Prudential Financial (NYSE:PRU) Hits New 1-Year High – Here’s Why

Prudential Financial, Inc. (NYSE:PRU)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $124.57 and last traded at $123.9150, with a volume of 2036494 shares. The stock had previously closed at $121.89.

Analysts Set New Price Targets

PRU has been the topic of several recent research reports. Zacks Research raised Prudential Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, June 12th. JPMorgan Chase & Co. boosted their price target on Prudential Financial from $117.00 to $129.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. BMO Capital Markets decreased their price objective on Prudential Financial from $91.00 to $87.00 and set an “underperform” rating for the company in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods raised their price objective on Prudential Financial from $106.00 to $113.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. Finally, Bank of America cut their target price on Prudential Financial from $112.00 to $104.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 14th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $105.46.

Prudential Financial Trading Up 1.7%

The company’s 50 day simple moving average is $109.74 and its two-hundred day simple moving average is $104.35. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $43.00 billion, a price-to-earnings ratio of 12.75, a P/E/G ratio of 2.43 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.52. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.The business had revenue of $15.23 billion for the quarter, compared to the consensus estimate of $14.10 billion. During the same period in the prior year, the firm posted $3.29 earnings per share. As a group, research analysts anticipate that Prudential Financial, Inc. will post 13.75 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, May 26th. Prudential Financial’s dividend payout ratio is currently 57.61%.

Institutional Investors Weigh In On Prudential Financial

Several institutional investors have recently added to or reduced their stakes in the business. Jessup Wealth Management Inc purchased a new stake in shares of Prudential Financial during the fourth quarter worth about $25,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Prudential Financial in the 4th quarter valued at approximately $26,000. Salomon & Ludwin LLC boosted its stake in Prudential Financial by 98.3% in the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 114 shares in the last quarter. SJS Investment Consulting Inc. grew its position in Prudential Financial by 93.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 134 shares during the last quarter. Finally, Lodestone Wealth Management LLC acquired a new position in Prudential Financial during the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds own 56.83% of the company’s stock.

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.