Prudential Financial (NYSE:PRU) Reaches New 12-Month High at $116.50

Prudential Financial, Inc. (NYSE:PRU) reached a new 52-week high during trading on Thursday . The company traded as high as $116.50 and last traded at $115.65, with a volume of 1287991 shares trading hands. The stock had previously closed at $115.39.

A number of research firms recently commented on PRU. Morgan Stanley increased their price target on Prudential Financial from $112.00 to $114.00 and gave the company an “equal weight” rating in a research report on Friday, January 7th. Evercore ISI lowered Prudential Financial from an “in-line” rating to an “underperform” rating and increased their price target for the company from $101.00 to $105.00 in a research report on Wednesday, January 5th. JPMorgan Chase & Co. raised their target price on Prudential Financial from $112.00 to $114.00 in a research report on Tuesday, January 4th. Royal Bank of Canada raised their target price on Prudential Financial from $112.00 to $119.00 and gave the company a “sector perform” rating in a research report on Thursday, November 4th. Finally, Barclays raised their target price on Prudential Financial from $114.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $108.85.

The firm has a 50 day simple moving average of $108.66 and a 200 day simple moving average of $106.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.06 and a current ratio of 0.06. The firm has a market cap of $44.38 billion, a P/E ratio of 6.41, a P/E/G ratio of 0.97 and a beta of 1.63.

Prudential Financial (NYSE:PRU) last issued its earnings results on Tuesday, November 2nd. The financial services provider reported $3.78 EPS for the quarter, topping the consensus estimate of $2.68 by $1.10. Prudential Financial had a return on equity of 9.33% and a net margin of 11.82%. The business had revenue of $19.66 billion during the quarter, compared to the consensus estimate of $13.24 billion. During the same quarter last year, the company earned $3.21 EPS. Sell-side analysts predict that Prudential Financial, Inc. will post 14.03 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, December 16th. Shareholders of record on Tuesday, November 23rd were paid a $1.15 dividend. The ex-dividend date was Monday, November 22nd. This represents a $4.60 annualized dividend and a yield of 3.92%. Prudential Financial’s dividend payout ratio is currently 25.12%.

Prudential Financial declared that its Board of Directors has approved a stock repurchase program on Tuesday, November 9th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 3.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, SVP Timothy L. Schmidt sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, November 16th. The stock was sold at an average price of $112.26, for a total transaction of $392,910.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Charles F. Lowrey sold 93,894 shares of Prudential Financial stock in a transaction that occurred on Tuesday, December 28th. The stock was sold at an average price of $110.00, for a total value of $10,328,340.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 151,401 shares of company stock valued at $16,824,041. 0.33% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. First Horizon Advisors Inc. grew its position in shares of Prudential Financial by 39.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 135,206 shares of the financial services provider’s stock worth $10,247,000 after buying an additional 38,342 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of Prudential Financial by 15.3% during the third quarter. Mackenzie Financial Corp now owns 111,443 shares of the financial services provider’s stock valued at $11,724,000 after purchasing an additional 14,752 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its position in shares of Prudential Financial by 298.3% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 281,606 shares of the financial services provider’s stock valued at $29,625,000 after purchasing an additional 210,896 shares in the last quarter. Eagle Capital Management LLC bought a new stake in Prudential Financial in the second quarter worth $3,576,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Prudential Financial in the second quarter worth $1,793,000. 56.10% of the stock is currently owned by institutional investors and hedge funds.

About Prudential Financial (NYSE:PRU)

Prudential Financial, Inc engages in the provision of financial products and services including life insurance, annuities, mutual funds, and investment management to both individual and institutional customers. It operates through the following segments: PGIM, International Businesses, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, Closed Block, and Corporate and Others.

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