Prudential Financial (NYSE:PRU) Price Target Lowered to $113.00 at Morgan Stanley

Prudential Financial (NYSE:PRU) had its price objective dropped by stock analysts at Morgan Stanley from $117.00 to $113.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price points to a potential upside of 6.88% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Wall Street Zen downgraded Prudential Financial from a “hold” rating to a “sell” rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods decreased their target price on Prudential Financial from $120.00 to $117.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 7th. UBS Group reduced their price objective on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 27th. Piper Sandler reduced their price objective on Prudential Financial from $110.00 to $109.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. boosted their price objective on Prudential Financial from $126.00 to $136.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $121.85.

Prudential Financial Price Performance

Shares of Prudential Financial stock traded down $0.22 during trading hours on Monday, hitting $105.73. The company’s stock had a trading volume of 201,298 shares, compared to its average volume of 1,658,625. Prudential Financial has a 12-month low of $90.38 and a 12-month high of $130.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17. The business has a 50 day moving average price of $105.23 and a two-hundred day moving average price of $108.79. The company has a market cap of $37.43 billion, a PE ratio of 16.74, a PEG ratio of 1.01 and a beta of 1.07.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.11. The company had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $14.76 billion. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The firm’s revenue for the quarter was down 38.2% on a year-over-year basis. During the same period in the previous year, the business earned $3.12 earnings per share. Analysts expect that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Insider Transactions at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the business’s stock in a transaction on Monday, June 16th. The shares were bought at an average price of $28.64 per share, for a total transaction of $48,000,009.92. Following the completion of the purchase, the insider directly owned 3,168,461 shares of the company’s stock, valued at approximately $90,744,723.04. This trade represents a 112.29% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prudential Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its stake in shares of Prudential Financial by 3.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider’s stock worth $2,320,000 after acquiring an additional 721 shares during the last quarter. Golden State Wealth Management LLC boosted its position in Prudential Financial by 728.4% in the first quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider’s stock valued at $94,000 after buying an additional 743 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in Prudential Financial by 9.7% in the first quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider’s stock valued at $279,000 after buying an additional 222 shares during the last quarter. Bridgewater Associates LP boosted its position in Prudential Financial by 41.8% in the 4th quarter. Bridgewater Associates LP now owns 388,349 shares of the financial services provider’s stock worth $46,031,000 after purchasing an additional 114,459 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its position in shares of Prudential Financial by 9.0% during the 1st quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider’s stock valued at $3,954,000 after buying an additional 2,913 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Company Profile

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.