Goldman Sachs Group Lowers Prudential Financial (NYSE:PRU) Price Target to $99.00

Prudential Financial (NYSE:PRU) had its price objective reduced by Goldman Sachs Group from $107.00 to $99.00 in a report published on Thursday morning, The Fly reports. They currently have a buy rating on the financial services provider’s stock.

A number of other research firms have also issued reports on PRU. B. Riley lowered shares of Prudential Financial from a buy rating to a neutral rating and reduced their target price for the company from $122.00 to $100.00 in a research note on Thursday, August 1st. Barclays set a $108.00 target price on shares of Prudential Financial and gave the company a buy rating in a research note on Monday, August 12th. Wells Fargo & Co set a $115.00 target price on shares of Prudential Financial and gave the company a buy rating in a research note on Wednesday, July 31st. Zacks Investment Research raised shares of Prudential Financial from a sell rating to a hold rating and set a $89.00 target price for the company in a research note on Tuesday, September 10th. Finally, Atlantic Securities lowered shares of Prudential Financial from an overweight rating to a neutral rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $100.50.

Prudential Financial stock opened at $89.82 on Thursday. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average price of $85.67 and a two-hundred day moving average price of $95.50. The firm has a market capitalization of $35.46 billion, a price-to-earnings ratio of 7.68, a PEG ratio of 0.79 and a beta of 1.55. Prudential Financial has a 52-week low of $75.61 and a 52-week high of $106.64.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.22 by ($0.08). The firm had revenue of $14.11 billion for the quarter, compared to analyst estimates of $13.63 billion. Prudential Financial had a net margin of 6.92% and a return on equity of 9.24%. During the same period in the previous year, the firm earned $3.01 earnings per share. Research analysts expect that Prudential Financial will post 12.37 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were issued a $1.00 dividend. The ex-dividend date was Monday, August 19th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.45%. Prudential Financial’s payout ratio is currently 34.22%.

In other news, CEO Charles F. Lowrey purchased 7,500 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were acquired at an average price of $83.68 per share, for a total transaction of $627,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 64,263 shares of the company’s stock, valued at $5,377,527.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert Falzon purchased 3,580 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were purchased at an average price of $83.98 per share, for a total transaction of $300,648.40. Following the acquisition, the executive vice president now directly owns 64,228 shares of the company’s stock, valued at $5,393,867.44. The disclosure for this purchase can be found here. Insiders purchased a total of 13,580 shares of company stock worth $1,137,848 over the last quarter. Insiders own 0.76% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PRU. Nuveen Asset Management LLC raised its holdings in shares of Prudential Financial by 14,775.2% during the second quarter. Nuveen Asset Management LLC now owns 3,268,078 shares of the financial services provider’s stock valued at $330,076,000 after acquiring an additional 3,246,108 shares during the period. BlackRock Inc. raised its holdings in shares of Prudential Financial by 6.2% during the second quarter. BlackRock Inc. now owns 31,395,669 shares of the financial services provider’s stock valued at $3,170,962,000 after acquiring an additional 1,840,652 shares during the period. Invesco Ltd. raised its holdings in shares of Prudential Financial by 72.7% during the second quarter. Invesco Ltd. now owns 3,825,999 shares of the financial services provider’s stock valued at $386,426,000 after acquiring an additional 1,610,600 shares during the period. Geode Capital Management LLC raised its holdings in shares of Prudential Financial by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 5,129,191 shares of the financial services provider’s stock valued at $417,519,000 after acquiring an additional 326,075 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Prudential Financial by 1.0% during the second quarter. Vanguard Group Inc. now owns 32,659,263 shares of the financial services provider’s stock valued at $3,298,586,000 after acquiring an additional 324,451 shares during the period. Institutional investors and hedge funds own 63.57% of the company’s stock.

About Prudential Financial

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.

Further Reading: The limitations of an equal weight rating

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