Prudential Financial Inc. (NYSE:PRU) had its target price dropped by research analysts at FBR & Co from $100.00 to $86.00 in a research note issued on Monday. The brokerage presently has a “mkt perform” rating on the stock. FBR & Co’s target price indicates a potential downside of 14.67% from the company’s previous close.
A number of other equities research analysts have also recently issued reports on the stock. Bank of America Corp. cut shares of Prudential Financial from a “buy” rating to an “underperform” rating and set a $108.00 price objective for the company. in a report on Friday, November 18th. Credit Suisse Group AG began coverage on shares of Prudential Financial in a report on Friday, October 7th. They issued a “neutral” rating and a $89.00 price objective for the company. Wells Fargo & Co. began coverage on shares of Prudential Financial in a report on Friday, September 23rd. They issued a “market perform” rating for the company. Finally, Goldman Sachs Group Inc. upgraded shares of Prudential Financial from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $80.00 to $93.00 in a report on Friday, September 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $91.60.
Shares of Prudential Financial (NYSE:PRU) traded down 0.90% on Monday, hitting $99.88. The company’s stock had a trading volume of 197,501 shares. The stock’s 50 day moving average price is $89.55 and its 200 day moving average price is $79.73. The stock has a market capitalization of $42.95 billion, a P/E ratio of 9.42 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 posted its quarterly earnings results on Wednesday, November 2nd. The company reported $2.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.49 by $0.17. Prudential Financial had a net margin of 8.92% and a return on equity of 7.73%. During the same period in the prior year, the firm earned $2.40 EPS. On average, analysts forecast that Prudential Financial will post $8.99 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 22nd will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.78%. The ex-dividend date is Friday, November 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 26.32%.
In related news, insider Scott Sleyster sold 9,379 shares of the stock in a transaction dated Friday, October 14th. The shares were sold at an average price of $85.06, for a total value of $797,777.74. Following the completion of the transaction, the insider now owns 34,185 shares of the company’s stock, valued at $2,907,776.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charles F. Lowrey sold 41,644 shares of the stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $80.00, for a total transaction of $3,331,520.00. Following the completion of the transaction, the insider now directly owns 98,307 shares of the company’s stock, valued at approximately $7,864,560. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of PRU. Cohen & Steers Inc. purchased a new stake in Prudential Financial during the second quarter valued at $718,824,000. Capital Research Global Investors purchased a new stake in Prudential Financial during the third quarter valued at $425,473,000. The Manufacturers Life Insurance Company purchased a new stake in Prudential Financial during the third quarter valued at $101,648,000. Hexavest Inc. purchased a new stake in Prudential Financial during the second quarter valued at $54,008,000. Finally, APG Asset Management N.V. raised its stake in Prudential Financial by 51.2% in the third quarter. APG Asset Management N.V. now owns 2,071,032 shares of the company’s stock valued at $169,100,000 after buying an additional 701,526 shares during the last quarter. 60.46% of the stock is owned by institutional investors.
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