Prudential Financial (NYSE:PRU) Price Target Raised to $113.00

Prudential Financial (NYSE:PRU) had its target price hoisted by Wells Fargo & Company from $108.00 to $113.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

PRU has been the topic of several other reports. UBS Group decreased their target price on shares of Prudential Financial from $130.00 to $122.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. dropped their price target on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods dropped their price target on Prudential Financial from $125.00 to $120.00 and set a “market perform” rating on the stock in a report on Wednesday, April 9th. Barclays dropped their price target on Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a research report on Friday, April 11th. Finally, Piper Sandler reduced their target price on shares of Prudential Financial from $110.00 to $109.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $121.92.

Prudential Financial Stock Up 2.4 %

Shares of Prudential Financial stock opened at $103.65 on Tuesday. Prudential Financial has a 1 year low of $90.38 and a 1 year high of $130.55. The firm’s 50-day moving average is $105.01 and its two-hundred day moving average is $114.83. The stock has a market cap of $36.74 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 0.98 and a beta of 1.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, beating analysts’ consensus estimates of $3.18 by $0.11. The business had revenue of $13.61 billion during the quarter, compared to analysts’ expectations of $14.76 billion. Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. The business’s revenue was down 38.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.12 earnings per share. As a group, research analysts expect that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th will be given a dividend of $1.35 per share. The ex-dividend date is Tuesday, May 20th. This represents a $5.40 annualized dividend and a yield of 5.21%. Prudential Financial’s dividend payout ratio (DPR) is presently 85.58%.

Insider Transactions at Prudential Financial

In other news, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the sale, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the acquisition, the insider now directly owns 87,047 shares of the company’s stock, valued at $2,499,989.84. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

Several large investors have recently added to or reduced their stakes in the business. Grove Bank & Trust boosted its stake in shares of Prudential Financial by 65.9% during the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after buying an additional 87 shares during the last quarter. Meeder Asset Management Inc. lifted its position in shares of Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 111 shares during the last quarter. North Capital Inc. purchased a new position in shares of Prudential Financial in the first quarter worth approximately $28,000. Centricity Wealth Management LLC purchased a new stake in shares of Prudential Financial in the fourth quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC acquired a new position in Prudential Financial in the 1st quarter worth about $30,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

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.