Prudential Financial (NYSE:PRU) Price Target Raised to $122.00

Prudential Financial (NYSE:PRU) had its target price lifted by Evercore ISI from $120.00 to $122.00 in a research report sent to investors on Thursday,Benzinga reports. Evercore ISI currently has an in-line rating on the financial services provider’s stock.

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. lifted their price objective on Prudential Financial from $126.00 to $136.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Barclays cut their price objective 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. Morgan Stanley lifted their price objective on Prudential Financial from $117.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. Wolfe Research assumed coverage on Prudential Financial in a report on Tuesday, September 16th. They set a “peer perform” rating for the company. Finally, Wells Fargo & Company cut their price objective on Prudential Financial from $116.00 to $113.00 and set an “equal weight” rating for the company in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $120.64.

Prudential Financial Price Performance

Prudential Financial stock opened at $103.95 on Thursday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market capitalization of $36.59 billion, a PE ratio of 14.28, a price-to-earnings-growth ratio of 0.88 and a beta of 1.04. Prudential Financial has a one year low of $90.38 and a one year high of $130.55. The business has a 50 day simple moving average of $104.17 and a 200 day simple moving average of $104.33.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter. The company had revenue of $8.35 billion during the quarter. Prudential Financial had a return on equity of 16.98% and a net margin of 4.65%. On average, sell-side analysts forecast that Prudential Financial will post 14.36 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.35 per share. The ex-dividend date was Tuesday, August 19th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.2%. Prudential Financial’s payout ratio is presently 74.18%.

Insiders Place Their Bets

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of the business’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the sale, the executive vice president directly owned 21,506 shares of the company’s stock, valued at approximately $2,358,132.90. The trade was a 15.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of Prudential Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its holdings in Prudential Financial by 90.2% during the 1st quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 111 shares during the last quarter. Cheviot Value Management LLC bought a new stake in Prudential Financial during the 1st quarter worth about $26,000. North Capital Inc. bought a new stake in Prudential Financial during the 1st quarter worth about $28,000. AlphaQuest LLC raised its holdings in Prudential Financial by 12,250.0% during the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 245 shares during the last quarter. Finally, Clearstead Trust LLC raised its holdings in Prudential Financial by 350.8% during the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 207 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

About Prudential Financial

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.