Morgan Stanley Boosts Prudential Financial (NYSE:PRU) Price Target to $123.00

Prudential Financial (NYSE:PRU) had its price objective increased by Morgan Stanley from $120.00 to $123.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

PRU has been the topic of several other research reports. Evercore ISI raised their target price on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an underperform rating in a report on Thursday, April 25th. Wells Fargo & Company raised their target price on shares of Prudential Financial from $100.00 to $106.00 and gave the stock an underweight rating in a report on Thursday, April 11th. Keefe, Bruyette & Woods raised their target price on shares of Prudential Financial from $118.00 to $121.00 and gave the stock a market perform rating in a report on Monday, July 8th. Piper Sandler cut their target price on shares of Prudential Financial from $125.00 to $121.00 and set a neutral rating on the stock in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a neutral rating in a report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Prudential Financial has an average rating of Hold and a consensus price target of $116.67.

Prudential Financial Stock Up 0.7 %

Shares of PRU opened at $123.27 on Wednesday. The firm has a market cap of $44.25 billion, a P/E ratio of 20.96, a P/E/G ratio of 0.92 and a beta of 1.34. The stock has a 50 day simple moving average of $117.89 and a two-hundred day simple moving average of $111.93. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13. Prudential Financial has a 1 year low of $87.95 and a 1 year high of $124.19.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.04). The firm had revenue of $15.01 billion during the quarter, compared to analysts’ expectations of $14.50 billion. Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The firm’s quarterly revenue was up 69.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.66 EPS. On average, analysts forecast that Prudential Financial will post 13.39 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend was Monday, May 20th. Prudential Financial’s dividend payout ratio is currently 88.44%.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, EVP Robert Falzon sold 130,092 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the completion of the transaction, the executive vice president now owns 202,083 shares of the company’s stock, valued at $23,960,981.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the stock in a transaction dated Thursday, June 20th. The stock was purchased at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares in the company, valued at $107,065,062.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Falzon sold 130,092 shares of Prudential Financial stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $118.57, for a total value of $15,425,008.44. Following the completion of the transaction, the executive vice president now directly owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

Several large investors have recently modified their holdings of PRU. Cambridge Trust Co. raised its position in shares of Prudential Financial by 77.2% in the 4th quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 105 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in Prudential Financial in the 4th quarter worth about $26,000. Headinvest LLC purchased a new position in Prudential Financial in the 3rd quarter worth about $27,000. Creekmur Asset Management LLC raised its position in Prudential Financial by 78.8% in the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after buying an additional 108 shares during the last quarter. Finally, Lynx Investment Advisory purchased a new position in Prudential Financial in the 2nd quarter worth about $29,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

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.