Prudential Financial, Inc. (PRU) to Issue Quarterly Dividend of $1.35 on June 12th

Prudential Financial, Inc. (NYSE:PRU) announced a quarterly dividend on Tuesday, May 6th, RTT News reports. Shareholders of record on Tuesday, May 20th will be given a dividend of 1.35 per share by the financial services provider on Thursday, June 12th. This represents a $5.40 annualized dividend and a yield of 5.03%. The ex-dividend date is Tuesday, May 20th.

Prudential Financial has increased its dividend payment by an average of 4.2% annually over the last three years and has raised its dividend every year for the last 2 years. Prudential Financial has a payout ratio of 36.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Prudential Financial to earn $15.25 per share next year, which means the company should continue to be able to cover its $5.40 annual dividend with an expected future payout ratio of 35.4%.

Prudential Financial Price Performance

NYSE PRU opened at $107.37 on Friday. The stock’s 50-day moving average price is $104.71 and its two-hundred day moving average price is $113.97. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The company has a market cap of $38.01 billion, a PE ratio of 14.37, a PEG ratio of 0.98 and a beta of 1.07. Prudential Financial has a 1 year low of $90.38 and a 1 year high of $130.55.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.11. The firm had revenue of $13.61 billion for the quarter, compared to the consensus estimate 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 for the quarter was down 38.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.12 EPS. On average, analysts predict that Prudential Financial will post 14.36 EPS for the current year.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of the business’s stock in a transaction on Tuesday, March 25th. The stock was bought at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the completion of the acquisition, the insider now owns 139,987 shares in the company, valued at $3,992,429.24. The trade was a 60.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now directly owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. The trade was a 18.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Prudential Financial stock. Brighton Jones LLC raised its stake in shares of Prudential Financial, Inc. (NYSE:PRU) by 3.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,681 shares of the financial services provider’s stock after acquiring an additional 133 shares during the quarter. Brighton Jones LLC’s holdings in Prudential Financial were worth $436,000 as of its most recent filing with the SEC. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRU has been the topic of several recent analyst reports. UBS Group cut their price objective on Prudential Financial from $130.00 to $122.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Morgan Stanley dropped their target price on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods dropped their target price on Prudential Financial from $120.00 to $117.00 and set a “market perform” rating on the stock in a report on Wednesday, May 7th. BMO Capital Markets started coverage on Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 target price on the stock. Finally, Wells Fargo & Company upped their target price on Prudential Financial from $108.00 to $113.00 and gave the company an “equal weight” rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $121.92.

Prudential Financial Company Profile

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.