Wells Fargo & Company Lowers Prudential Financial (NYSE:PRU) Price Target to $115.00

Prudential Financial (NYSE:PRUFree Report) had its price target reduced by Wells Fargo & Company from $117.00 to $115.00 in a report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

A number of other research firms have also weighed in on PRU. TD Cowen upped their price objective on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, November 27th. Piper Sandler increased their price objective on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group boosted their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Barclays increased their target price on Prudential Financial from $119.00 to $129.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and boosted their price target for the stock from $117.00 to $140.00 in a research report on Thursday, November 14th. Eleven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $127.00.

View Our Latest Stock Report on Prudential Financial

Prudential Financial Price Performance

Shares of PRU stock opened at $117.66 on Tuesday. The company’s 50-day simple moving average is $122.38 and its two-hundred day simple moving average is $120.67. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. Prudential Financial has a one year low of $100.60 and a one year high of $130.55. The company has a market capitalization of $41.89 billion, a P/E ratio of 10.46, a P/E/G ratio of 0.87 and a beta of 1.31.

Prudential Financial (NYSE:PRUGet Free Report) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping the consensus estimate of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The company had revenue of $19.48 billion for the quarter, compared to the consensus estimate of $14.57 billion. During the same period last year, the business posted $3.44 EPS. As a group, equities analysts anticipate that Prudential Financial will post 13.35 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th were issued a dividend of $1.30 per share. The ex-dividend date was Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.42%. Prudential Financial’s dividend payout ratio (DPR) is currently 46.22%.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential purchased 537,249 shares of the business’s stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $27.92 per share, for a total transaction of $14,999,992.08. Following the purchase, the insider now owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This trade represents a 12.66 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prudential Financial

Several hedge funds have recently made changes to their positions in PRU. State Street Corp lifted its position in Prudential Financial by 0.3% during the 3rd quarter. State Street Corp now owns 17,007,013 shares of the financial services provider’s stock worth $2,059,549,000 after acquiring an additional 49,830 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Prudential Financial by 4.1% during the third quarter. Geode Capital Management LLC now owns 8,662,679 shares of the financial services provider’s stock worth $1,047,872,000 after purchasing an additional 341,787 shares during the period. Legal & General Group Plc boosted its position in Prudential Financial by 9.4% in the second quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock valued at $415,134,000 after buying an additional 305,143 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Prudential Financial by 1.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,058,028 shares of the financial services provider’s stock worth $370,327,000 after buying an additional 47,561 shares during the period. Finally, FMR LLC raised its position in Prudential Financial by 31.3% during the 3rd quarter. FMR LLC now owns 1,444,288 shares of the financial services provider’s stock worth $174,903,000 after buying an additional 344,254 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

About Prudential Financial

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Prudential Financial (NYSE:PRU)

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