Prudential Financial (NYSE:PRU) Price Target Raised to $110.00

Prudential Financial (NYSE:PRU) had its price objective boosted by Wells Fargo & Company from $103.00 to $110.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

Several other brokerages have also recently weighed in on PRU. TD Cowen upped their price target on shares of Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a research report on Wednesday, July 22nd. Argus lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. Weiss Ratings upgraded Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a 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 report on Thursday, April 23rd. Finally, Barclays lifted their price target on Prudential Financial from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $108.31.

Prudential Financial Stock Performance

PRU stock opened at $121.21 on Wednesday. Prudential Financial has a 1-year low of $91.89 and a 1-year high of $127.72. The business has a 50-day moving average price of $116.66 and a 200 day moving average price of $105.71. The company has a market capitalization of $41.82 billion, a P/E ratio of 10.98, a PEG ratio of 2.28 and a beta of 0.84. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last issued its earnings results 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 net margin of 6.51% and a return on equity of 16.68%. During the same period in the prior year, the business earned $3.58 EPS. As a group, equities research analysts forecast that Prudential Financial will post 14.24 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.6%. Prudential Financial’s payout ratio is presently 50.72%.

Insider Buying and Selling

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction 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 owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ann M. Kappler sold 7,652 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was 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 of the company’s stock, valued at $1,801,019.07. The trade was a 34.69% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Prudential Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Prudential Financial during the second quarter valued at about $3,507,481,000. Bank of New York Mellon Corp acquired a new stake in Prudential Financial in the 2nd quarter worth approximately $209,055,000. Bank of America Corp DE purchased a new stake in Prudential Financial during the 2nd quarter worth approximately $208,957,000. Deutsche Bank AG purchased a new stake in Prudential Financial during the 2nd quarter worth approximately $157,752,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Prudential Financial by 95.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after purchasing an additional 1,247,371 shares in the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

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.