Deutsche Bank assumed coverage on shares of Prudential Financial (NYSE:PRU) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The firm issued a hold rating and a $124.00 target price on the financial services provider’s stock.
Other equities analysts also recently issued research reports about the company. ValuEngine upgraded Prudential Financial from a buy rating to a strong-buy rating in a research note on Tuesday, December 5th. B. Riley reiterated a buy rating on shares of Prudential Financial in a research note on Monday, November 6th. Keefe, Bruyette & Woods reiterated a buy rating and issued a $121.00 price objective on shares of Prudential Financial in a research note on Monday, October 16th. Zacks Investment Research upgraded Prudential Financial from a hold rating to a buy rating and set a $122.00 price objective on the stock in a research note on Tuesday, October 10th. Finally, FBR & Co upgraded Prudential Financial from a neutral rating to a buy rating and dropped their price objective for the company from $117.00 to $100.00 in a research note on Tuesday, October 10th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $117.45.
Shares of Prudential Financial (PRU) traded up $1.02 during midday trading on Tuesday, hitting $116.51. The stock had a trading volume of 1,834,000 shares, compared to its average volume of 1,830,233. Prudential Financial has a 12-month low of $97.88 and a 12-month high of $118.17. The stock has a market cap of $50,230.00, a P/E ratio of 11.74, a PEG ratio of 1.25 and a beta of 1.55. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.13 and a quick ratio of 0.13.
Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.30. Prudential Financial had a return on equity of 9.51% and a net margin of 7.71%. The firm had revenue of $13.36 billion for the quarter, compared to the consensus estimate of $12.24 billion. During the same quarter in the previous year, the business earned $2.66 EPS. research analysts expect that Prudential Financial will post 10.46 earnings per share for the current fiscal year.
Prudential Financial declared that its board has approved a stock repurchase plan on Thursday, December 14th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 14th. Investors of record on Monday, November 27th were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, November 24th. This represents a $3.00 annualized dividend and a yield of 2.57%. Prudential Financial’s payout ratio is 30.24%.
In other Prudential Financial news, SVP Barbara Koster sold 16,801 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $115.17, for a total transaction of $1,934,971.17. Following the sale, the senior vice president now owns 37,327 shares in the company, valued at $4,298,950.59. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nicholas C. Silitch sold 44,860 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $111.77, for a total value of $5,014,002.20. Following the sale, the insider now owns 27,927 shares in the company, valued at approximately $3,121,400.79. The disclosure for this sale can be found here. In the last quarter, insiders sold 116,818 shares of company stock worth $13,154,122. 0.66% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the business. Douglas Lane & Associates LLC lifted its position in shares of Prudential Financial by 3.1% during the third quarter. Douglas Lane & Associates LLC now owns 647,412 shares of the financial services provider’s stock worth $68,833,000 after acquiring an additional 19,238 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Prudential Financial by 5.0% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 42,113 shares of the financial services provider’s stock worth $4,477,000 after purchasing an additional 1,990 shares during the period. APG Asset Management N.V. increased its holdings in shares of Prudential Financial by 171.8% in the third quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock worth $287,566,000 after purchasing an additional 1,709,699 shares during the period. Bank of Nova Scotia increased its holdings in shares of Prudential Financial by 253.2% in the second quarter. Bank of Nova Scotia now owns 347,743 shares of the financial services provider’s stock worth $37,605,000 after purchasing an additional 249,277 shares during the period. Finally, Boston Advisors LLC increased its holdings in shares of Prudential Financial by 0.8% in the third quarter. Boston Advisors LLC now owns 149,937 shares of the financial services provider’s stock worth $15,941,000 after purchasing an additional 1,195 shares during the period. Hedge funds and other institutional investors own 64.46% of the company’s stock.
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Prudential Financial Company Profile
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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