Credit Suisse Group AG started coverage on shares of Prudential Financial Inc. (NYSE:PRU) in a report issued on Friday morning. The firm issued a neutral rating and a $89.00 price objective on the stock.
Several other equities analysts also recently issued reports on the stock. Bank of America Corp. downgraded shares of Prudential Financial from a neutral rating to an underperform rating in a research note on Wednesday, June 29th. Wells Fargo & Co. initiated coverage on shares of Prudential Financial in a research note on Friday, September 23rd. They set a market perform rating on the stock. Deutsche Bank AG reduced their price objective on shares of Prudential Financial from $90.00 to $83.00 and set a buy rating on the stock in a research note on Thursday, July 7th. Zacks Investment Research downgraded shares of Prudential Financial from a hold rating to a sell rating in a research note on Tuesday, June 21st. Finally, Citigroup Inc. reduced their price objective on shares of Prudential Financial from $83.00 to $80.00 and set a buy rating on the stock in a research note on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $89.13.
Prudential Financial (NYSE:PRU) opened at 84.49 on Friday. The firm has a 50 day moving average of $80.48 and a 200 day moving average of $76.44. The firm has a market cap of $36.92 billion, a P/E ratio of 8.68 and a beta of 1.68. Prudential Financial has a 1-year low of $57.19 and a 1-year high of $88.77.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by $0.67. Prudential Financial had a net margin of 8.90% and a return on equity of 8.11%. During the same quarter in the previous year, the company posted $2.91 EPS. On average, equities research analysts expect that Prudential Financial will post ($0.01) EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Tuesday, August 23rd were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.31%. The ex-dividend date of this dividend was Friday, August 19th. Prudential Financial’s dividend payout ratio is currently 28.78%.
In other Prudential Financial news, EVP Timothy P. Harris sold 6,531 shares of the firm’s stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $85.00, for a total transaction of $555,135.00. Following the completion of the transaction, the executive vice president now directly owns 20,924 shares of the company’s stock, valued at approximately $1,778,540. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Robert Falzon sold 33,820 shares of the firm’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $77.13, for a total transaction of $2,608,536.60. Following the transaction, the chief financial officer now directly owns 70,264 shares of the company’s stock, valued at $5,419,462.32. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Americafirst Capital Management LLC bought a new position in shares of Prudential Financial during the second quarter valued at $100,000. Bessemer Group Inc. raised its position in Prudential Financial by 6.7% in the second quarter. Bessemer Group Inc. now owns 1,516 shares of the company’s stock valued at $108,000 after buying an additional 95 shares during the period. Gierl Augustine Investment Management Inc raised its position in Prudential Financial by 14.4% in the second quarter. Gierl Augustine Investment Management Inc now owns 1,632 shares of the company’s stock valued at $116,000 after buying an additional 206 shares during the period. Cantab Capital Partners LLP acquired a new position in Prudential Financial during the second quarter valued at approximately $132,000. Finally, Seven Eight Capital LLC raised its position in Prudential Financial by 757.0% in the first quarter. Seven Eight Capital LLC now owns 2,151 shares of the company’s stock valued at $155,000 after buying an additional 1,900 shares during the period. 60.62% of the stock is owned by institutional investors.
About Prudential Financial
Prudential Financial, Inc is a financial services company. The Company, through its subsidiaries and affiliates, provides a range of financial products and services, including life insurance, annuities and investment management. The Company’s divisions include U.S. Retirement Solutions and Investment Management Division; U.S.
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