Prudential Financial (NYSE:PRU) Hits New 52-Week High – Should You Buy?

Prudential Financial, Inc. (NYSE:PRU)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $129.43 and last traded at $129.31, with a volume of 61246 shares traded. The stock had previously closed at $127.89.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PRU shares. Morgan Stanley cut their target price on shares of Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Wells Fargo & Company boosted their target price on shares of Prudential Financial from $116.00 to $117.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Barclays boosted their price objective on shares of Prudential Financial from $118.00 to $119.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Piper Sandler lifted their price objective on Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Bank of America lifted their price target on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Eleven analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Prudential Financial has an average rating of “Hold” and an average target price of $125.69.

Prudential Financial Trading Up 0.3 %

The firm has a market cap of $45.96 billion, a P/E ratio of 11.48, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The business’s 50 day moving average is $123.72 and its 200-day moving average is $119.89. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. The business had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same period last year, the firm earned $3.44 earnings per share. As a group, analysts forecast that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $5.20 annualized dividend and a yield of 4.03%. Prudential Financial’s payout ratio is 46.22%.

Insiders Place Their Bets

In related news, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the sale, the executive vice president now owns 10,175 shares in the company, valued at $1,220,694.75. This represents a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was acquired at an average cost of $27.58 per share, for a total transaction of $7,200,007.22. Following the acquisition, the insider now directly owns 4,208,549 shares of the company’s stock, valued at $116,071,781.42. The trade was a 6.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Prudential Financial

Several large investors have recently added to or reduced their stakes in the stock. Creekmur Asset Management LLC grew its position in shares of Prudential Financial by 78.8% during the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 108 shares during the last quarter. Lynx Investment Advisory bought a new position in Prudential Financial in the 2nd quarter worth about $29,000. Ashton Thomas Securities LLC acquired a new stake in shares of Prudential Financial in the third quarter valued at approximately $31,000. Quarry LP raised its holdings 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 valued at $34,000 after buying an additional 222 shares during the last quarter. Finally, Bank & Trust Co acquired a new position in shares of Prudential Financial during the second quarter worth approximately $37,000. 56.83% of the stock is owned by institutional investors and hedge funds.

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.