Prudential Financial (NYSE:PRU) Price Target Raised to $128.00

Prudential Financial (NYSE:PRU) had its target price boosted by Piper Sandler from $110.00 to $128.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target points to a potential upside of 4.96% from the stock’s current price.

A number of other research analysts also recently issued reports on PRU. Weiss Ratings raised shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. BMO Capital Markets dropped their target price on Prudential Financial from $91.00 to $87.00 and set an “underperform” rating on the stock in a research note on Thursday, April 23rd. Morgan Stanley reaffirmed an “underweight” rating and set a $92.00 target price (down from $106.00) on shares of Prudential Financial in a research report on Monday, May 4th. Jefferies Financial Group raised their price target on Prudential Financial from $105.00 to $110.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Finally, Wall Street Zen lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $107.62.

Prudential Financial Stock Performance

Prudential Financial stock opened at $121.95 on Tuesday. The company has a 50 day moving average price of $113.28 and a 200-day moving average price of $104.78. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial has a fifty-two week low of $91.89 and a fifty-two week high of $127.72. The company has a market capitalization of $42.07 billion, a PE ratio of 11.05, a P/E/G ratio of 2.35 and a beta of 0.84.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.56. The company had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.36 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.During the same quarter in the prior year, the firm earned $3.58 earnings per share. As a group, equities analysts forecast that Prudential Financial will post 13.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the sale, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

A number of institutional investors have recently added to or reduced their stakes in PRU. Jessup Wealth Management Inc acquired a new position in Prudential Financial in the 4th quarter valued at about $25,000. Garton & Associates Financial Advisors LLC purchased a new position in Prudential Financial in the fourth quarter worth approximately $26,000. Salomon & Ludwin LLC increased its position in shares of Prudential Financial by 98.3% during the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 114 shares during the last quarter. SJS Investment Consulting Inc. boosted its stake in Prudential Financial by 93.1% during the first quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock worth $27,000 after buying an additional 134 shares during the period. Finally, Coston McIsaac & Partners lifted its holdings in shares of Prudential Financial by 93.4% in the 4th quarter. Coston McIsaac & Partners now owns 265 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 128 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.