Prudential Financial (NYSE:PRU) Price Target Raised to $127.00

Prudential Financial (NYSE:PRU) had its target price lifted by Piper Sandler from $121.00 to $127.00 in a research note published on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

Several other analysts have also recently commented on the stock. Wells Fargo & Company upgraded shares of Prudential Financial from an underweight rating to an equal weight rating and set a $113.00 target price for the company in a research report on Monday, August 12th. Barclays began coverage on Prudential Financial in a research note on Wednesday, September 4th. They issued an equal weight rating and a $118.00 target price on the stock. Morgan Stanley lowered their price target on Prudential Financial from $123.00 to $122.00 and set an equal weight rating for the company in a research note on Monday, August 19th. JPMorgan Chase & Co. lifted their price objective on shares of Prudential Financial from $118.00 to $128.00 and gave the stock a neutral rating in a research note on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a market perform rating and issued a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $123.36.

Prudential Financial Trading Up 3.4 %

Shares of PRU opened at $122.99 on Wednesday. The stock’s fifty day simple moving average is $116.93 and its 200-day simple moving average is $116.91. The firm has a market capitalization of $44.15 billion, a PE ratio of 20.92, a price-to-earnings-growth ratio of 0.96 and a beta of 1.30. Prudential Financial has a 12-month low of $87.95 and a 12-month high of $128.52. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRU) last released its earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The business had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. As a group, research analysts predict that Prudential Financial will post 13.3 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were given a $1.30 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $5.20 annualized dividend and a yield of 4.23%. Prudential Financial’s dividend payout ratio is currently 88.44%.

Insider Buying and Selling

In other Prudential Financial news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the sale, the executive vice president now owns 14,535 shares of the company’s stock, valued at $1,648,705.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Ann M. Kappler sold 2,839 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $113.43, for a total transaction of $322,027.77. Following the completion of the transaction, the executive vice president now directly owns 14,535 shares of the company’s stock, valued at $1,648,705.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Caroline Feeney sold 1,110 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was 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 approximately $1,220,694.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Institutional Trading of Prudential Financial

A number of hedge funds and other institutional investors have recently modified their holdings of PRU. Vanguard Group Inc. boosted its position in Prudential Financial by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock valued at $4,386,192,000 after purchasing an additional 5,154,865 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Prudential Financial by 9.4% during the 2nd quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock worth $415,134,000 after purchasing an additional 305,143 shares in the last quarter. AustralianSuper Pty Ltd boosted its holdings in shares of Prudential Financial by 2.8% in the 2nd quarter. AustralianSuper Pty Ltd now owns 1,237,537 shares of the financial services provider’s stock valued at $145,027,000 after buying an additional 34,160 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Prudential Financial by 8.8% in the second quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider’s stock valued at $120,181,000 after buying an additional 82,620 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in Prudential Financial by 7.2% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 926,641 shares of the financial services provider’s stock worth $108,788,000 after acquiring an additional 62,578 shares in the last quarter. Institutional investors and hedge funds 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.