Keefe, Bruyette & Woods Raises Prudential Financial (NYSE:PRU) Price Target to $121.00

Prudential Financial (NYSE:PRU) had its price target upped by Keefe, Bruyette & Woods from $118.00 to $121.00 in a research note released on Monday, Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

A number of other research analysts have also commented on the stock. Morgan Stanley boosted their price target on shares of Prudential Financial from $109.00 to $117.00 and gave the company an equal weight rating in a research report on Monday, April 15th. Jefferies Financial Group decreased their target price on Prudential Financial from $143.00 to $141.00 and set a buy rating on the stock in a research note on Friday, June 28th. Wells Fargo & Company lifted their price target on Prudential Financial from $100.00 to $106.00 and gave the company an underweight rating in a research report on Thursday, April 11th. Evercore ISI upped their price objective on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an underperform rating in a research report on Thursday, April 25th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Prudential Financial from $118.00 to $128.00 and gave the company a neutral rating in a research report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Prudential Financial presently has an average rating of Hold and a consensus price target of $116.67.

Prudential Financial Price Performance

Shares of NYSE:PRU opened at $120.40 on Monday. The company has a 50-day moving average price of $117.45 and a two-hundred day moving average price of $111.72. Prudential Financial has a twelve month low of $87.95 and a twelve month high of $121.39. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $43.22 billion, a PE ratio of 20.48, a P/E/G ratio of 0.88 and a beta of 1.34.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). The company had revenue of $15.01 billion during the quarter, compared to the consensus estimate of $14.50 billion. Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. Prudential Financial’s revenue was up 69.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.66 earnings per share. Equities analysts forecast that Prudential Financial will post 13.41 EPS for the current year.

Prudential Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st were paid a $1.30 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.32%. Prudential Financial’s dividend payout ratio (DPR) is currently 88.44%.

Insider Activity

In other news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 652,884 shares of the stock in a transaction on Thursday, June 20th. The stock was acquired at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the transaction, the insider now directly owns 3,883,390 shares of the company’s stock, valued at approximately $107,065,062.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert Falzon sold 130,092 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $118.57, for a total value of $15,425,008.44. Following the completion of the sale, the executive vice president now directly owns 202,083 shares of the company’s stock, valued at approximately $23,960,981.31. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cambridge Trust Co. boosted its position in Prudential Financial by 77.2% during the 4th quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 105 shares in the last quarter. Creekmur Asset Management LLC boosted its position in shares of Prudential Financial by 78.8% during the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 108 shares in the last quarter. Lynx Investment Advisory purchased a new stake in Prudential Financial in the second quarter worth $29,000. Bruce G. Allen Investments LLC bought a new position in Prudential Financial in the fourth quarter worth $26,000. Finally, Crewe Advisors LLC purchased a new position in Prudential Financial during the first quarter valued at $33,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Company Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.