Prudential Financial (NYSE:PRU) Hits New 12-Month High – Here’s What Happened

Prudential Financial, Inc. (NYSE:PRU) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $120.31 and last traded at $120.1680, with a volume of 232580 shares trading hands. The stock had previously closed at $118.25.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PRU shares. Barclays boosted their price objective on shares of Prudential Financial from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 7th. 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. Wells Fargo & Company lifted their price target on Prudential Financial from $100.00 to $103.00 and gave the company an “underweight” rating in a report on Thursday, July 9th. Argus lowered Prudential Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, June 9th. Finally, Piper Sandler upped their price objective on Prudential Financial from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. Eleven equities research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $104.58.

Prudential Financial Stock Performance

The firm’s 50 day moving average is $106.91 and its 200 day moving average is $104.07. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. The stock has a market cap of $41.57 billion, a P/E ratio of 12.32, a price-to-earnings-growth ratio of 2.11 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The company had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $14.10 billion. During the same period last year, the firm earned $3.29 earnings per share. Analysts anticipate that Prudential Financial, Inc. will post 13.73 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, May 26th were given a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.7%. Prudential Financial’s dividend payout ratio (DPR) is presently 57.61%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Jessup Wealth Management Inc purchased a new stake in Prudential Financial in the fourth quarter valued at about $25,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Prudential Financial during the fourth quarter worth about $26,000. Salomon & Ludwin LLC increased its holdings in shares of Prudential Financial by 98.3% during the fourth quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 114 shares in the last quarter. SJS Investment Consulting Inc. increased its holdings in shares of Prudential Financial by 93.1% during the first quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 134 shares in the last quarter. Finally, Lodestone Wealth Management LLC purchased a new position in shares of Prudential Financial in the 4th quarter valued at approximately $28,000. 56.83% of the stock is owned by institutional investors and hedge funds.

About Prudential Financial

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.