Piper Sandler Cuts Prudential Financial (NYSE:PRU) Price Target to $110.00

Prudential Financial (NYSE:PRU) had its price objective reduced by Piper Sandler from $122.00 to $110.00 in a report released on Tuesday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other research firms have also weighed in on PRU. Keefe, Bruyette & Woods reduced their target price on Prudential Financial from $125.00 to $120.00 and set a “market perform” rating on the stock in a report on Wednesday, April 9th. BMO Capital Markets began coverage on Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 price objective on the stock. Wells Fargo & Company dropped their target price on shares of Prudential Financial from $118.00 to $108.00 and set an “equal weight” rating on the stock in a report on Thursday, April 10th. Morgan Stanley reduced their price target on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $121.85.

Prudential Financial Price Performance

Shares of PRU opened at $99.39 on Tuesday. The stock has a market cap of $35.23 billion, a P/E ratio of 13.31, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. Prudential Financial has a 1 year low of $90.38 and a 1 year high of $130.55. The stock’s 50-day moving average price is $107.93 and its two-hundred day moving average price is $117.03. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share (EPS) 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, equities analysts predict that Prudential Financial will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 5.43%. The ex-dividend date was Tuesday, February 18th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. Prudential Financial’s dividend payout ratio is presently 72.29%.

Insider Buying and Selling

In other Prudential Financial news, EVP Andrew F. Sullivan sold 6,000 shares of the business’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 transaction, the executive vice president now owns 27,072 shares of the company’s stock, valued at $2,869,090.56. The trade was a 18.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was acquired at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the completion of the transaction, the insider now owns 139,987 shares of the company’s stock, valued at approximately $3,992,429.24. The trade was a 60.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Prudential Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Savant Capital LLC raised its holdings in Prudential Financial by 0.6% in the 4th quarter. Savant Capital LLC now owns 14,382 shares of the financial services provider’s stock valued at $1,705,000 after acquiring an additional 83 shares during the period. Grove Bank & Trust lifted its holdings in Prudential Financial by 65.9% during 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 last quarter. HBK Sorce Advisory LLC boosted its stake in Prudential Financial by 1.0% in the 4th quarter. HBK Sorce Advisory LLC now owns 9,417 shares of the financial services provider’s stock valued at $1,116,000 after purchasing an additional 91 shares during the period. Asset Dedication LLC increased its position in Prudential Financial by 28.4% during the 4th quarter. Asset Dedication LLC now owns 420 shares of the financial services provider’s stock worth $50,000 after buying an additional 93 shares during the period. Finally, Altman Advisors Inc. lifted its holdings in shares of Prudential Financial by 0.6% during the fourth quarter. Altman Advisors Inc. now owns 16,087 shares of the financial services provider’s stock worth $1,907,000 after buying an additional 94 shares in the last quarter. 56.83% of the stock is owned by institutional investors.

Prudential Financial Company Profile

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.