Prudential Financial (NYSE:PRU) Price Target Raised to $113.00

Prudential Financial (NYSE:PRU) had its target price hoisted by Wells Fargo & Company from $103.00 to $113.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 8.13% from the stock’s current price.

A number of other research analysts have also recently commented on the stock. Bank of America restated a “neutral” rating on shares of Prudential Financial in a report on Wednesday, November 4th. Barclays lifted their price objective on shares of Prudential Financial from $94.00 to $98.00 and gave the company an “underweight” rating in a report on Wednesday, November 4th. Jefferies Financial Group decreased their price objective on shares of Prudential Financial from $116.00 to $109.00 and set a “buy” rating for the company in a report on Monday, October 12th. TD Cowen lowered their price objective on shares of Prudential Financial from $114.00 to $112.00 and set a “hold” rating for the company in a research report on Wednesday, October 21st. Finally, Weiss Ratings downgraded shares of Prudential Financial from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, October 14th. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, Prudential Financial currently has an average rating of “Reduce” and a consensus price target of $115.67.

Prudential Financial Price Performance

PRU opened at $123.00 on Thursday. The business has a fifty day moving average of $117.26 and a 200 day moving average of $109.18. Prudential Financial has a 52-week low of $91.89 and a 52-week high of $128.78. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.66. The stock has a market cap of $42.19 billion, a P/E ratio of 11.19, a PEG ratio of 1.95 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, November 3rd. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.33 by $0.44. Prudential Financial had a return on equity of 16.38% and a net margin of 6.75%. The company had revenue of $14.45 billion for the quarter, compared to the consensus estimate of $14.66 billion. During the same quarter in the prior year, the company posted $4.26 EPS. As a group, sell-side analysts anticipate that Prudential Financial will post 13.60 EPS for the current year.

Insider Activity

In related news, CEO Andrew Sullivan sold 3,544 shares of Prudential Financial stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $121.32, for a total value of $429,958.08. Following the completion of the sale, the chief executive officer directly owned 50,317 shares in the company, valued at $6,104,458.44. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Ann Kappler sold 7,652 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 16,787 shares of company stock worth $2,062,597. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Prudential Financial

Hedge funds have recently modified their holdings of the business. State Street Corp raised its position in shares of Prudential Financial by 1.6% in the 3rd quarter. State Street Corp now owns 17,441,429 shares of the financial services provider’s stock worth $1,980,998,000 after acquiring an additional 276,669 shares in the last quarter. Cornerstone Select Advisors LLC grew its stake in Prudential Financial by 42.5% in the third quarter. Cornerstone Select Advisors LLC now owns 4,358 shares of the financial services provider’s stock valued at $495,000 after purchasing an additional 1,300 shares during the last quarter. Patron Partners LLC grew its stake in Prudential Financial by 12.3% in the third quarter. Patron Partners LLC now owns 11,637 shares of the financial services provider’s stock valued at $1,322,000 after purchasing an additional 1,272 shares during the last quarter. Advisors Asset Management Inc. bought a new position in Prudential Financial in the third quarter worth about $3,097,000. Finally, Private Wealth Asset Management LLC raised its holdings in Prudential Financial by 3,404.3% in the third quarter. Private Wealth Asset Management LLC now owns 3,224 shares of the financial services provider’s stock worth $384,000 after purchasing an additional 3,132 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Company Profile

Prudential Financial, Inc. is a financial services company headquartered in Newark, New Jersey. Founded in 1875 as the Prudential Friendly Society, it has grown into a provider of insurance, retirement and investment services. The company offers life insurance, annuities, workplace benefits and retirement-related products and services. Through its asset management businesses, Prudential also serves individual and institutional investors. Prudential serves customers in the United States and operates internationally, with a significant presence in Japan and other markets.