Prudential Financial (NYSE:PRU) Shares Break Above Fifty Day Moving Average – Here’s What Happened

Shares of Prudential Financial, Inc. (NYSE:PRU) crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $116.91 and traded as high as $118.77. Prudential Financial shares last traded at $118.3360, with a volume of 1,861,689 shares trading hands.

Analysts Set New Price Targets

PRU has been the subject of several research analyst reports. BMO Capital Markets lifted their price objective on Prudential Financial from $90.00 to $120.00 and gave the company an “underperform” rating in a research report on Friday, August 21st. TD Cowen decreased their target price on Prudential Financial from $114.00 to $112.00 and set a “hold” rating on the stock in a report on Wednesday, October 21st. Wells Fargo & Company decreased their target price on Prudential Financial from $104.00 to $103.00 and set an “underweight” rating on the stock in a report on Wednesday, October 28th. Jefferies Financial Group lowered their target price on Prudential Financial from $116.00 to $109.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Finally, Wall Street Zen cut Prudential Financial from a “buy” rating to a “hold” rating in a report on Monday, September 28th. Two research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $111.27.

Prudential Financial Stock Performance

The stock has a market cap of $40.83 billion, a price-to-earnings ratio of 10.72, a P/E/G ratio of 1.93 and a beta of 0.85. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The firm has a fifty day simple moving average of $116.91 and a 200-day simple moving average of $108.80.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, August 4th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.52 by $0.56. The company had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.36 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%. During the same period last year, the firm earned $3.58 EPS. Analysts forecast that Prudential Financial, Inc. will post 13.51 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were issued a $1.40 dividend. The ex-dividend date was Tuesday, August 25th. This represents a $5.60 annualized dividend and a yield of 4.7%. Prudential Financial’s dividend payout ratio (DPR) is currently 50.72%.

Insider Buying and Selling

In related news, EVP Ann Kappler sold 7,652 shares of Prudential Financial stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares in the company, valued at $1,801,019.07. This trade represents a 34.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.05% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Canvas Wealth Advisors LLC acquired a new stake in shares of Prudential Financial in the third quarter valued at approximately $263,000. Heritage Family Offices LLP bought a new position in shares of Prudential Financial during the 3rd quarter worth approximately $33,000. Calamos Advisors LLC increased its holdings in shares of Prudential Financial by 2.1% during the 3rd quarter. Calamos Advisors LLC now owns 57,247 shares of the financial services provider’s stock worth $6,502,000 after acquiring an additional 1,158 shares during the last quarter. Alta Advisers Ltd acquired a new position in shares of Prudential Financial during the 3rd quarter worth approximately $273,000. Finally, Syverson Strege & Co raised its stake in Prudential Financial by 17.4% in the 3rd quarter. Syverson Strege & Co now owns 2,379 shares of the financial services provider’s stock valued at $270,000 after acquiring an additional 353 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Company Profile

Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.