Piper Sandler Has Lowered Expectations for Prudential Financial (NYSE:PRU) Stock Price

Prudential Financial (NYSE:PRU) had its target price reduced by Piper Sandler from $109.00 to $108.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the company. UBS Group dropped their price objective on Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a report on Tuesday, May 27th. Barclays boosted their price objective on Prudential Financial from $109.00 to $119.00 and gave the stock an “equal weight” rating in a report on Monday, July 7th. Wall Street Zen cut Prudential Financial from a “hold” rating to a “sell” rating in a report on Saturday, July 5th. Morgan Stanley dropped their price objective on Prudential Financial from $117.00 to $113.00 and set an “equal weight” rating for the company in a report on Monday, July 14th. Finally, JPMorgan Chase & Co. boosted their price objective on Prudential Financial from $126.00 to $136.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $121.62.

Prudential Financial Stock Up 0.2%

Shares of NYSE:PRU opened at $103.31 on Wednesday. Prudential Financial has a 52 week low of $90.38 and a 52 week high of $130.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.17 and a current ratio of 0.17. The company’s fifty day moving average is $105.31 and its 200-day moving average is $108.40. The company has a market capitalization of $36.57 billion, a PE ratio of 16.37, a P/E/G ratio of 1.02 and a beta of 1.07.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, beating the consensus estimate of $3.18 by $0.11. The company had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $14.76 billion. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The firm’s revenue for the quarter was down 38.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.12 EPS. Equities research analysts predict that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Tuesday, May 20th were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $5.40 dividend on an annualized basis and a yield of 5.23%. Prudential Financial’s payout ratio is 85.58%.

Insiders Place Their Bets

In other news, major shareholder Insurance Co Of Ame Prudential purchased 1,675,978 shares of Prudential Financial stock in a transaction on Monday, June 16th. The stock was purchased at an average price of $28.64 per share, with a total value of $48,000,009.92. Following the transaction, the insider directly owned 3,168,461 shares in the company, valued at $90,744,723.04. The trade was a 112.29% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Prudential Financial

Several large investors have recently made changes to their positions in the stock. Altman Advisors Inc. boosted its holdings in shares of Prudential Financial by 0.6% in the 4th quarter. Altman Advisors Inc. now owns 16,087 shares of the financial services provider’s stock valued at $1,907,000 after buying an additional 94 shares during the last quarter. Brown Brothers Harriman & Co. boosted its holdings in shares of Prudential Financial by 7.0% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,506 shares of the financial services provider’s stock valued at $179,000 after buying an additional 98 shares during the last quarter. SPC Financial Inc. boosted its holdings in shares of Prudential Financial by 2.6% in the 1st quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider’s stock valued at $444,000 after buying an additional 100 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its holdings in shares of Prudential Financial by 3.8% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider’s stock valued at $306,000 after buying an additional 101 shares during the last quarter. Finally, Thrive Wealth Management LLC boosted its holdings in shares of Prudential Financial by 2.6% in the 2nd quarter. Thrive Wealth Management LLC now owns 4,007 shares of the financial services provider’s stock valued at $430,000 after buying an additional 101 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

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.