Prudential Financial (NYSE:PRU) Hits New 12-Month High After Analyst Upgrade

Shares of Prudential Financial, Inc. (NYSE:PRU) hit a new 52-week high during mid-day trading on Thursday after TD Cowen raised their price target on the stock from $102.00 to $114.00. TD Cowen currently has a hold rating on the stock. Prudential Financial traded as high as $120.59 and last traded at $118.9110, with a volume of 1727909 shares trading hands. The stock had previously closed at $118.59.

Several other analysts have also weighed in on the stock. Weiss Ratings raised shares of Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Argus downgraded Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. Piper Sandler increased their price target on Prudential Financial from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. Morgan Stanley reaffirmed an “underweight” rating and set a $92.00 price target (down from $106.00) on shares of Prudential Financial in a report on Monday, May 4th. Finally, Mizuho boosted their price objective on Prudential Financial from $101.00 to $109.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $105.46.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PRU. Regent Peak Wealth Advisors LLC acquired a new position in Prudential Financial during the 2nd quarter worth $215,000. Wedge Capital Management L L P NC increased its stake in shares of Prudential Financial by 8.7% in the 2nd quarter. Wedge Capital Management L L P NC now owns 325,257 shares of the financial services provider’s stock valued at $35,105,000 after buying an additional 26,120 shares during the period. Whitener Capital Management Inc. raised its position in shares of Prudential Financial by 22.9% during the second quarter. Whitener Capital Management Inc. now owns 3,754 shares of the financial services provider’s stock worth $405,000 after acquiring an additional 700 shares during the last quarter. Tema ETFs LLC raised its position in shares of Prudential Financial by 8.9% during the second quarter. Tema ETFs LLC now owns 7,083 shares of the financial services provider’s stock worth $764,000 after acquiring an additional 580 shares during the last quarter. Finally, KMG Fiduciary Partners LLC lifted its stake in shares of Prudential Financial by 24.5% during the second quarter. KMG Fiduciary Partners LLC now owns 59,147 shares of the financial services provider’s stock valued at $6,384,000 after acquiring an additional 11,657 shares during the period. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Stock Performance

The firm has a fifty day moving average of $108.55 and a 200-day moving average of $104.25. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The firm has a market cap of $40.87 billion, a P/E ratio of 12.12, a PEG ratio of 2.36 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.52. The firm had revenue of $15.23 billion during the quarter, compared to analysts’ expectations of $14.10 billion. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.During the same period in the previous year, the business posted $3.29 EPS. Research analysts predict that Prudential Financial, Inc. will post 13.83 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Tuesday, May 26th. Prudential Financial’s payout ratio is 57.61%.

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.