Prudential’s (PRU) “Buy” Rating Reiterated at Jefferies Financial Group

Jefferies Financial Group restated their buy rating on shares of Prudential (LON:PRU) in a report issued on Friday, MarketBeat reports. They currently have a GBX 1,500 target price on the financial services provider’s stock.

Prudential Stock Performance

LON PRU opened at GBX 1,018 on Friday. Prudential has a 1 year low of GBX 910.20 and a 1 year high of GBX 1,238. The business’s fifty day moving average is GBX 1,044.02 and its two-hundred day moving average is GBX 1,073.37. The stock has a market capitalization of £25.32 billion, a P/E ratio of 6.63, a P/E/G ratio of 0.40 and a beta of 0.90.

Insider Buying and Selling at Prudential

In related news, insider Douglas Flint purchased 12,500 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of GBX 959 per share, with a total value of £119,875. 0.52% of the stock is owned by company insiders.

Prudential News Summary

Here are the key news stories impacting Prudential this week:

• Positive Sentiment: Expanded share buyback: Prudential is selling up to a 2% stake in ICICI Prudential AMC for approximately ₹31.9 billion (about US$380 million), with the proceeds helping fund a US$300 million share-repurchase program. Further repurchases in London and Hong Kong will reduce the share count and could increase earnings per share. Prudential Sells 2% ICICI AMC Stake to Fund US$0.3bn Share Buyback
• Positive Sentiment: New-business growth: First-half new-business profit rose 8%, driven by demand in Hong Kong and Malaysia. The result indicates continued sales momentum in Prudential’s core Asian markets. Prudential’s new business profit grows on Malaysia, Hong Kong demand
• Positive Sentiment: Analyst support: Jefferies reaffirmed its “buy” rating and maintained a GBX 1,500 price target, implying substantial upside from recent trading levels.
• Positive Sentiment: Limited China-related risk: Prudential’s chief executive said China’s tax crackdown is not expected to affect mainland customers purchasing policies in Hong Kong, easing concerns about a potential disruption to cross-border sales. Prudential CEO: China tax crackdown will not impact mainland sales in Hong Kong
• Neutral Sentiment: ICICI AMC stake sale: The disposal helps Prudential meet public-shareholding requirements and raises capital, but it also reduces the company’s direct exposure to the Indian asset-management business. The buyback makes the overall transaction more favorable for PRU investors. Prudential to sell up to 2% stake in ICICI Prudential AMC

About Prudential

Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts.