ValuEngine upgraded shares of Prudential Financial (NYSE:PRU) from a buy rating to a strong-buy rating in a report released on Sunday, December 31st.
Other analysts also recently issued research reports about the company. B. Riley reissued a buy rating on shares of Prudential Financial in a research note on Monday, November 6th. Keefe, Bruyette & Woods reissued a buy rating and set a $121.00 target price on shares of Prudential Financial in a research note on Monday, October 16th. Zacks Investment Research raised Prudential Financial from a hold rating to a buy rating and set a $122.00 price objective on the stock in a research note on Tuesday, October 10th. FBR & Co raised Prudential Financial from a neutral rating to a buy rating and reduced their price objective for the stock from $117.00 to $100.00 in a research note on Tuesday, October 10th. Finally, Morgan Stanley lifted their price objective on Prudential Financial from $118.00 to $123.00 and gave the stock an equal weight rating in a research note on Thursday, October 5th. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $118.22.
Shares of Prudential Financial (PRU) opened at $121.51 on Friday. The company has a market capitalization of $52,290.00, a price-to-earnings ratio of 12.25, a P/E/G ratio of 1.27 and a beta of 1.55. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.34. Prudential Financial has a 12-month low of $97.88 and a 12-month high of $122.94.
Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.30. Prudential Financial had a return on equity of 9.51% and a net margin of 7.71%. The business had revenue of $13.36 billion for the quarter, compared to analysts’ expectations of $12.24 billion. During the same period last year, the firm posted $2.66 earnings per share. research analysts predict that Prudential Financial will post 10.48 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 14th. Shareholders of record on Monday, November 27th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Friday, November 24th. Prudential Financial’s dividend payout ratio is 30.24%.
Prudential Financial declared that its board has approved a stock buyback program on Thursday, December 14th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In related news, SVP Barbara Koster sold 16,801 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $115.17, for a total transaction of $1,934,971.17. Following the transaction, the senior vice president now directly owns 37,327 shares of the company’s stock, valued at approximately $4,298,950.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Nicholas C. Silitch sold 44,860 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $111.77, for a total value of $5,014,002.20. Following the transaction, the insider now directly owns 27,927 shares in the company, valued at $3,121,400.79. The disclosure for this sale can be found here. Over the last three months, insiders sold 116,818 shares of company stock valued at $13,154,122. Corporate insiders own 0.66% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Sit Investment Associates Inc. grew its stake in Prudential Financial by 2.6% during the 4th quarter. Sit Investment Associates Inc. now owns 51,605 shares of the financial services provider’s stock valued at $5,934,000 after purchasing an additional 1,310 shares during the last quarter. Gillespie Robinson & Grimm Inc. boosted its stake in shares of Prudential Financial by 67.2% in the fourth quarter. Gillespie Robinson & Grimm Inc. now owns 5,599 shares of the financial services provider’s stock worth $644,000 after buying an additional 2,250 shares during the last quarter. DnB Asset Management AS boosted its stake in shares of Prudential Financial by 1.6% in the fourth quarter. DnB Asset Management AS now owns 93,950 shares of the financial services provider’s stock worth $10,802,000 after buying an additional 1,500 shares during the last quarter. Copper Rock Capital Partners LLC boosted its stake in shares of Prudential Financial by 72.0% in the fourth quarter. Copper Rock Capital Partners LLC now owns 96,162 shares of the financial services provider’s stock worth $11,078,000 after buying an additional 40,250 shares during the last quarter. Finally, Washington Trust Bank boosted its stake in shares of Prudential Financial by 5.2% in the fourth quarter. Washington Trust Bank now owns 65,392 shares of the financial services provider’s stock worth $7,519,000 after buying an additional 3,206 shares during the last quarter. Institutional investors and hedge funds own 64.46% of the company’s stock.
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About Prudential Financial
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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