Prudential Financial (NYSE:PRU) Price Target Raised to $127.00 at Piper Sandler

Prudential Financial (NYSE:PRU) had its target price upped by Piper Sandler from $121.00 to $127.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Other equities analysts also recently issued research reports about the company. UBS Group upped their target price on Prudential Financial from $112.00 to $119.00 and gave the company a neutral rating in a research report on Tuesday, August 13th. Barclays began coverage on Prudential Financial in a report on Wednesday, September 4th. They issued an equal weight rating and a $118.00 price objective on the stock. Morgan Stanley dropped their target price on Prudential Financial from $123.00 to $122.00 and set an equal weight rating for the company in a report on Monday, August 19th. Jefferies Financial Group cut their price objective on shares of Prudential Financial from $143.00 to $141.00 and set a buy rating for the company in a report on Friday, June 28th. Finally, Argus raised Prudential Financial to a strong-buy rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $123.36.

Prudential Financial Stock Performance

Shares of NYSE PRU opened at $122.99 on Wednesday. Prudential Financial has a 12 month low of $87.95 and a 12 month high of $128.52. The stock has a 50 day moving average of $116.93 and a 200-day moving average of $116.91. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $44.15 billion, a P/E ratio of 20.92, a P/E/G ratio of 0.96 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last posted its earnings results on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The company had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Prudential Financial had a return on equity of 16.00% and a net margin of 4.86%. As a group, equities research analysts predict that Prudential Financial will post 13.3 EPS for the current year.

Prudential Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 20th were paid a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend was Tuesday, August 20th. Prudential Financial’s payout ratio is 88.44%.

Insider Activity

In related news, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the sale, the executive vice president now directly owns 10,175 shares in the company, valued at $1,220,694.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Prudential Financial news, EVP Ann M. Kappler sold 2,839 shares of Prudential Financial stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $113.43, for a total value of $322,027.77. Following the completion of the sale, the executive vice president now directly owns 14,535 shares in the company, valued at approximately $1,648,705.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total transaction of $133,166.70. Following the completion of the sale, the executive vice president now owns 10,175 shares of the company’s stock, valued at $1,220,694.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Prudential Financial

A number of institutional investors and hedge funds have recently made changes to their positions in PRU. Vanguard Group Inc. boosted its holdings in Prudential Financial by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after acquiring an additional 5,154,865 shares during the last quarter. Legal & General Group Plc lifted its holdings in Prudential Financial by 9.4% during the second quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock worth $415,134,000 after acquiring an additional 305,143 shares during the period. AustralianSuper Pty Ltd boosted its position in Prudential Financial by 2.8% in the second quarter. AustralianSuper Pty Ltd now owns 1,237,537 shares of the financial services provider’s stock worth $145,027,000 after purchasing an additional 34,160 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Prudential Financial by 8.8% in the 2nd quarter. Federated Hermes Inc. now owns 1,025,527 shares of the financial services provider’s stock worth $120,181,000 after buying an additional 82,620 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in Prudential Financial by 7.2% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 926,641 shares of the financial services provider’s stock worth $108,788,000 after acquiring an additional 62,578 shares during the period. Institutional investors and hedge funds 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.