Prudential Financial (NYSE:PRU) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Prudential Financial (NYSE:PRU) from a buy rating to a hold rating in a research report report published on Saturday morning,Wall Street Zen reports.

A number of other brokerages also recently weighed in on PRU. Keefe, Bruyette & Woods upped their price target on shares of Prudential Financial from $113.00 to $123.00 and gave the stock a “market perform” rating in a report on Tuesday, August 11th. Morgan Stanley lifted their price objective on shares of Prudential Financial from $92.00 to $105.00 and gave the company an “underweight” rating in a research note on Monday, August 24th. Weiss Ratings upgraded shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Mizuho upped their target price on Prudential Financial from $101.00 to $109.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Finally, JPMorgan Chase & Co. lifted their price target on Prudential Financial from $129.00 to $131.00 and gave the company a “neutral” rating in a research note on Monday, August 17th. One research 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. According to data from MarketBeat.com, Prudential Financial has an average rating of “Reduce” and an average price target of $109.31.

Prudential Financial Stock Up 0.6%

Shares of NYSE PRU opened at $119.18 on Friday. The stock has a market capitalization of $41.12 billion, a P/E ratio of 10.80, a PEG ratio of 1.79 and a beta of 0.83. The stock’s fifty day moving average is $120.03 and its 200 day moving average is $107.38. Prudential Financial has a 52 week low of $91.89 and a 52 week high of $127.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.56. The business had revenue of $14.15 billion during 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 quarter in the prior year, the business posted $3.58 earnings per share. Sell-side analysts forecast that Prudential Financial will post 14.51 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Tuesday, August 25th. Prudential Financial’s dividend payout ratio is currently 50.72%.

Insider Activity at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the completion of the transaction, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann M. Kappler sold 7,652 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the sale, the executive vice president directly owned 14,407 shares in the company, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their position. The SEC filing for this sale provides additional information. 0.05% of the stock is owned by corporate insiders.

Institutional Trading of Prudential Financial

Hedge funds have recently made changes to their positions in the company. Jessup Wealth Management Inc acquired a new position in shares of Prudential Financial in the fourth quarter valued at approximately $25,000. Archer Investment Corp bought a new stake in Prudential Financial during the 2nd quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC bought a new stake in Prudential Financial during the 4th quarter worth approximately $26,000. SJS Investment Consulting Inc. increased its position in Prudential Financial by 93.1% in the 1st 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 during the period. Finally, Basepoint Wealth LLC bought a new position in shares of Prudential Financial during the fourth quarter valued at $30,000. 56.83% of the stock is owned by institutional investors and hedge funds.

About Prudential Financial

Prudential Financial, Inc is a global financial services company headquartered in Newark, New Jersey. Founded in 1875 as The Widows and Orphans Friendly Society, the company has grown from a life insurance provider into a diversified business offering insurance, retirement, investment management and related financial services.

Through its U.S. businesses, Prudential provides individual life insurance and annuities, workplace retirement plans, pension risk transfer solutions, group life and disability insurance, and other benefits and financial wellness products.