Prudential Financial (NYSE:PRU) Price Target Cut to $124.00 by Analysts at Piper Sandler

Prudential Financial (NYSE:PRU) had its price target reduced by Piper Sandler from $127.00 to $124.00 in a research report report published on Thursday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research firms have also recently commented on PRU. Jefferies Financial Group boosted their target price on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Wells Fargo & Company cut their target price on Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating for the company in a research note on Tuesday. Bank of America lifted their target price on shares of Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. TD Cowen boosted their price target on Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Finally, Evercore ISI upgraded Prudential Financial from an “underperform” rating to an “inline” rating and boosted their price target for the company from $117.00 to $140.00 in a report on Thursday, November 14th. Eleven analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Prudential Financial has a consensus rating of “Hold” and a consensus price target of $127.42.

Prudential Financial Stock Down 1.3 %

Shares of NYSE PRU opened at $118.47 on Thursday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.60. The stock has a market cap of $42.17 billion, a P/E ratio of 10.53, a PEG ratio of 0.75 and a beta of 1.31. The business’s fifty day simple moving average is $122.23 and its 200-day simple moving average is $120.66. Prudential Financial has a 12-month low of $100.60 and a 12-month high of $130.55.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same quarter in the previous year, the firm posted $3.44 earnings per share. As a group, equities analysts predict that Prudential Financial will post 13.34 EPS for the current fiscal year.

Prudential Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend was Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is 46.22%.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of Prudential Financial stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $27.92 per share, for a total transaction of $14,999,992.08. Following the completion of the acquisition, the insider now owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. This represents a 12.66 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by company insiders.

Institutional Trading of Prudential Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Grove Bank & Trust grew its stake in Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares in the last quarter. Avidian Wealth Enterprises LLC raised its position in shares of Prudential Financial by 1.2% during the third quarter. Avidian Wealth Enterprises LLC now owns 7,357 shares of the financial services provider’s stock valued at $891,000 after buying an additional 89 shares during the last quarter. Daymark Wealth Partners LLC lifted its position in shares of Prudential Financial by 3.9% in the 3rd quarter. Daymark Wealth Partners LLC now owns 2,616 shares of the financial services provider’s stock worth $317,000 after acquiring an additional 97 shares during the period. UMB Bank n.a. increased its holdings in Prudential Financial by 2.7% in the 3rd quarter. UMB Bank n.a. now owns 3,660 shares of the financial services provider’s stock valued at $443,000 after buying an additional 97 shares during the period. Finally, Pure Financial Advisors LLC lifted its holdings in shares of Prudential Financial by 2.7% during the 3rd quarter. Pure Financial Advisors LLC now owns 3,748 shares of the financial services provider’s stock worth $454,000 after acquiring an additional 97 shares during the period. Institutional investors and hedge funds own 56.83% of the company’s stock.

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.