Prudential Financial (NYSE:PRU) Price Target Cut to $99.00 by Analysts at Goldman Sachs Group
Prudential Financial (NYSE:PRU) had its target price lowered by Goldman Sachs Group from $107.00 to $99.00 in a research report released on Thursday, The Fly reports. The firm currently has a buy rating on the financial services provider’s stock.
PRU has been the topic of a number of other reports. Citigroup downgraded shares of Prudential Financial from a buy rating to a neutral rating and reduced their price objective for the company from $112.00 to $94.00 in a research note on Monday, August 5th. B. Riley downgraded shares of Prudential Financial from a buy rating to a neutral rating and reduced their price objective for the company from $122.00 to $100.00 in a research note on Thursday, August 1st. Wells Fargo & Co set a $115.00 price objective on shares of Prudential Financial and gave the company a buy rating in a research note on Wednesday, July 31st. ValuEngine downgraded shares of Prudential Financial from a sell rating to a strong sell rating in a research note on Thursday, August 1st. Finally, UBS Group increased their price objective on shares of Prudential Financial from $83.00 to $84.00 and gave the company a neutral rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $100.50.
NYSE PRU traded up $1.60 during trading hours on Thursday, reaching $89.82. 3,310,972 shares of the company traded hands, compared to its average volume of 2,262,840. Prudential Financial has a 12 month low of $75.61 and a 12 month high of $106.64. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $34.86 billion, a PE ratio of 7.68, a PEG ratio of 0.78 and a beta of 1.55. The company has a 50 day moving average of $85.92 and a two-hundred day moving average of $95.52.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.45%. Prudential Financial’s dividend payout ratio (DPR) is 34.22%.
In other Prudential Financial news, CFO Kenneth Tanji bought 2,500 shares of the company’s stock in a transaction on Monday, September 9th. The shares were bought at an average cost of $83.84 per share, with a total value of $209,600.00. Following the completion of the acquisition, the chief financial officer now owns 19,285 shares of the company’s stock, valued at $1,616,854.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles F. Lowrey bought 7,500 shares of the company’s stock in a transaction on Monday, September 9th. The shares were acquired at an average cost of $83.68 per share, for a total transaction of $627,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 64,263 shares of the company’s stock, valued at approximately $5,377,527.84. The disclosure for this purchase can be found here. Insiders have acquired 13,580 shares of company stock worth $1,137,848 over the last three months. 0.76% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp acquired a new stake in shares of Prudential Financial in the 2nd quarter worth about $2,669,000. Goelzer Investment Management Inc. grew its position in Prudential Financial by 0.9% in the 2nd quarter. Goelzer Investment Management Inc. now owns 96,523 shares of the financial services provider’s stock valued at $9,749,000 after buying an additional 874 shares in the last quarter. NumerixS Investment Technologies Inc bought a new position in Prudential Financial in the 1st quarter valued at about $294,000. DekaBank Deutsche Girozentrale grew its position in Prudential Financial by 4.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 515,961 shares of the financial services provider’s stock valued at $51,009,000 after buying an additional 21,771 shares in the last quarter. Finally, Naples Global Advisors LLC grew its position in Prudential Financial by 7.1% in the 2nd quarter. Naples Global Advisors LLC now owns 7,364 shares of the financial services provider’s stock valued at $744,000 after buying an additional 490 shares in the last quarter. 63.57% of the stock is currently owned by institutional investors and hedge funds.
Prudential Financial Company Profile
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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