Prudential Financial (PRU) Rating Reiterated by Wells Fargo & Co
Prudential Financial (NYSE:PRU)‘s stock had its “hold” rating reaffirmed by research analysts at Wells Fargo & Co in a research note issued on Wednesday, February 7th. They presently have a $122.00 target price on the financial services provider’s stock. Wells Fargo & Co’s price target would suggest a potential upside of 11.39% from the stock’s current price.
The analysts wrote, “We expect topics of discussion to include the recent tax reform and the company’s designation as a systemically important non-bank financial institution, which is apparently up for review. We also expect to hear PRU’s thoughts on the National Association of Insurance Commissioners (NAIC) variable annuity working group and any associated impact on the conditional tail expectation (CTE) calculation.””
Several other analysts have also recently issued reports on PRU. FBR & Co upgraded Prudential Financial from a “neutral” rating to a “buy” rating and cut their target price for the stock from $117.00 to $100.00 in a research report on Tuesday, October 10th. Sandler O’Neill reiterated a “buy” rating and set a $134.00 target price on shares of Prudential Financial in a research report on Thursday, January 11th. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a research report on Monday, November 6th. Goldman Sachs Group began coverage on Prudential Financial in a research report on Wednesday, October 18th. They set a “neutral” rating and a $114.00 target price for the company. Finally, ValuEngine cut Prudential Financial from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 10th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Prudential Financial presently has a consensus rating of “Buy” and an average price target of $119.14.
Prudential Financial (NYSE:PRU) last released its earnings results on Wednesday, February 7th. The financial services provider reported $2.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.05. Prudential Financial had a return on equity of 9.29% and a net margin of 13.41%. The firm had revenue of $15.25 billion during the quarter, compared to analysts’ expectations of $12.87 billion. During the same quarter last year, the business posted $2.46 earnings per share. equities research analysts forecast that Prudential Financial will post 12.06 EPS for the current year.
Prudential Financial declared that its Board of Directors has approved a share repurchase plan on Thursday, December 14th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In other news, EVP Timothy P. Harris sold 10,527 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $115.00, for a total value of $1,210,605.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Barbara Koster sold 16,801 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total value of $1,934,971.17. Following the completion of the sale, the senior vice president now directly owns 37,327 shares of the company’s stock, valued at $4,298,950.59. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of PRU. APG Asset Management N.V. lifted its stake in shares of Prudential Financial by 171.8% in the 3rd quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock valued at $287,566,000 after purchasing an additional 1,709,699 shares during the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Prudential Financial in the 4th quarter valued at approximately $151,327,000. Two Sigma Advisers LP lifted its stake in shares of Prudential Financial by 305.3% in the 4th quarter. Two Sigma Advisers LP now owns 1,412,795 shares of the financial services provider’s stock valued at $162,443,000 after purchasing an additional 1,064,223 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of Prudential Financial by 273.8% during the 4th quarter. Two Sigma Investments LP now owns 812,807 shares of the financial services provider’s stock worth $93,457,000 after acquiring an additional 595,386 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Prudential Financial by 45.5% during the 4th quarter. Millennium Management LLC now owns 1,818,479 shares of the financial services provider’s stock worth $209,089,000 after acquiring an additional 568,343 shares during the last quarter. 64.37% of the stock is owned by institutional investors and hedge funds.
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Prudential Financial Company Profile
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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