Zacks Investment Research upgraded shares of Prudential Financial, Inc. (NYSE:PRU) from a hold rating to a buy rating in a report issued on Tuesday. The brokerage currently has $122.00 price target on the financial services provider’s stock.
According to Zacks, “Shares of the company outperformed the industry in a year’s time. Moreover, the company saw its 2017 and 2018 estimates move north in the last 60 days. Prudential Financial remains well poised for growth on the back of its high performing asset management business, international operations and deeper reach in the pension risk transfer market. It strives to build leadership position in the pension risk transfer market. Expanded international presence provides it with better organic growth opportunities than peers. Also, a strong balance sheet and efficient capital management are tailwinds. It now expects ROE between 12% and 13% in the near to intermediate-term. However, exposure to low interest rates, unfavorable currency impact and regulatory control remain headwinds.”
Several other equities research analysts have also recently issued reports on PRU. BidaskClub upgraded Prudential Financial from a sell rating to a hold rating in a report on Friday, June 16th. Royal Bank Of Canada reiterated a hold rating and issued a $113.00 price objective on shares of Prudential Financial in a report on Tuesday, June 27th. Wells Fargo & Company reiterated a hold rating on shares of Prudential Financial in a report on Thursday, August 3rd. Keefe, Bruyette & Woods reiterated a buy rating on shares of Prudential Financial in a report on Friday, August 11th. Finally, Morgan Stanley lifted their price objective on Prudential Financial from $118.00 to $123.00 and gave the stock an equal weight rating in a report on Thursday, October 5th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Prudential Financial has a consensus rating of Buy and a consensus price target of $114.30.
Shares of Prudential Financial (NYSE PRU) traded up 0.21% during trading on Tuesday, reaching $109.58. The company had a trading volume of 483,109 shares. Prudential Financial has a 52 week low of $82.45 and a 52 week high of $115.26. The stock’s 50-day moving average price is $104.52 and its 200-day moving average price is $106.66. The company has a market capitalization of $46.79 billion, a PE ratio of 12.23 and a beta of 1.51.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.61). Prudential Financial had a return on equity of 8.98% and a net margin of 7.15%. The firm had revenue of $13.03 billion during the quarter, compared to analyst estimates of $12.45 billion. During the same quarter in the previous year, the firm posted $1.84 earnings per share. On average, equities analysts expect that Prudential Financial will post $10.14 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 14th. Stockholders of record on Tuesday, August 22nd were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Friday, August 18th. Prudential Financial’s payout ratio is presently 33.63%.
In other news, insider Nicholas C. Silitch sold 14,897 shares of Prudential Financial stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $110.00, for a total transaction of $1,638,670.00. Following the sale, the insider now owns 21,274 shares of the company’s stock, valued at approximately $2,340,140. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Stephen Pelletier sold 4,133 shares of Prudential Financial stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $112.18, for a total transaction of $463,639.94. Following the sale, the insider now directly owns 10,924 shares in the company, valued at approximately $1,225,454.32. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Fieldpoint Private Securities LLC purchased a new stake in shares of Prudential Financial during the 2nd quarter valued at approximately $103,000. Hudock Capital Group LLC raised its position in shares of Prudential Financial by 0.7% during the 2nd quarter. Hudock Capital Group LLC now owns 1,144 shares of the financial services provider’s stock valued at $123,000 after buying an additional 8 shares during the period. Guardian Life Insurance Co. of America raised its position in shares of Prudential Financial by 0.3% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,658 shares of the financial services provider’s stock valued at $177,000 after buying an additional 5 shares during the period. Accurate Investment Solutions Inc. raised its position in shares of Prudential Financial by 2.3% during the 2nd quarter. Accurate Investment Solutions Inc. now owns 1,664 shares of the financial services provider’s stock valued at $180,000 after buying an additional 38 shares during the period. Finally, Advisory Services Network LLC raised its position in shares of Prudential Financial by 128.8% during the 2nd quarter. Advisory Services Network LLC now owns 1,700 shares of the financial services provider’s stock valued at $184,000 after buying an additional 957 shares during the period. 64.45% of the stock is currently owned by hedge funds and other institutional investors.
Prudential Financial Company Profile
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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