Wells Fargo & Company Forecasts Strong Price Appreciation for Prudential Financial (NYSE:PRU) Stock

Prudential Financial (NYSE:PRU) had its target price boosted by equities research analysts at Wells Fargo & Company from $103.00 to $113.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 8.13% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Jefferies Financial Group lowered their price objective on Prudential Financial from $116.00 to $109.00 and set a “buy” rating for the company in a research report on Monday, October 12th. Morgan Stanley reduced their target price on Prudential Financial from $105.00 to $100.00 and set an “underweight” rating on the stock in a research report on Monday, October 19th. Barclays increased their price target on Prudential Financial from $94.00 to $98.00 and gave the company an “underweight” rating in a research note on Wednesday, November 4th. Wall Street Zen downgraded Prudential Financial from a “buy” rating to a “hold” rating in a report on Monday, September 28th. Finally, JPMorgan Chase & Co. dropped their price target on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, October 22nd. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $115.67.

Prudential Financial Price Performance

Shares of PRU opened at $123.00 on Thursday. The company has a 50 day moving average of $117.26 and a two-hundred day moving average of $109.18. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.66. Prudential Financial has a twelve month low of $91.89 and a twelve month high of $128.78. The company has a market cap of $42.19 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 1.95 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.33 by $0.44. Prudential Financial had a return on equity of 16.38% and a net margin of 6.75%. The business had revenue of $14.45 billion for the quarter, compared to the consensus estimate of $14.66 billion. During the same period in the prior year, the firm posted $4.26 earnings per share. As a group, analysts predict that Prudential Financial will post 13.60 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Ann Kappler sold 2,797 shares of the business’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $120.60, for a total transaction of $337,318.20. Following the sale, the executive vice president directly owned 14,482 shares of the company’s stock, valued at $1,746,529.20. The trade was a 16.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew Sullivan sold 3,544 shares of the company’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $121.32, for a total value of $429,958.08. Following the completion of the transaction, the chief executive officer directly owned 50,317 shares in the company, valued at approximately $6,104,458.44. The trade was a 6.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,787 shares of company stock valued at $2,062,597 over the last ninety days. 0.05% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. raised its stake in shares of Prudential Financial by 164.7% in the third quarter. Meeder Asset Management Inc. now owns 225 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 140 shares during the last quarter. Team Financial Group LLC acquired a new position in Prudential Financial in the 3rd quarter worth approximately $27,000. Archer Investment Corp acquired a new position in Prudential Financial in the 2nd quarter worth approximately $26,000. Heritage Family Offices LLP acquired a new position in Prudential Financial in the 3rd quarter worth approximately $33,000. Finally, MADDEN SECURITIES Corp purchased a new position in Prudential Financial during the 3rd quarter worth approximately $38,000. 56.83% of the stock is owned by institutional investors and hedge funds.

About Prudential Financial

Prudential Financial, Inc. is a financial services company headquartered in Newark, New Jersey. Founded in 1875 as the Prudential Friendly Society, it has grown into a provider of insurance, retirement and investment services. The company offers life insurance, annuities, workplace benefits and retirement-related products and services. Through its asset management businesses, Prudential also serves individual and institutional investors. Prudential serves customers in the United States and operates internationally, with a significant presence in Japan and other markets.