Prudential Financial (NYSE:PRU) Shares Break Above Fifty Day Moving Average – Here’s What Happened

Prudential Financial, Inc. (NYSE:PRU)’s stock price passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $116.91 and traded as high as $118.77. Prudential Financial shares last traded at $118.3360, with a volume of 1,861,689 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PRU. Zacks Research lowered shares of Prudential Financial from a “hold” rating to a “strong sell” rating in a research report on Friday, October 23rd. Morgan Stanley reduced their target price on shares of Prudential Financial from $105.00 to $100.00 and set an “underweight” rating for the company in a report on Monday, October 19th. Bank of America decreased their price target on shares of Prudential Financial from $132.00 to $130.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. Wells Fargo & Company lowered their price target on shares of Prudential Financial from $104.00 to $103.00 and set an “underweight” rating on the stock in a report on Wednesday, October 28th. Finally, TD Cowen cut their price objective on shares of Prudential Financial from $114.00 to $112.00 and set a “hold” rating for the company in a research report on Wednesday, October 21st. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $111.27.

Prudential Financial Price Performance

The firm has a market capitalization of $40.83 billion, a price-to-earnings ratio of 10.72, a P/E/G ratio of 1.93 and a beta of 0.85. The company’s 50 day moving average is $116.91 and its 200 day moving average is $108.80. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.56. The business had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same quarter in the previous year, the company earned $3.58 EPS. On average, equities research analysts anticipate that Prudential Financial, Inc. will post 13.51 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $5.60 annualized dividend and a dividend yield of 4.7%. Prudential Financial’s dividend payout ratio (DPR) is currently 50.72%.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann Kappler sold 7,652 shares of Prudential Financial stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares in the company, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRU. Canvas Wealth Advisors LLC acquired a new stake in shares of Prudential Financial during the 3rd quarter worth $263,000. Heritage Family Offices LLP acquired a new position in Prudential Financial in the third quarter valued at about $33,000. Calamos Advisors LLC raised its stake in Prudential Financial by 2.1% in the third quarter. Calamos Advisors LLC now owns 57,247 shares of the financial services provider’s stock valued at $6,502,000 after purchasing an additional 1,158 shares in the last quarter. Alta Advisers Ltd bought a new stake in Prudential Financial during the third quarter worth about $273,000. Finally, Syverson Strege & Co grew its stake in Prudential Financial by 17.4% during the third quarter. Syverson Strege & Co now owns 2,379 shares of the financial services provider’s stock worth $270,000 after buying an additional 353 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Company Profile

Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.