Prudential Financial (NYSE:PRU) Price Target Raised to $120.00

Prudential Financial (NYSE:PRU) had its price target raised by Piper Sandler from $110.00 to $120.00 in a report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

A number of other research firms have also weighed in on PRU. Mizuho started coverage on Prudential Financial in a research note on Tuesday, December 16th. They set a “neutral” rating and a $125.00 price objective for the company. Keefe, Bruyette & Woods lifted their price target on Prudential Financial from $117.00 to $118.00 and gave the company a “market perform” rating in a research report on Monday, November 3rd. Barclays decreased their price target on Prudential Financial from $120.00 to $117.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Prudential Financial in a research note on Monday, December 15th. Finally, Morgan Stanley boosted their target price on shares of Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Eleven research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $118.00.

Prudential Financial Stock Performance

Shares of NYSE PRU opened at $114.55 on Tuesday. The company has a 50 day simple moving average of $108.06 and a two-hundred day simple moving average of $106.07. The stock has a market cap of $40.09 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 0.93 and a beta of 0.97. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. Prudential Financial has a 12 month low of $90.38 and a 12 month high of $123.88.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share for the quarter. The firm had revenue of $8.35 billion for the quarter. Prudential Financial had a net margin of 4.65% and a return on equity of 16.60%. As a group, analysts predict that Prudential Financial will post 14.36 earnings per share for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 18th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Tuesday, November 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 74.18%.

Insider Activity

In other news, Chairman Charles F. Lowrey sold 48,164 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $107.39, for a total transaction of $5,172,331.96. Following the completion of the sale, the chairman owned 165,564 shares of the company’s stock, valued at $17,779,917.96. The trade was a 22.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Caroline Feeney sold 6,555 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $116.28, for a total transaction of $762,215.40. Following the completion of the transaction, the executive vice president directly owned 22,523 shares in the company, valued at $2,618,974.44. This represents a 22.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 62,719 shares of company stock worth $6,796,067 over the last 90 days. 0.25% of the stock is currently owned by company insiders.

Institutional Trading of Prudential Financial

Several large investors have recently made changes to their positions in PRU. Vanguard Group Inc. boosted its stake in Prudential Financial by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 42,502,160 shares of the financial services provider’s stock worth $4,566,432,000 after purchasing an additional 600,482 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Prudential Financial by 1.8% in the second quarter. Geode Capital Management LLC now owns 9,402,393 shares of the financial services provider’s stock worth $1,010,474,000 after buying an additional 163,874 shares in the last quarter. Legal & General Group Plc boosted its position in Prudential Financial by 2.4% during the third quarter. Legal & General Group Plc now owns 2,701,116 shares of the financial services provider’s stock worth $280,214,000 after acquiring an additional 62,366 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Prudential Financial by 1.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,408,942 shares of the financial services provider’s stock valued at $258,817,000 after acquiring an additional 31,088 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in Prudential Financial by 1.9% in the 3rd quarter. Nordea Investment Management AB now owns 1,752,952 shares of the financial services provider’s stock valued at $180,344,000 after acquiring an additional 32,171 shares during the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.