Prudential Financial (NYSE:PRU) Given New $96.00 Price Target at Barclays


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Prudential Financial (NYSE:PRU) had its price target increased by Barclays from $91.00 to $96.00 in a research report released on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. increased their price target on shares of Prudential Financial from $91.00 to $105.00 and gave the company a neutral rating in a research note on Monday, April 5th. Citigroup increased their price target on shares of Prudential Financial from $83.00 to $97.00 in a research note on Wednesday, March 31st. Morgan Stanley increased their price target on shares of Prudential Financial from $90.00 to $99.00 and gave the company an equal weight rating in a research note on Thursday, April 1st. Credit Suisse Group raised shares of Prudential Financial from a neutral rating to an outperform rating and increased their price target for the company from $79.00 to $121.00 in a research note on Thursday, April 15th. Finally, Zacks Investment Research raised shares of Prudential Financial from a sell rating to a hold rating and set a $94.00 price target for the company in a research note on Thursday, February 25th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Prudential Financial presently has an average rating of Hold and a consensus target price of $91.36.

Shares of NYSE PRU opened at $96.74 on Monday. Prudential Financial has a 12-month low of $48.52 and a 12-month high of $99.87. The stock has a market cap of $38.25 billion, a PE ratio of -268.72, a P/E/G ratio of 1.72 and a beta of 1.72. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average of $93.17 and a 200 day moving average of $80.67.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Thursday, February 4th. The financial services provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.43. Prudential Financial had a negative net margin of 0.12% and a positive return on equity of 6.06%. The company had revenue of $15.08 billion during the quarter, compared to analysts’ expectations of $13.98 billion. On average, sell-side analysts forecast that Prudential Financial will post 9.82 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 11th. Shareholders of record on Tuesday, February 16th were issued a dividend of $1.15 per share. The ex-dividend date of this dividend was Friday, February 12th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.10. This represents a $4.60 dividend on an annualized basis and a yield of 4.76%. Prudential Financial’s dividend payout ratio is 39.35%.

In other news, CFO Kenneth Tanji sold 29,285 shares of the firm’s stock in a transaction on Monday, March 22nd. The shares were sold at an average price of $90.94, for a total value of $2,663,177.90. Following the sale, the chief financial officer now directly owns 36,477 shares in the company, valued at approximately $3,317,218.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Timothy L. Schmidt sold 5,000 shares of the firm’s stock in a transaction on Monday, March 8th. The shares were sold at an average price of $94.11, for a total transaction of $470,550.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,485 shares of company stock worth $3,876,812. 0.33% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of PRU. Norges Bank purchased a new stake in shares of Prudential Financial in the fourth quarter valued at about $304,237,000. Principal Financial Group Inc. lifted its stake in shares of Prudential Financial by 337.4% in the fourth quarter. Principal Financial Group Inc. now owns 2,682,310 shares of the financial services provider’s stock valued at $209,408,000 after purchasing an additional 2,069,010 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of Prudential Financial by 32.2% in the fourth quarter. Nuveen Asset Management LLC now owns 4,140,880 shares of the financial services provider’s stock valued at $323,278,000 after purchasing an additional 1,008,473 shares during the period. Prana Capital Management LP acquired a new stake in shares of Prudential Financial in the fourth quarter valued at about $30,784,000. Finally, Truist Financial Corp lifted its stake in shares of Prudential Financial by 169.2% in the fourth quarter. Truist Financial Corp now owns 485,105 shares of the financial services provider’s stock valued at $37,872,000 after purchasing an additional 304,935 shares during the period. 54.50% of the stock is currently owned by institutional investors and hedge funds.

About Prudential Financial

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.

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Analyst Recommendations for Prudential Financial (NYSE:PRU)

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