Prudential Financial (NYSE:PRU) Stock Gets Price Target Reduction from Barclays

Prudential Financial (NYSE:PRU) had its target price lowered by Barclays from $96.00 to $94.00 in a research report report published on Monday,Benzinga reports. The firm currently has an underweight rating on the financial services provider’s stock.

PRU has been the subject of several other reports. Wall Street Zen cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Monday, September 28th. Weiss Ratings lowered shares of Prudential Financial from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, October 14th. Wells Fargo & Company reduced their target price on shares of Prudential Financial from $110.00 to $104.00 and set an “underweight” rating for the company in a research note on Monday, October 12th. Keefe, Bruyette & Woods decreased their target price on Prudential Financial from $123.00 to $119.00 and set a “market perform” rating on the stock in a research report on Friday, October 16th. Finally, TD Cowen boosted their price target on Prudential Financial from $102.00 to $114.00 and gave the company a “hold” rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $107.15.

Prudential Financial Stock Down 0.4%

Shares of PRU stock opened at $114.80 on Monday. Prudential Financial has a 12 month low of $91.89 and a 12 month high of $127.72. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62. The firm has a market cap of $39.61 billion, a PE ratio of 10.40, a price-to-earnings-growth ratio of 1.73 and a beta of 0.85. The stock has a 50 day moving average of $117.98 and a 200-day moving average of $111.25.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.56. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.36 billion. During the same quarter last year, the company posted $3.58 earnings per share. On average, equities analysts predict that Prudential Financial will post 14.37 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Tuesday, August 25th. Prudential Financial’s dividend payout ratio is 50.72%.

Insider Transactions at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the sale, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Ann M. Kappler sold 7,652 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total value of $956,576.52. Following the completion of the transaction, the executive vice president directly owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. The trade was a 34.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.05% of the stock is owned by company insiders.

Institutional Trading of Prudential Financial

Several institutional investors have recently bought and sold shares of PRU. BlackRock Inc. acquired a new stake in shares of Prudential Financial in the 2nd quarter valued at $3,507,481,000. Bank of New York Mellon Corp bought a new position in Prudential Financial during the 2nd quarter valued at about $209,055,000. Bank of America Corp DE bought a new position in Prudential Financial during the 2nd quarter valued at about $208,957,000. Deutsche Bank AG bought a new position in Prudential Financial during the 2nd quarter valued at about $157,752,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in Prudential Financial by 95.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider’s stock valued at $249,769,000 after buying an additional 1,247,371 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

Key Headlines Impacting Prudential Financial

Here are the key news stories impacting Prudential Financial this week:

• Positive Sentiment: Prudential agreed to sell its Brazil and Mexico insurance operations to CNP Assurances for approximately $4.025 billion in cash. The transaction could provide substantial capital, simplify Prudential’s international footprint and sharpen its focus on core businesses. The deal is subject to closing adjustments and customary conditions. Prudential Financial Agrees to Sell Operations in Brazil and Mexico
• Positive Sentiment: Prudential partnered with SoFi to expand access to life insurance. The relationship may broaden Prudential’s digital distribution and customer reach, although the financial contribution was not disclosed. SoFi ties up with Prudential Financial for expanded access to life insurance
• Neutral Sentiment: Prudential Wealth Advisors plans to increase recruiting through a centralized operating model. The initiative could support longer-term growth, but its near-term effect on earnings is uncertain. Prudential Wealth Advisors set to ramp up recruiting
• Neutral Sentiment: Prudential Life Insurance Ghana launched PRUConnect, a customer-facing digital insurance platform. The product supports engagement and service improvements, but appears unlikely to materially affect consolidated results immediately. Prudential Life Insurance Ghana introduces PRUConnect
• Negative Sentiment: Analysts lowered their expectations for PRU. TD Cowen cut its price target from $114 to $112 and maintained a “hold” rating. Barclays and Morgan Stanley also reduced their price targets, reinforcing concerns about limited near-term upside. Barclays lowers expectations for Prudential Financial Morgan Stanley cuts Prudential Financial price target

About Prudential Financial

Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.