Evercore ISI Raises Prudential Financial (NYSE:PRU) Price Target to $116.00

Prudential Financial (NYSE:PRU) had its price target boosted by Evercore ISI from $115.00 to $116.00 in a research note released on Thursday, Benzinga reports. Evercore ISI currently has an underperform rating on the financial services provider’s stock.

A number of other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. reiterated a neutral rating and issued a $118.00 target price (down previously from $119.00) on shares of Prudential Financial in a report on Wednesday, January 3rd. UBS Group lifted their target price on Prudential Financial from $108.00 to $112.00 and gave the company a neutral rating in a report on Monday, February 12th. Morgan Stanley lifted their target price on Prudential Financial from $109.00 to $117.00 and gave the company an equal weight rating in a report on Monday, April 15th. Keefe, Bruyette & Woods lifted their target price on Prudential Financial from $112.00 to $118.00 and gave the company a market perform rating in a report on Wednesday, April 10th. Finally, Wells Fargo & Company boosted their price objective on Prudential Financial from $100.00 to $106.00 and gave the stock an underweight rating in a research note on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, Prudential Financial presently has an average rating of Hold and a consensus target price of $111.42.

Prudential Financial Price Performance

PRU stock opened at $111.18 on Thursday. Prudential Financial has a 52-week low of $77.22 and a 52-week high of $118.69. The stock’s fifty day simple moving average is $111.68 and its 200-day simple moving average is $103.61. 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 stock has a market capitalization of $39.91 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 0.76 and a beta of 1.37.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 6th. The financial services provider reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.67 by ($0.09). Prudential Financial had a return on equity of 14.52% and a net margin of 4.89%. The business had revenue of $13.02 billion for the quarter, compared to analyst estimates of $12.99 billion. During the same quarter last year, the business earned $2.42 EPS. Prudential Financial’s revenue for the quarter was up 6.7% compared to the same quarter last year. Equities research analysts expect that Prudential Financial will post 13.38 EPS for the current year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Tuesday, February 20th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Friday, February 16th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.25. This represents a $5.20 annualized dividend and a dividend yield of 4.68%. Prudential Financial’s payout ratio is currently 77.73%.

Insider Transactions at Prudential Financial

In other news, EVP Ann M. Kappler sold 7,222 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total transaction of $782,792.58. Following the completion of the transaction, the executive vice president now directly owns 24,381 shares in the company, valued at $2,642,656.59. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Prudential Financial news, EVP Andrew F. Sullivan sold 7,685 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $111.57, for a total value of $857,415.45. Following the completion of the sale, the executive vice president now directly owns 13,691 shares in the company, valued at $1,527,504.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann M. Kappler sold 7,222 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total transaction of $782,792.58. Following the completion of the transaction, the executive vice president now directly owns 24,381 shares in the company, valued at $2,642,656.59. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,255 shares of company stock worth $3,215,664. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

A number of hedge funds have recently modified their holdings of PRU. Cambridge Trust Co. boosted its holdings in Prudential Financial by 77.2% during the fourth quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 105 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Prudential Financial in the fourth quarter worth about $26,000. Headinvest LLC acquired a new position in Prudential Financial in the third quarter worth about $27,000. Arlington Trust Co LLC raised its position in Prudential Financial by 151.6% in the fourth quarter. Arlington Trust Co LLC now owns 307 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 185 shares in the last quarter. Finally, Riverview Trust Co acquired a new position in Prudential Financial in the first quarter worth about $37,000. 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.