Prudential Financial Inc. (NYSE:PRU) had its price objective boosted by equities researchers at FBR & Co from $86.00 to $100.00 in a research note issued to investors on Monday. The firm currently has a “market perform” rating on the stock. FBR & Co’s price objective suggests a potential downside of 0.04% from the stock’s previous close.
PRU has been the topic of a number of other reports. Zacks Investment Research downgraded Prudential Financial from a “buy” rating to a “hold” rating in a research report on Monday. Bank of America Corp. upgraded Prudential Financial from an “underperform” rating to a “buy” rating in a research report on Friday, November 18th. Credit Suisse Group AG initiated coverage on Prudential Financial in a research report on Friday, October 7th. They set a “neutral” rating and a $89.00 price objective on the stock. Wells Fargo & Co. initiated coverage on Prudential Financial in a research report on Friday, September 23rd. They set a “market perform” rating on the stock. Finally, Goldman Sachs Group Inc. upgraded Prudential Financial from a “neutral” rating to a “buy” rating and upped their price objective for the company from $80.00 to $93.00 in a research report on Friday, September 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $91.60.
Prudential Financial (NYSE:PRU) traded down 1.38% during mid-day trading on Monday, hitting $99.40. The stock had a trading volume of 2,353,310 shares. The company’s 50 day moving average price is $89.55 and its 200 day moving average price is $79.73. The firm has a market cap of $42.74 billion, a PE ratio of 9.37 and a beta of 1.68. Prudential Financial has a 52 week low of $57.19 and a 52 week high of $101.96.
Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $2.66 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $0.17. Prudential Financial had a return on equity of 7.73% and a net margin of 8.92%. During the same quarter last year, the firm earned $2.40 earnings per share. Analysts anticipate that Prudential Financial will post $8.99 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 22nd will be paid a $0.70 dividend. The ex-dividend date is Friday, November 18th. This represents a $2.80 annualized dividend and a yield of 2.80%. Prudential Financial’s dividend payout ratio (DPR) is currently 26.32%.
In related news, CFO Robert Falzon sold 9,781 shares of the stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $85.00, for a total value of $831,385.00. Following the transaction, the chief financial officer now owns 46,550 shares of the company’s stock, valued at $3,956,750. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Charles F. Lowrey sold 41,644 shares of the stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $80.00, for a total value of $3,331,520.00. Following the completion of the transaction, the insider now directly owns 98,307 shares in the company, valued at approximately $7,864,560. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Prudential Financial by 0.9% in the second quarter. Vanguard Group Inc. now owns 28,609,632 shares of the company’s stock valued at $2,041,011,000 after buying an additional 242,859 shares during the period. Cohen & Steers Inc. purchased a new position in shares of Prudential Financial during the second quarter valued at about $718,824,000. Massachusetts Financial Services Co. MA boosted its position in shares of Prudential Financial by 1.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 9,590,228 shares of the company’s stock valued at $684,166,000 after buying an additional 90,284 shares during the period. BlackRock Group LTD boosted its position in shares of Prudential Financial by 1.7% in the second quarter. BlackRock Group LTD now owns 5,411,410 shares of the company’s stock valued at $386,051,000 after buying an additional 92,365 shares during the period. Finally, Capital Research Global Investors purchased a new position in shares of Prudential Financial during the third quarter valued at about $425,473,000. 60.46% of the stock is currently owned by institutional investors.
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