Keefe, Bruyette & Woods restated their buy rating on shares of Prudential Financial (NYSE:PRU) in a report issued on Thursday, December 21st. The brokerage currently has a $127.00 target price on the financial services provider’s stock.
PRU has been the topic of a number of other reports. Wells Fargo & Co set a $122.00 price target on shares of Prudential Financial and gave the stock a hold rating in a report on Thursday, December 14th. Morgan Stanley increased their price target on shares of Prudential Financial from $123.00 to $124.00 and gave the stock an equal weight rating in a report on Thursday, November 2nd. B. Riley reaffirmed a buy rating on shares of Prudential Financial in a report on Monday, November 6th. ValuEngine downgraded shares of Prudential Financial from a strong-buy rating to a buy rating in a report on Friday, November 10th. Finally, Goldman Sachs Group initiated coverage on shares of Prudential Financial in a report on Wednesday, October 18th. They set a neutral rating and a $114.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Prudential Financial has a consensus rating of Buy and a consensus price target of $119.35.
Shares of Prudential Financial (PRU) opened at $124.12 on Thursday. Prudential Financial has a twelve month low of $97.88 and a twelve month high of $125.00. The stock has a market cap of $53,420.00, a price-to-earnings ratio of 12.51, a P/E/G ratio of 1.29 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 (NYSE:PRU) last announced its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.71 by $0.30. Prudential Financial had a net margin of 7.71% and a return on equity of 9.51%. The firm had revenue of $13.36 billion for the quarter, compared to the consensus estimate of $12.24 billion. During the same period in the prior year, the firm posted $2.66 earnings per share. analysts anticipate that Prudential Financial will post 10.49 EPS for the current fiscal year.
Prudential Financial declared that its board has authorized a stock buyback program on Thursday, December 14th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
In other news, SVP Barbara Koster sold 16,801 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total value 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 $4,298,950.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Timothy P. Harris sold 10,527 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $115.00, for a total transaction of $1,210,605.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 116,818 shares of company stock worth $13,154,122. Insiders own 0.66% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Douglas Lane & Associates LLC increased its position in Prudential Financial by 3.1% during the third quarter. Douglas Lane & Associates LLC now owns 647,412 shares of the financial services provider’s stock worth $68,833,000 after purchasing an additional 19,238 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Prudential Financial by 25.3% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 21,649 shares of the financial services provider’s stock worth $2,341,000 after purchasing an additional 4,372 shares during the last quarter. Seizert Capital Partners LLC increased its position in Prudential Financial by 2.2% during the second quarter. Seizert Capital Partners LLC now owns 114,414 shares of the financial services provider’s stock worth $12,373,000 after purchasing an additional 2,421 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in Prudential Financial by 5.0% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 42,113 shares of the financial services provider’s stock worth $4,477,000 after purchasing an additional 1,990 shares during the last quarter. Finally, APG Asset Management N.V. increased its position in Prudential Financial by 171.8% during the third quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock worth $287,566,000 after purchasing an additional 1,709,699 shares during the last quarter. Hedge funds and other institutional investors 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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