Prudential Financial (NYSE:PRU) Given New $106.00 Price Target at Barclays

Prudential Financial (NYSE:PRU) had its price objective reduced by Barclays from $134.00 to $106.00 in a research note published on Friday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on the stock. UBS Group reduced their price objective on shares of Prudential Financial from $130.00 to $122.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. Wells Fargo & Company cut their target price on shares of Prudential Financial from $118.00 to $108.00 and set an “equal weight” rating for the company in a research report on Thursday. Piper Sandler lowered their price target on Prudential Financial from $124.00 to $122.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. cut their price objective on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a research report on Wednesday, April 2nd. Finally, BMO Capital Markets began coverage on Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 target price on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $122.77.

Prudential Financial Trading Up 0.2 %

Prudential Financial stock opened at $98.70 on Friday. Prudential Financial has a one year low of $90.38 and a one year high of $130.55. The company’s fifty day moving average price is $108.98 and its two-hundred day moving average price is $117.56. The company has a market capitalization of $34.98 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 0.98 and a beta of 1.11. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. On average, analysts forecast that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 5.47%. The ex-dividend date was Tuesday, February 18th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio (DPR) is presently 72.29%.

Insider Activity

In related news, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the transaction, the executive vice president now owns 27,072 shares in the company, valued at $2,869,090.56. This trade represents a 18.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of Prudential Financial stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the completion of the transaction, the insider now owns 87,047 shares of the company’s stock, valued at approximately $2,499,989.84. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Prudential Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of PRU. Avanza Fonder AB bought a new stake in Prudential Financial during the 4th quarter worth about $3,423,000. Gateway Investment Advisers LLC increased its stake in shares of Prudential Financial by 56.1% in the 4th quarter. Gateway Investment Advisers LLC now owns 21,998 shares of the financial services provider’s stock valued at $2,607,000 after acquiring an additional 7,907 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Prudential Financial by 3.9% in the third quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider’s stock worth $50,830,000 after purchasing an additional 15,695 shares during the period. Asset Allocation & Management Company LLC acquired a new position in shares of Prudential Financial in the 4th quarter valued at $209,000. Finally, Czech National Bank increased its position in shares of Prudential Financial by 6.1% in the 4th quarter. Czech National Bank now owns 77,188 shares of the financial services provider’s stock valued at $9,149,000 after buying an additional 4,464 shares in the last quarter. 56.83% of the stock is 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.