Barclays Forecasts Strong Price Appreciation for Prudential Financial (NYSE:PRU) Stock

Prudential Financial (NYSE:PRU) had its price target raised by Barclays from $128.00 to $134.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

Several other brokerages have also issued reports on PRU. TD Cowen upped their price target on Prudential Financial from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Evercore ISI raised shares of Prudential Financial from an “underperform” rating to an “inline” rating and raised their target price for the company from $117.00 to $140.00 in a research note on Thursday, November 14th. Wells Fargo & Company dropped their price target on shares of Prudential Financial from $117.00 to $115.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. Jefferies Financial Group raised their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, BMO Capital Markets initiated coverage on shares of Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Prudential Financial presently has a consensus rating of “Hold” and an average price target of $125.77.

Prudential Financial Stock Down 3.4 %

Shares of NYSE PRU opened at $113.90 on Wednesday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60. The company has a market cap of $40.55 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 1.12 and a beta of 1.31. Prudential Financial has a 12-month low of $102.67 and a 12-month high of $130.55. The firm’s 50-day simple moving average is $120.38 and its 200 day simple moving average is $120.46.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results 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 6.03% and a return on equity of 15.30%. On average, research analysts expect that Prudential Financial will post 13.24 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Tuesday, February 18th will be given a $1.35 dividend. The ex-dividend date is Tuesday, February 18th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 4.74%. Prudential Financial’s payout ratio is currently 46.22%.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $27.92 per share, with a total value of $14,999,992.08. Following the completion of the transaction, the insider now directly owns 4,780,293 shares of the company’s stock, valued at approximately $133,465,780.56. The trade was a 12.66 % increase 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. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AMF Tjanstepension AB raised its position in Prudential Financial by 12.5% in the 3rd quarter. AMF Tjanstepension AB now owns 203,197 shares of the financial services provider’s stock valued at $24,642,000 after buying an additional 22,588 shares during the last quarter. Park Avenue Securities LLC grew its stake in shares of Prudential Financial by 13.2% during the 3rd quarter. Park Avenue Securities LLC now owns 8,403 shares of the financial services provider’s stock worth $1,018,000 after acquiring an additional 979 shares in the last quarter. Czech National Bank lifted its position in shares of Prudential Financial by 6.3% in the third quarter. Czech National Bank now owns 72,724 shares of the financial services provider’s stock worth $8,807,000 after purchasing an additional 4,313 shares in the last quarter. Diversified Trust Co acquired a new position in Prudential Financial during the third quarter worth $807,000. Finally, Callan Family Office LLC increased its stake in Prudential Financial by 7.3% in the 3rd quarter. Callan Family Office LLC now owns 1,935 shares of the financial services provider’s stock valued at $234,000 after buying an additional 132 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

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.