Brokerages Anticipate Prudential Financial, Inc. (NYSE:PRU) Will Announce Quarterly Sales of $13.19 Billion

Wall Street brokerages expect Prudential Financial, Inc. (NYSE:PRU) to post $13.19 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Prudential Financial’s earnings, with the highest sales estimate coming in at $13.27 billion and the lowest estimate coming in at $13.11 billion. Prudential Financial reported sales of $13.34 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 1.1%. The company is scheduled to report its next earnings report on Tuesday, November 2nd.

According to Zacks, analysts expect that Prudential Financial will report full-year sales of $53.99 billion for the current financial year, with estimates ranging from $53.70 billion to $54.29 billion. For the next fiscal year, analysts expect that the business will post sales of $54.22 billion, with estimates ranging from $53.41 billion to $54.75 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Prudential Financial.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, August 3rd. The financial services provider reported $3.79 earnings per share for the quarter, topping analysts’ consensus estimates of $3.04 by $0.75. The business had revenue of $13.10 billion for the quarter, compared to analyst estimates of $13.83 billion. Prudential Financial had a return on equity of 8.87% and a net margin of 13.09%.

Several research firms recently commented on PRU. Morgan Stanley dropped their target price on Prudential Financial from $107.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 4th. increased their target price on Prudential Financial from $97.00 to $100.00 and gave the company a “neutral” rating in a report on Monday, June 21st. Zacks Investment Research raised Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 target price on the stock in a report on Friday, June 18th. Barclays increased their target price on Prudential Financial from $102.00 to $110.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Royal Bank of Canada increased their target price on Prudential Financial from $108.00 to $112.00 and gave the company a “sector perform” rating in a report on Thursday, August 5th. They noted that the move was a valuation call. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $101.50.

NYSE:PRU traded down $0.47 during trading hours on Friday, hitting $103.14. The company’s stock had a trading volume of 4,747,628 shares, compared to its average volume of 2,095,083. The stock has a market capitalization of $39.81 billion, a P/E ratio of 5.70, a price-to-earnings-growth ratio of 0.65 and a beta of 1.70. The stock has a fifty day moving average of $103.37 and a 200-day moving average of $100.92. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.31. Prudential Financial has a 52-week low of $60.16 and a 52-week high of $109.17.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 16th. Shareholders of record on Tuesday, August 24th were issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend was Monday, August 23rd. Prudential Financial’s payout ratio is 45.05%.

In other news, SVP Timothy L. Schmidt sold 6,579 shares of the stock in a transaction dated Tuesday, August 24th. The shares were sold at an average price of $104.91, for a total transaction of $690,202.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.33% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp lifted its position in Prudential Financial by 1.1% in the second quarter. State Street Corp now owns 18,855,048 shares of the financial services provider’s stock valued at $1,932,077,000 after purchasing an additional 196,539 shares during the period. Geode Capital Management LLC lifted its position in Prudential Financial by 5.5% in the second quarter. Geode Capital Management LLC now owns 7,170,469 shares of the financial services provider’s stock valued at $733,205,000 after purchasing an additional 371,796 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Prudential Financial by 11.2% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,481,774 shares of the financial services provider’s stock valued at $561,718,000 after purchasing an additional 550,103 shares during the period. Nuveen Asset Management LLC lifted its position in Prudential Financial by 2.1% in the second quarter. Nuveen Asset Management LLC now owns 4,821,113 shares of the financial services provider’s stock valued at $494,020,000 after purchasing an additional 99,439 shares during the period. Finally, Morgan Stanley lifted its position in Prudential Financial by 2.6% in the second quarter. Morgan Stanley now owns 4,304,181 shares of the financial services provider’s stock valued at $441,048,000 after purchasing an additional 108,135 shares during the period. Institutional investors and hedge funds own 56.14% of the company’s stock.

Prudential Financial Company Profile

Prudential Financial, Inc engages in the provision of financial products and services including life insurance, annuities, mutual funds, and investment management to both individual and institutional customers. It operates through the following segments: PGIM, International Businesses, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, Closed Block, and Corporate and Others.

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Earnings History and Estimates for Prudential Financial (NYSE:PRU)

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