Prudential Financial (NYSE:PRU) Price Target Raised to $120.00

Prudential Financial (NYSE:PRU) had its price objective hoisted by Mizuho from $116.00 to $120.00 in a report released on Thursday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group lowered their price objective on Prudential Financial from $116.00 to $109.00 and set a “buy” rating for the company in a research report on Monday, October 12th. UBS Group upped their target price on Prudential Financial from $92.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday. Weiss Ratings downgraded shares of Prudential Financial from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, October 14th. JPMorgan Chase & Co. lowered their price target on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, October 22nd. Finally, Bank of America restated a “neutral” rating on shares of Prudential Financial in a research report on Wednesday, November 4th. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $115.67.

Prudential Financial Trading Up 0.9%

NYSE:PRU traded up $1.14 during trading hours on Thursday, hitting $123.55. 1,141,900 shares of the company were exchanged, compared to its average volume of 1,884,523. The stock has a market capitalization of $42.38 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 1.93 and a beta of 0.85. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.66. Prudential Financial has a one year low of $91.89 and a one year high of $128.78. The company has a fifty day simple moving average of $117.32 and a 200 day simple moving average of $109.33.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $3.77 EPS for the quarter, beating analysts’ consensus estimates of $3.33 by $0.44. The firm had revenue of $14.45 billion for the quarter, compared to analyst estimates of $14.66 billion. Prudential Financial had a return on equity of 16.38% and a net margin of 6.75%. During the same quarter in the previous year, the company posted $4.26 EPS. Sell-side analysts expect that Prudential Financial will post 13.60 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Tuesday, November 24th will be given a dividend of $1.40 per share. The ex-dividend date is Tuesday, November 24th. This represents a $5.60 annualized dividend and a dividend yield of 4.5%. Prudential Financial’s dividend payout ratio is presently 50.96%.

Insider Buying and Selling

In other Prudential Financial news, CEO Andrew F. Sullivan sold 3,544 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $121.32, for a total value of $429,958.08. Following the transaction, the chief executive officer directly owned 50,317 shares of the company’s stock, valued at approximately $6,104,458.44. The trade was a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Robert E. Boyle sold 2,794 shares of the stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $121.24, for a total value of $338,744.56. Following the transaction, the senior vice president owned 6,008 shares in the company, valued at $728,409.92. The trade was a 31.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 9,135 shares of company stock valued at $1,106,021 over the last 90 days. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PRU. Meeder Asset Management Inc. boosted its stake in Prudential Financial by 164.7% during the third quarter. Meeder Asset Management Inc. now owns 225 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 140 shares in the last quarter. Team Financial Group LLC bought a new stake in Prudential Financial in the third quarter valued at $27,000. Archer Investment Corp bought a new stake in Prudential Financial in the second quarter valued at $26,000. Heritage Family Offices LLP acquired a new stake in shares of Prudential Financial in the 3rd quarter valued at about $33,000. Finally, MADDEN SECURITIES Corp acquired a new stake in shares of Prudential Financial in the 3rd quarter valued at about $38,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

Trending Headlines about Prudential Financial

Investors following PRU have been watching these headlines:

• Neutral Sentiment: A Seeking Alpha article describes Prudential as being in transition after divestitures, pointing to a period of strategic change; the provided article information does not specify the expected financial impact. Prudential Is In Transition After Divestitures
• Negative Sentiment: Wells Fargo raised its price target from $103 to $113 but kept an “underweight” rating, implying it sees downside from the referenced share price. Wells Fargo rating
• Negative Sentiment: Mizuho lifted its target from $116 to $120, yet maintained a “neutral” rating; its target also remained below the referenced share price, tempering the apparent positive signal. Mizuho rating

About Prudential Financial

Prudential Financial, Inc. is a financial services company headquartered in Newark, New Jersey. Founded in 1875 as the Prudential Friendly Society, it has grown into a provider of insurance, retirement and investment services. The company offers life insurance, annuities, workplace benefits and retirement-related products and services. Through its asset management businesses, Prudential also serves individual and institutional investors. Prudential serves customers in the United States and operates internationally, with a significant presence in Japan and other markets.