Prudential Financial (NYSE:PRU) Stock Gets Price Target Trim from Piper Sandler

Prudential Financial (NYSE:PRU) had its price objective lowered by Piper Sandler from $128.00 to $120.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Other research analysts also recently issued reports about the company. Keefe, Bruyette & Woods lifted their target price on Prudential Financial from $113.00 to $123.00 and gave the company a “market perform” rating in a research note on Tuesday, August 11th. Jefferies Financial Group upped their price target on Prudential Financial from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. TD Cowen increased their price target on Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a report on Wednesday, July 22nd. Morgan Stanley increased their price target on Prudential Financial from $92.00 to $105.00 and gave the stock an “underweight” rating in a report on Monday, August 24th. Finally, Barclays lifted their price objective on shares of Prudential Financial from $92.00 to $96.00 and gave the company an “underweight” rating in a research report on Wednesday, October 7th. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, Prudential Financial currently has a consensus rating of “Reduce” and an average price target of $108.46.

Prudential Financial Stock Performance

NYSE PRU opened at $113.42 on Monday. The firm has a market cap of $39.13 billion, a P/E ratio of 7.44, a P/E/G ratio of 1.68 and a beta of 0.85. Prudential Financial has a 52-week low of $91.89 and a 52-week high of $127.72. The business’s 50-day moving average price is $118.66 and its 200 day moving average price is $110.58. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.56. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%. The firm had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.36 billion. During the same quarter in the previous year, the firm posted $3.58 EPS. On average, equities research analysts expect that Prudential Financial will post 14.50 earnings per share for the current year.

Prudential Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were given a $1.40 dividend. The ex-dividend date was Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a yield of 4.9%. Prudential Financial’s dividend payout ratio (DPR) is presently 50.72%.

Insider Transactions at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of Prudential Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the sale, the insider owned 7,973,657 shares of the company’s stock, valued at approximately $197,348,010.75. The trade was a 2.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann Kappler sold 7,652 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the transaction, the executive vice president owned 14,407 shares in the company, valued at $1,801,019.07. The trade was a 34.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PRU. Moody National Bank Trust Division grew its holdings in shares of Prudential Financial by 8.8% in the 3rd quarter. Moody National Bank Trust Division now owns 7,042 shares of the financial services provider’s stock worth $800,000 after acquiring an additional 568 shares during the period. QRG Capital Management Inc. raised its holdings in Prudential Financial by 17.2% during the second quarter. QRG Capital Management Inc. now owns 40,530 shares of the financial services provider’s stock worth $4,374,000 after purchasing an additional 5,949 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Prudential Financial by 4.3% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,246 shares of the financial services provider’s stock worth $998,000 after purchasing an additional 384 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Prudential Financial by 2.7% during the second quarter. Envestnet Asset Management Inc. now owns 739,294 shares of the financial services provider’s stock worth $79,792,000 after purchasing an additional 19,451 shares in the last quarter. Finally, State Street Corp boosted its position in Prudential Financial by 1.2% during the second quarter. State Street Corp now owns 17,164,760 shares of the financial services provider’s stock worth $1,852,593,000 after purchasing an additional 209,179 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

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 1875 and headquartered in Newark, New Jersey, the company serves individual, institutional and workplace customers through businesses in the United States and selected international markets.

In the United States, Prudential offers life insurance, annuities, retirement plans and group insurance products, including coverage for employees and their families.