Prudential Financial (NYSE:PRU) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Prudential Financial (NYSE:PRU) released its quarterly earnings data on Wednesday. The financial services provider reported $3.48 EPS for the quarter, beating the consensus estimate of $3.47 by $0.01, Briefing.com reports. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. The business had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. During the same period in the prior year, the firm earned $3.44 EPS.

Prudential Financial Price Performance

PRU traded down $3.82 on Thursday, hitting $122.82. 1,161,606 shares of the company’s stock were exchanged, compared to its average volume of 1,475,510. Prudential Financial has a fifty-two week low of $89.90 and a fifty-two week high of $128.52. The stock has a market cap of $43.85 billion, a price-to-earnings ratio of 15.92, a P/E/G ratio of 0.94 and a beta of 1.30. The firm has a 50-day moving average price of $120.88 and a 200-day moving average price of $118.13. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were paid a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.23%. The ex-dividend date was Tuesday, August 20th. Prudential Financial’s dividend payout ratio is currently 66.84%.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was bought at an average price of $27.58 per share, for a total transaction of $7,200,007.22. Following the acquisition, the insider now owns 4,208,549 shares in the company, valued at approximately $116,071,781.42. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other Prudential Financial news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the sale, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was purchased at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the transaction, the insider now owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRU. Bank of America boosted their price objective on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. UBS Group upped their price objective on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Piper Sandler boosted their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company raised their price target on shares of Prudential Financial from $113.00 to $116.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Finally, Barclays initiated coverage on shares of Prudential Financial in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $118.00 price objective for the company. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Prudential Financial currently has a consensus rating of “Hold” and a consensus price target of $123.69.

About Prudential Financial

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.