Prudential Financial (PRU) Research Coverage Started at Wells Fargo & Co
Wells Fargo & Co began coverage on shares of Prudential Financial (NYSE:PRU) in a report published on Tuesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $105.00 price objective on the financial services provider’s stock.
“We are resuming coverage of PRU with a change in analyst, an Outperform rating, and a $105 price target. We see the company as a franchise name among global life insurers, with key strengths highlighted by a dominant market position in the large- case pension risk transfer business, a broad and diversified business mix, and a high-returning Japanese business. Further, we view PRU as undervalued relative to peers following the recent sell-off in shares since the end of September (down 16% for PRU, versus down 13% for peers and down 13% for the S&P 500).”,” Wells Fargo & Co‘s analyst commented.
Several other equities research analysts also recently weighed in on the company. Zacks Investment Research raised Prudential Financial from a hold rating to a buy rating and set a $117.00 price target on the stock in a research report on Monday, October 8th. UBS Group lifted their price objective on shares of Prudential Financial from $125.00 to $126.00 and gave the company a buy rating in a research note on Monday, October 8th. Goldman Sachs Group upgraded shares of Prudential Financial from a buy rating to a conviction-buy rating in a research note on Monday, September 10th. Morgan Stanley dropped their price objective on shares of Prudential Financial from $122.00 to $120.00 and set an equal weight rating on the stock in a research note on Thursday, November 8th. Finally, ValuEngine lowered shares of Prudential Financial from a sell rating to a strong sell rating in a research note on Friday, November 16th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Prudential Financial has a consensus rating of Buy and a consensus target price of $115.61.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, November 7th. The financial services provider reported $3.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.16 by ($0.01). Prudential Financial had a return on equity of 10.20% and a net margin of 12.59%. The company had revenue of $14.43 billion for the quarter, compared to the consensus estimate of $13.51 billion. During the same quarter last year, the company posted $3.01 EPS. On average, analysts predict that Prudential Financial will post 12.14 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 13th. Investors of record on Monday, November 26th were issued a dividend of $0.90 per share. The ex-dividend date was Friday, November 23rd. This represents a $3.60 dividend on an annualized basis and a yield of 4.12%. Prudential Financial’s dividend payout ratio (DPR) is 34.03%.
In related news, major shareholder Prudential Financial Inc acquired 880,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 16th. The shares were acquired at an average price of $25.00 per share, with a total value of $22,000,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have purchased a total of 880,315 shares of company stock worth $22,026,194 in the last three months. 0.61% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Flagship Harbor Advisors LLC bought a new position in shares of Prudential Financial during the 2nd quarter valued at about $104,000. BerganKDV Wealth Management LLC boosted its holdings in Prudential Financial by 165.8% during the 3rd quarter. BerganKDV Wealth Management LLC now owns 1,284 shares of the financial services provider’s stock valued at $130,000 after acquiring an additional 801 shares during the period. Rehmann Capital Advisory Group boosted its holdings in Prudential Financial by 31.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,576 shares of the financial services provider’s stock valued at $160,000 after acquiring an additional 377 shares during the period. Centaurus Financial Inc. purchased a new stake in Prudential Financial during the 2nd quarter valued at about $157,000. Finally, Boys Arnold & Co. Inc. purchased a new stake in Prudential Financial during the 3rd quarter valued at about $201,000. Institutional investors and hedge funds own 63.40% of the company’s stock.
About Prudential Financial
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through U.S. Individual Solutions, U.S. Workplace Solutions, Investment Management, and International Insurance divisions.
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