Prudential Financial (NYSE:PRU) Price Target Cut to $120.00 by Analysts at Piper Sandler

Prudential Financial (NYSE:PRU) had its price objective trimmed by Piper Sandler from $128.00 to $120.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the stock. TD Cowen raised their target price on shares of Prudential Financial from $102.00 to $114.00 and gave the stock a “hold” rating in a research note on Wednesday, July 22nd. Wall Street Zen lowered shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Monday, September 28th. Wells Fargo & Company increased their price target on shares of Prudential Financial from $103.00 to $110.00 and gave the stock an “underweight” rating in a report on Wednesday, August 19th. JPMorgan Chase & Co. increased their price target on shares of Prudential Financial from $129.00 to $131.00 and gave the stock a “neutral” rating in a report on Monday, August 17th. Finally, Weiss Ratings upgraded shares of Prudential Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, September 29th. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat, Prudential Financial presently has a consensus rating of “Reduce” and a consensus target price of $108.46.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $113.28 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a fifty day moving average price of $118.99 and a 200 day moving average price of $110.33. Prudential Financial has a 1-year low of $91.89 and a 1-year high of $127.72. The company has a market cap of $39.08 billion, a PE ratio of 10.26, a P/E/G ratio of 1.70 and a beta of 0.85.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.52 by $0.56. The firm had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same period last year, the firm posted $3.58 EPS. Sell-side analysts forecast that Prudential Financial will post 14.50 EPS for the current year.

Prudential Financial Dividend Announcement

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

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, EVP Ann Kappler sold 7,652 shares of the firm’s stock in a transaction 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 sale, the executive vice president owned 14,407 shares of the company’s stock, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the sale, the insider directly owned 7,973,657 shares of the company’s stock, valued at approximately $197,348,010.75. This trade represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.05% of the company’s stock.

Institutional Trading of Prudential Financial

Several hedge funds and other institutional investors have recently made changes to their positions in PRU. Archer Investment Corp purchased a new stake in Prudential Financial during the second quarter valued at about $26,000. SJS Investment Consulting Inc. increased its stake in Prudential Financial by 93.1% during the first quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 134 shares during the last quarter. Union Savings Bank purchased a new position in shares of Prudential Financial in the 4th quarter worth about $35,000. Reflection Asset Management purchased a new position in shares of Prudential Financial in the 4th quarter worth about $39,000. Finally, EFG International AG lifted its stake in shares of Prudential Financial by 452.2% in the 2nd quarter. EFG International AG now owns 381 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 312 shares in the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

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 1875 and headquartered in Newark, New Jersey, the company serves individual, institutional and workplace customers through businesses in the United States and selected international markets.

In the United States, Prudential offers life insurance, annuities, retirement plans and group insurance products, including coverage for employees and their families.