Wells Fargo & Company Issues Positive Forecast for Prudential Financial (NYSE:PRU) Stock Price

Prudential Financial (NYSE:PRU) had its price target boosted by stock analysts at Wells Fargo & Company from $103.00 to $110.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential downside of 11.70% from the company’s previous close.

Several other analysts also recently issued reports on PRU. Wall Street Zen downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Jefferies Financial Group upped their target price on Prudential Financial from $105.00 to $110.00 and gave the company a “hold” rating in a research note on Friday, July 10th. Weiss Ratings upgraded Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Zacks Research raised Prudential Financial from a “strong sell” rating to a “hold” rating in a report on Friday, June 12th. Finally, Argus downgraded Prudential Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $108.31.

Prudential Financial Stock Performance

NYSE PRU opened at $124.57 on Wednesday. The business has a 50 day moving average price of $115.78 and a 200 day moving average price of $105.44. The company has a market capitalization of $42.98 billion, a P/E ratio of 11.30, a PEG ratio of 2.38 and a beta of 0.84. Prudential Financial has a 1-year low of $91.89 and a 1-year high of $127.72. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.The business had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.36 billion. During the same quarter last year, the business posted $3.58 earnings per share. Sell-side analysts expect that Prudential Financial will post 14.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total transaction of $5,314,963.50. Following the sale, the insider owned 7,973,657 shares in the company, valued at $197,348,010.75. This trade represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann M. Kappler sold 7,652 shares of Prudential Financial stock in a transaction on Friday, August 14th. The shares were sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. This represents a 34.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Prudential Financial

Several hedge funds have recently modified their holdings of the stock. Munich Reinsurance Co Stock Corp in Munich lifted its stake in shares of Prudential Financial by 2,669.0% in the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 46,990 shares of the financial services provider’s stock worth $5,342,000 after acquiring an additional 45,293 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in Prudential Financial by 9.1% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 171,486 shares of the financial services provider’s stock valued at $19,357,000 after purchasing an additional 14,327 shares in the last quarter. Oxbow Advisors LLC purchased a new stake in Prudential Financial during the 4th quarter worth approximately $6,545,000. Orca Investment Management LLC acquired a new stake in shares of Prudential Financial during the second quarter worth approximately $2,605,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Prudential Financial by 4.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 735,934 shares of the financial services provider’s stock valued at $83,801,000 after acquiring an additional 29,720 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Company Profile

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.