Zacks Research Analysts Boost Earnings Estimates for Prudential Financial, Inc. (NYSE:PRU)

Prudential Financial, Inc. (NYSE:PRU) – Investment analysts at Zacks Research boosted their Q2 2024 earnings per share estimates for Prudential Financial in a research note issued on Tuesday, May 21st. Zacks Research analyst T. De now anticipates that the financial services provider will earn $3.40 per share for the quarter, up from their previous estimate of $3.34. The consensus estimate for Prudential Financial’s current full-year earnings is $13.42 per share. Zacks Research also issued estimates for Prudential Financial’s Q3 2024 earnings at $3.46 EPS, Q1 2025 earnings at $3.50 EPS, Q4 2025 earnings at $3.44 EPS, Q1 2026 earnings at $3.93 EPS and FY2026 earnings at $15.32 EPS.

Several other research analysts also recently weighed in on PRU. Raymond James downgraded shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, February 9th. Keefe, Bruyette & Woods raised their target price on Prudential Financial from $112.00 to $118.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Wells Fargo & Company lifted their target price on Prudential Financial from $100.00 to $106.00 and gave the stock an “underweight” rating in a research report on Thursday, April 11th. Morgan Stanley raised their price objective on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Finally, Evercore ISI upped their target price on Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a research report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $111.08.

Prudential Financial Stock Performance

Shares of PRU stock opened at $117.84 on Wednesday. The company’s fifty day simple moving average is $114.29 and its 200-day simple moving average is $106.76. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.67. Prudential Financial has a 52 week low of $78.40 and a 52 week high of $121.39. The company has a market cap of $42.30 billion, a PE ratio of 20.04, a P/E/G ratio of 0.88 and a beta of 1.35.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.04). The firm had revenue of $15.01 billion for the quarter, compared to analyst estimates of $14.50 billion. Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The business’s revenue was up 69.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.66 earnings per share.

Institutional Trading of Prudential Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. Choreo LLC lifted its position in shares of Prudential Financial by 163.5% during the 4th quarter. Choreo LLC now owns 6,940 shares of the financial services provider’s stock worth $720,000 after buying an additional 4,306 shares during the period. FMR LLC lifted its stake in shares of Prudential Financial by 2.9% in the 3rd quarter. FMR LLC now owns 1,315,215 shares of the financial services provider’s stock valued at $124,801,000 after purchasing an additional 36,599 shares during the period. Arvest Investments Inc. bought a new position in Prudential Financial during the fourth quarter worth about $2,112,000. Tyche Wealth Partners LLC acquired a new stake in shares of Prudential Financial in the 4th quarter valued at approximately $815,000. Finally, Victory Capital Management Inc. grew its holdings in Prudential Financial by 14.5% during the third quarter. Victory Capital Management Inc. now owns 268,728 shares of the financial services provider’s stock valued at $25,500,000 after purchasing an additional 34,054 shares during the period. 56.83% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Prudential Financial news, EVP Robert Falzon sold 130,092 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $118.57, for a total value of $15,425,008.44. Following the completion of the sale, the executive vice president now owns 202,083 shares of the company’s stock, valued at $23,960,981.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Prudential Financial news, EVP Robert Falzon sold 130,092 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $118.57, for a total transaction of $15,425,008.44. Following the completion of the sale, the executive vice president now directly owns 202,083 shares in the company, valued at $23,960,981.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Timothy L. Schmidt sold 7,912 shares of Prudential Financial stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $108.13, for a total value of $855,524.56. Following the completion of the transaction, the senior vice president now owns 14,754 shares in the company, valued at $1,595,350.02. The disclosure for this sale can be found here. Insiders sold 164,536 shares of company stock valued at $19,245,606 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Tuesday, May 21st will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.41%. The ex-dividend date is Monday, May 20th. Prudential Financial’s payout ratio is presently 88.44%.

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 PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.