Financial Inc. (PRU) Target Price to $86.00
Prudential Financial Inc. (NYSE:PRU) had its price objective cut by stock analysts at FBR & Co from $100.00 to $86.00 in a report issued on Monday. The firm currently has a “mkt perform” rating on the stock. FBR & Co’s price target would suggest a potential downside of 13.80% from the company’s previous close.
PRU has been the subject of a number of other reports. Goldman Sachs Group Inc. raised Prudential Financial from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $80.00 to $93.00 in a report on Friday, September 23rd. Bank of America Corp. raised Prudential Financial from an “underperform” rating to a “buy” rating in a report on Friday, November 18th. Credit Suisse Group AG began coverage on Prudential Financial in a research note on Friday, October 7th. They set a “neutral” rating and a $89.00 price target for the company. Finally, Wells Fargo & Co. began coverage on Prudential Financial in a research note on Friday, September 23rd. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. Prudential Financial has an average rating of “Buy” and an average price target of $91.60.
Shares of Prudential Financial (NYSE:PRU) traded up 1.02% during midday trading on Monday, hitting $100.79. The stock had a trading volume of 1,595,994 shares. The stock has a 50 day moving average of $89.97 and a 200-day moving average of $79.94. Prudential Financial has a one year low of $57.19 and a one year high of $101.96. The company has a market cap of $43.34 billion, a P/E ratio of 9.50 and a beta of 1.68.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $2.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.49 by $0.17. Prudential Financial had a return on equity of 7.73% and a net margin of 8.92%. During the same period last year, the business posted $2.40 earnings per share. Analysts forecast that Prudential Financial will post $8.99 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 22nd will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 18th. This represents a $2.80 annualized dividend and a dividend yield of 2.81%. Prudential Financial’s dividend payout ratio is 26.32%.
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In related news, insider Charles F. Lowrey sold 50,322 shares of the 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 directly owns 92,458 shares in the company, valued at $7,858,930. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Timothy P. Harris sold 6,531 shares of the stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $85.00, for a total value of $555,135.00. Following the sale, the executive vice president now owns 20,924 shares of the company’s stock, valued at $1,778,540. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Americafirst Capital Management LLC purchased a new stake in shares of Prudential Financial during the second quarter valued at about $100,000. Oakworth Capital Inc. raised its stake in shares of 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 in the last quarter. Bessemer Group Inc. raised its stake in shares of 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 in the last quarter. Gierl Augustine Investment Management Inc raised its stake in shares of 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 in the last quarter. Finally, Global X Management Co. LLC raised its stake in shares of 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 in the last quarter. Institutional investors and hedge funds own 60.46% 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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