Prudential Financial (NYSE:PRU) Price Target Cut to $122.00 by Analysts at Piper Sandler

Prudential Financial (NYSE:PRU) had its price target trimmed by Piper Sandler from $124.00 to $122.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other research analysts have also recently commented on PRU. Wells Fargo & Company raised their price target on Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 19th. Morgan Stanley dropped their target price on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Keefe, Bruyette & Woods cut their target price on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. JPMorgan Chase & Co. decreased their price target on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Barclays boosted their price objective on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $126.08.

Prudential Financial Stock Performance

NYSE:PRU opened at $112.83 on Wednesday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The stock has a 50 day simple moving average of $112.69 and a 200 day simple moving average of $118.87. Prudential Financial has a 1-year low of $104.45 and a 1-year high of $130.55. The stock has a market cap of $40.39 billion, a P/E ratio of 15.10, a PEG ratio of 0.98 and a beta of 1.28.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. Research analysts anticipate that Prudential Financial will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.79%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. Prudential Financial’s dividend payout ratio is presently 72.29%.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 87,047 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the transaction, the insider now directly owns 87,047 shares of the company’s stock, valued at approximately $2,499,989.84. This represents a ? increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares in the company, valued at approximately $2,869,090.56. The trade was a 18.14 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

A number of institutional investors have recently modified their holdings of PRU. Norges Bank bought a new stake in Prudential Financial during the 4th quarter valued at $115,878,000. Northern Trust Corp increased its position in shares of Prudential Financial by 23.7% during the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider’s stock worth $555,513,000 after acquiring an additional 897,916 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Prudential Financial by 176.8% in the 4th quarter. Nordea Investment Management AB now owns 1,041,420 shares of the financial services provider’s stock worth $123,804,000 after acquiring an additional 665,180 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Prudential Financial during the 4th quarter valued at about $76,303,000. Finally, Marshall Wace LLP increased its holdings in Prudential Financial by 322.9% during the 4th quarter. Marshall Wace LLP now owns 711,102 shares of the financial services provider’s stock worth $84,287,000 after purchasing an additional 542,964 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

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.