Prudential Financial (NYSE:PRU) Given New $118.00 Price Target at Keefe, Bruyette & Woods

Prudential Financial (NYSE:PRUFree Report) had its target price upped by Keefe, Bruyette & Woods from $112.00 to $118.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

PRU has been the subject of a number of other reports. JPMorgan Chase & Co. reaffirmed a neutral rating and issued a $118.00 target price (down from $119.00) on shares of Prudential Financial in a research note on Wednesday, January 3rd. TheStreet upgraded Prudential Financial from a c+ rating to an a- rating in a report on Tuesday, February 6th. Raymond James cut Prudential Financial from a strong-buy rating to a market perform rating in a report on Friday, February 9th. Piper Sandler increased their price target on Prudential Financial from $114.00 to $125.00 and gave the stock a neutral rating in a report on Friday, April 5th. Finally, Morgan Stanley increased their price target on Prudential Financial from $105.00 to $109.00 and gave the stock an equal weight rating in a report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat.com, Prudential Financial currently has an average rating of Hold and a consensus price target of $110.67.

Check Out Our Latest Research Report on Prudential Financial

Prudential Financial Stock Down 1.5 %

Shares of PRU opened at $109.69 on Wednesday. Prudential Financial has a 52-week low of $77.22 and a 52-week high of $118.69. The company has a market capitalization of $39.38 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 0.75 and a beta of 1.37. The stock has a fifty day simple moving average of $111.04 and a two-hundred day simple moving average of $102.57. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65.

Prudential Financial (NYSE:PRUGet Free Report) last issued its earnings results on Tuesday, February 6th. The financial services provider reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.67 by ($0.09). Prudential Financial had a return on equity of 14.52% and a net margin of 4.89%. The company had revenue of $13.02 billion during the quarter, compared to analyst estimates of $12.99 billion. During the same period last year, the business earned $2.42 earnings per share. The firm’s revenue was up 6.7% compared to the same quarter last year. As a group, equities analysts forecast that Prudential Financial will post 13.41 EPS for the current year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Tuesday, February 20th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.74%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.25. The ex-dividend date of this dividend was Friday, February 16th. Prudential Financial’s dividend payout ratio (DPR) is 77.73%.

Insider Activity

In other news, EVP Ann M. Kappler sold 7,222 shares of Prudential Financial stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total value of $782,792.58. Following the completion of the transaction, the executive vice president now owns 24,381 shares in the company, valued at approximately $2,642,656.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Ann M. Kappler sold 7,222 shares of Prudential Financial stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total value of $782,792.58. Following the completion of the transaction, the executive vice president now owns 24,381 shares in the company, valued at approximately $2,642,656.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Andrew F. Sullivan sold 7,685 shares of Prudential Financial stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $111.57, for a total value of $857,415.45. Following the completion of the transaction, the executive vice president now owns 13,691 shares of the company’s stock, valued at approximately $1,527,504.87. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,255 shares of company stock worth $3,215,664. 0.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Prudential Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Prudential Financial by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after acquiring an additional 5,154,865 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Prudential Financial by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 7,613,784 shares of the financial services provider’s stock worth $628,529,000 after acquiring an additional 111,170 shares in the last quarter. Morgan Stanley raised its position in shares of Prudential Financial by 6.7% during the 4th quarter. Morgan Stanley now owns 6,589,363 shares of the financial services provider’s stock worth $655,378,000 after acquiring an additional 413,421 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Prudential Financial by 6.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,353,887 shares of the financial services provider’s stock worth $750,839,000 after acquiring an additional 356,957 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Prudential Financial by 4.8% during the 3rd quarter. Northern Trust Corp now owns 4,353,086 shares of the financial services provider’s stock worth $413,064,000 after acquiring an additional 197,422 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

About Prudential Financial

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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.

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Analyst Recommendations for Prudential Financial (NYSE:PRU)

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