Prudential Financial (NYSE:PRU) Price Target Raised to $110.00

Prudential Financial (NYSE:PRU) had its target price increased by Piper Sandler from $105.00 to $110.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target points to a potential upside of 3.12% from the company’s current price.

Several other brokerages have also recently weighed in on PRU. UBS Group decreased their price target on shares of Prudential Financial from $105.00 to $98.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Argus cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. Morgan Stanley reaffirmed an “underweight” rating and issued a $92.00 target price (down from $106.00) on shares of Prudential Financial in a research report on Monday, May 4th. Bank of America cut their price target on shares of Prudential Financial from $112.00 to $104.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Finally, Wells Fargo & Company raised their price objective on Prudential Financial from $93.00 to $100.00 and gave the company an “underweight” rating in a report on Tuesday, May 12th. Eleven analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, Prudential Financial currently has a consensus rating of “Reduce” and an average price target of $101.92.

Prudential Financial Trading Down 1.7%

NYSE:PRU traded down $1.80 on Wednesday, hitting $106.67. 358,166 shares of the stock were exchanged, compared to its average volume of 2,218,808. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial has a 52 week low of $91.89 and a 52 week high of $119.76. The stock has a market capitalization of $37.02 billion, a price-to-earnings ratio of 10.98, a P/E/G ratio of 1.97 and a beta of 0.86. The company’s 50-day moving average price is $102.01 and its 200 day moving average price is $104.31.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.52. The business had revenue of $15.23 billion for the quarter, compared to analyst estimates of $14.10 billion. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.During the same period last year, the company earned $3.29 EPS. On average, equities research analysts forecast that Prudential Financial will post 13.78 earnings per share for the current year.

Hedge Funds Weigh In On Prudential Financial

A number of hedge funds have recently bought and sold shares of PRU. State Street Corp raised its holdings in shares of Prudential Financial by 1.2% during the 4th quarter. State Street Corp now owns 17,234,061 shares of the financial services provider’s stock worth $1,945,381,000 after buying an additional 210,959 shares in the last quarter. Geode Capital Management LLC boosted its stake in Prudential Financial by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider’s stock valued at $1,078,904,000 after buying an additional 26,414 shares in the last quarter. Morgan Stanley raised its stake in Prudential Financial by 6.7% during the fourth quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider’s stock worth $750,562,000 after acquiring an additional 420,081 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Prudential Financial by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 3,758,545 shares of the financial services provider’s stock worth $367,089,000 after acquiring an additional 166,641 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Prudential Financial by 2.4% in the 3rd quarter. Legal & General Group Plc now owns 2,701,116 shares of the financial services provider’s stock valued at $280,214,000 after purchasing an additional 62,366 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.