Barclays Issues Positive Forecast for Prudential Financial (NYSE:PRU) Stock Price

Prudential Financial (NYSE:PRU) had its price target hoisted by research analysts at Barclays from $119.00 to $129.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 7.58% from the stock’s previous close.

Several other research analysts have also recently weighed in on PRU. Wells Fargo & Company upped their price objective on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and lifted their price objective for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. Jefferies Financial Group raised their price target on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Piper Sandler increased their price objective on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, TD Cowen lifted their price target on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, November 27th. Eleven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $127.17.

Prudential Financial Stock Up 0.6 %

Shares of NYSE PRU traded up $0.77 during mid-day trading on Monday, reaching $119.91. 425,811 shares of the company’s stock traded hands, compared to its average volume of 767,798. The business has a 50-day simple moving average of $123.17 and a 200 day simple moving average of $120.68. Prudential Financial has a 1-year low of $100.60 and a 1-year high of $130.55. The stock has a market cap of $42.69 billion, a P/E ratio of 10.66, a PEG ratio of 0.87 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The firm had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter in the prior year, the company earned $3.44 EPS. On average, analysts expect that Prudential Financial will post 13.35 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were acquired at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the acquisition, the insider now owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. The trade was a 12.66 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its stake in shares of Prudential Financial by 176.8% in the fourth quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock worth $123,804,000 after purchasing an additional 665,180 shares during the last quarter. Versant Capital Management Inc raised its position in Prudential Financial by 64.4% during the 4th quarter. Versant Capital Management Inc now owns 490 shares of the financial services provider’s stock worth $58,000 after buying an additional 192 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Prudential Financial by 3.9% in the 3rd quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider’s stock valued at $50,830,000 after acquiring an additional 15,695 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its stake in shares of Prudential Financial by 2.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 22,453 shares of the financial services provider’s stock worth $2,703,000 after acquiring an additional 477 shares during the period. Finally, Franklin Resources Inc. lifted its position in Prudential Financial by 33.2% during the third quarter. Franklin Resources Inc. now owns 122,245 shares of the financial services provider’s stock valued at $15,301,000 after purchasing an additional 30,437 shares during the period. Hedge funds and other institutional investors own 56.83% of the company’s stock.

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.