Prudential Financial (NYSE:PRU) Given New $108.00 Price Target at Wells Fargo & Company

Prudential Financial (NYSE:PRU) had its price target decreased by research analysts at Wells Fargo & Company from $118.00 to $108.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 9.94% from the stock’s previous close.

A number of other analysts have also recently issued reports on PRU. Keefe, Bruyette & Woods lowered their price objective on Prudential Financial from $125.00 to $120.00 and set a “market perform” rating on the stock in a research report on Wednesday. BMO Capital Markets assumed coverage on shares of Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price objective for the company. Barclays increased their price target on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. decreased their price objective on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Finally, Piper Sandler cut their target price on Prudential Financial from $124.00 to $122.00 and set a “neutral” rating for the company in a research report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $124.92.

Prudential Financial Stock Performance

Shares of Prudential Financial stock traded down $5.68 during midday trading on Thursday, hitting $98.23. The company had a trading volume of 1,449,249 shares, compared to its average volume of 1,901,456. The stock has a market cap of $34.82 billion, a PE ratio of 13.15, a P/E/G ratio of 0.98 and a beta of 1.11. Prudential Financial has a 1-year low of $90.38 and a 1-year high of $130.55. The business’s 50 day simple moving average is $109.78 and its two-hundred day simple moving average is $117.87. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, equities analysts predict that Prudential Financial will post 14.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The shares were acquired at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the completion of the purchase, the insider now owns 139,987 shares of the company’s stock, valued at $3,992,429.24. The trade was a 60.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Grove Bank & Trust boosted its holdings in Prudential Financial by 65.9% during the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after buying an additional 87 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Prudential Financial during the 4th quarter worth approximately $29,000. CGC Financial Services LLC grew its holdings in Prudential Financial by 82.1% during the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 124 shares during the period. Wingate Wealth Advisors Inc. acquired a new stake in Prudential Financial in the fourth quarter worth $33,000. Finally, Quarry LP boosted its position in shares of Prudential Financial by 376.3% during the third quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 222 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

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.