Morgan Stanley Increases Prudential Financial (NYSE:PRU) Price Target to $123.00

Prudential Financial (NYSE:PRUGet Free Report) had its price objective raised by research analysts at Morgan Stanley from $120.00 to $123.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective points to a potential upside of 2.75% from the company’s previous close.

Several other research firms have also weighed in on PRU. Jefferies Financial Group reduced their target price on Prudential Financial from $143.00 to $141.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Keefe, Bruyette & Woods lifted their target price on Prudential Financial from $118.00 to $121.00 and gave the stock a “market perform” rating in a report on Monday. Piper Sandler reduced their target price on Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Evercore ISI boosted their price target on Prudential Financial from $115.00 to $116.00 and gave the company an “underperform” rating in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. boosted their price target on Prudential Financial from $118.00 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Prudential Financial currently has an average rating of “Hold” and a consensus target price of $116.67.

Get Our Latest Stock Report on PRU

Prudential Financial Trading Up 0.9 %

Shares of NYSE:PRU traded up $1.08 during midday trading on Wednesday, hitting $119.71. The company had a trading volume of 510,846 shares, compared to its average volume of 1,452,487. Prudential Financial has a 12 month low of $87.95 and a 12 month high of $121.39. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.67. The stock has a market cap of $42.98 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 0.88 and a beta of 1.34. The firm has a fifty day simple moving average of $117.29 and a 200 day simple moving average of $111.66.

Prudential Financial (NYSE:PRUGet Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The company had revenue of $15.01 billion during the quarter, compared to the consensus estimate of $14.50 billion. During the same quarter in the prior year, the business earned $2.66 earnings per share. The firm’s revenue for the quarter was up 69.9% on a year-over-year basis. On average, analysts predict that Prudential Financial will post 13.41 EPS for the current year.

Insider Transactions at Prudential Financial

In related news, SVP Timothy L. Schmidt sold 5,189 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $116.58, for a total value of $604,933.62. Following the completion of the sale, the senior vice president now directly owns 12,236 shares in the company, valued at $1,426,472.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was acquired at an average cost of $27.57 per share, for a total transaction of $18,000,011.88. Following the completion of the acquisition, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Timothy L. Schmidt sold 5,189 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $116.58, for a total value of $604,933.62. Following the completion of the sale, the senior vice president now owns 12,236 shares of the company’s stock, valued at $1,426,472.88. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Institutional Trading of Prudential Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Schroder Investment Management Group grew its holdings in Prudential Financial by 1.7% during the 3rd quarter. Schroder Investment Management Group now owns 68,174 shares of the financial services provider’s stock worth $6,469,000 after acquiring an additional 1,136 shares during the period. Toroso Investments LLC grew its holdings in Prudential Financial by 68.0% during the 3rd quarter. Toroso Investments LLC now owns 8,289 shares of the financial services provider’s stock worth $787,000 after acquiring an additional 3,355 shares during the period. Harbour Investments Inc. grew its holdings in Prudential Financial by 5.1% during the 3rd quarter. Harbour Investments Inc. now owns 4,280 shares of the financial services provider’s stock worth $406,000 after acquiring an additional 206 shares during the period. Integrated Advisors Network LLC grew its holdings in Prudential Financial by 19.7% during the 3rd quarter. Integrated Advisors Network LLC now owns 5,740 shares of the financial services provider’s stock worth $545,000 after acquiring an additional 943 shares during the period. Finally, Comerica Bank acquired a new stake in Prudential Financial during the 3rd quarter worth about $7,365,000. 56.83% of the stock is currently 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.

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