Prudential Financial (NYSE:PRU) Given New $129.00 Price Target at JPMorgan Chase & Co.

Prudential Financial (NYSE:PRU) had its price objective increased by equities research analysts at JPMorgan Chase & Co. from $117.00 to $129.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 9.58% from the stock’s previous close.

A number of other analysts have also issued reports on PRU. Barclays raised their target price on Prudential Financial from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Tuesday, July 7th. Zacks Research raised Prudential Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, June 12th. Keefe, Bruyette & Woods raised their price objective on shares of Prudential Financial from $106.00 to $113.00 and gave the stock a “market perform” rating in a research note on Monday, July 13th. Jefferies Financial Group boosted their target price on shares of Prudential Financial from $105.00 to $110.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Finally, Argus downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, Prudential Financial has a consensus rating of “Reduce” and an average price target of $104.75.

Prudential Financial Stock Performance

Prudential Financial stock traded down $0.25 on Tuesday, reaching $117.72. 253,180 shares of the stock were exchanged, compared to its average volume of 2,157,026. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. Prudential Financial has a twelve month low of $91.89 and a twelve month high of $120.53. The firm has a fifty day moving average price of $107.61 and a two-hundred day moving average price of $104.14. The stock has a market cap of $40.85 billion, a PE ratio of 12.12, a PEG ratio of 2.42 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 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 analyst estimates of $14.10 billion. During the same period in the previous year, the company posted $3.29 earnings per share. Sell-side analysts anticipate that Prudential Financial will post 13.79 EPS for the current year.

Institutional Trading of Prudential Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership lifted its stake in Prudential Financial by 95.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock worth $249,769,000 after purchasing an additional 1,247,371 shares during the period. Norges Bank bought a new stake in shares of Prudential Financial in the 4th quarter valued at approximately $140,530,000. Marshall Wace LLP raised its holdings in shares of Prudential Financial by 230.3% in the 4th quarter. Marshall Wace LLP now owns 1,374,966 shares of the financial services provider’s stock worth $155,206,000 after buying an additional 958,672 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Prudential Financial by 379.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 619,701 shares of the financial services provider’s stock worth $66,884,000 after buying an additional 490,553 shares during the period. Finally, First Trust Advisors LP boosted its stake in Prudential Financial by 37.3% in the 1st quarter. First Trust Advisors LP now owns 1,588,247 shares of the financial services provider’s stock valued at $155,156,000 after buying an additional 431,527 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

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.