Prudential Financial (NYSE:PRU) Sets New 52-Week High After Analyst Upgrade

Prudential Financial, Inc. (NYSE:PRU)’s stock price reached a new 52-week high during trading on Thursday after TD Cowen raised their price target on the stock from $102.00 to $114.00. TD Cowen currently has a hold rating on the stock. Prudential Financial traded as high as $120.59 and last traded at $118.9110, with a volume of 1727909 shares. The stock had previously closed at $118.59.

Other equities research analysts have also issued reports about the company. UBS Group dropped their price target on Prudential Financial from $105.00 to $98.00 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Wells Fargo & Company boosted their target price on shares of Prudential Financial from $100.00 to $103.00 and gave the company an “underweight” rating in a research note on Thursday, July 9th. Jefferies Financial Group raised their price target on shares of Prudential Financial from $105.00 to $110.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Mizuho lifted their price target on shares of Prudential Financial from $101.00 to $109.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Prudential Financial from $117.00 to $129.00 and gave the company a “neutral” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat, Prudential Financial presently has a consensus rating of “Reduce” and an average target price of $105.46.

Hedge Funds Weigh In On Prudential Financial

Institutional investors have recently modified their holdings of the company. Wetzel Investment Advisors Inc. boosted its stake in Prudential Financial by 0.9% during the 4th quarter. Wetzel Investment Advisors Inc. now owns 10,022 shares of the financial services provider’s stock valued at $1,131,000 after purchasing an additional 94 shares during the period. Transcend Capital Advisors LLC increased its stake in shares of Prudential Financial by 2.4% in the fourth quarter. Transcend Capital Advisors LLC now owns 4,175 shares of the financial services provider’s stock valued at $471,000 after purchasing an additional 98 shares during the period. Rossby Financial LCC raised its holdings in shares of Prudential Financial by 32.4% during the fourth quarter. Rossby Financial LCC now owns 421 shares of the financial services provider’s stock valued at $48,000 after buying an additional 103 shares during the last quarter. TD Private Client Wealth LLC boosted its position in shares of Prudential Financial by 5.6% during the fourth quarter. TD Private Client Wealth LLC now owns 1,972 shares of the financial services provider’s stock worth $223,000 after buying an additional 104 shares during the period. Finally, Western Wealth Management LLC boosted its position in shares of Prudential Financial by 1.7% during the fourth quarter. Western Wealth Management LLC now owns 6,215 shares of the financial services provider’s stock worth $702,000 after buying an additional 105 shares during the period. Institutional investors own 56.83% of the company’s stock.

Prudential Financial Price Performance

The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market capitalization of $41.58 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 2.35 and a beta of 0.85. The business has a fifty day moving average of $108.91 and a 200-day moving average of $104.36.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.52. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.The firm had revenue of $15.23 billion for the quarter, compared to the consensus estimate of $14.10 billion. During the same quarter in the previous year, the business earned $3.29 EPS. On average, sell-side analysts forecast that Prudential Financial, Inc. will post 13.75 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were issued a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $5.60 annualized dividend and a yield of 4.7%. Prudential Financial’s dividend payout ratio is presently 57.61%.

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.