Piper Sandler Issues Pessimistic Forecast for Prudential Financial (NYSE:PRU) Stock Price

Prudential Financial (NYSE:PRU) had its price objective dropped by analysts at Piper Sandler from $127.00 to $124.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price indicates a potential upside of 4.22% from the company’s previous close.

A number of other research firms have also recently weighed in on PRU. Barclays upped their price objective on shares of Prudential Financial from $119.00 to $129.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and lifted their price objective for the stock from $117.00 to $140.00 in a report on Thursday, November 14th. Bank of America upped their target price on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. TD Cowen increased their price objective on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Finally, Jefferies Financial Group lifted their target price on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Eleven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Prudential Financial has an average rating of “Hold” and a consensus target price of $127.25.

Prudential Financial Stock Performance

Prudential Financial stock opened at $118.98 on Thursday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. Prudential Financial has a 12 month low of $100.60 and a 12 month high of $130.55. The company has a market cap of $42.36 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 0.75 and a beta of 1.31. The stock’s 50-day moving average is $122.12 and its 200-day moving average is $120.65.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The firm had revenue of $19.48 billion for the quarter, compared to analysts’ expectations of $14.57 billion. During the same period in the previous year, the company posted $3.44 earnings per share. Equities analysts anticipate that Prudential Financial will post 13.34 earnings per share for the current year.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the business’s stock in a transaction on Monday, November 25th. The shares were purchased at an average price of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the purchase, the insider now owns 4,780,293 shares of the company’s stock, valued at $133,465,780.56. This represents a 12.66 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. Grove Bank & Trust boosted its stake in Prudential Financial by 65.9% in the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 87 shares during the period. Avidian Wealth Enterprises LLC lifted its holdings in shares of Prudential Financial by 1.2% in the third quarter. Avidian Wealth Enterprises LLC now owns 7,357 shares of the financial services provider’s stock valued at $891,000 after purchasing an additional 89 shares in the last quarter. Daymark Wealth Partners LLC boosted its position in shares of Prudential Financial by 3.9% during the third quarter. Daymark Wealth Partners LLC now owns 2,616 shares of the financial services provider’s stock worth $317,000 after buying an additional 97 shares during the period. UMB Bank n.a. grew its holdings in shares of Prudential Financial by 2.7% during the third quarter. UMB Bank n.a. now owns 3,660 shares of the financial services provider’s stock worth $443,000 after buying an additional 97 shares in the last quarter. Finally, Pure Financial Advisors LLC raised its position in Prudential Financial by 2.7% in the 3rd quarter. Pure Financial Advisors LLC now owns 3,748 shares of the financial services provider’s stock valued at $454,000 after buying an additional 97 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

About Prudential Financial

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.