Prudential Financial (NYSE:PRU) Now Covered by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Prudential Financial (NYSE:PRU – Get Rating) in a report issued on Thursday. The brokerage issued a hold rating on the financial services provider’s stock.

A number of other equities analysts have also recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Prudential Financial from $112.00 to $114.00 and gave the company an equal weight rating in a research report on Tuesday, January 10th. JPMorgan Chase & Co. decreased their price objective on shares of Prudential Financial from $118.00 to $114.00 and set a neutral rating on the stock in a research report on Wednesday, February 8th. Wells Fargo & Company boosted their price objective on shares of Prudential Financial from $97.00 to $100.00 and gave the company an underweight rating in a research report on Monday, February 13th. The Goldman Sachs Group cut shares of Prudential Financial from a neutral rating to a sell rating and decreased their price objective for the company from $98.00 to $96.00 in a research report on Monday, January 9th. Finally, Royal Bank of Canada reiterated a sector perform rating and set a $110.00 price target on shares of Prudential Financial in a research report on Thursday, February 9th. Four equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $103.00.

Prudential Financial Price Performance

Prudential Financial stock opened at $78.02 on Thursday. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.07 and a quick ratio of 0.07. The firm has a fifty day simple moving average of $98.36 and a two-hundred day simple moving average of $98.88. Prudential Financial has a twelve month low of $76.90 and a twelve month high of $122.54.

Prudential Financial (NYSE:PRU – Get Rating) last posted its quarterly earnings results on Tuesday, February 7th. The financial services provider reported $2.42 earnings per share for the quarter, missing the consensus estimate of $2.57 by ($0.15). The business had revenue of $12.65 billion during the quarter, compared to the consensus estimate of $12.78 billion. Prudential Financial had a positive return on equity of 13.31% and a negative net margin of 2.33%. During the same period in the prior year, the firm earned $3.18 earnings per share. On average, research analysts predict that Prudential Financial will post 12.2 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Tuesday, February 21st were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 6.41%. The ex-dividend date of this dividend was Friday, February 17th. This is an increase from Prudential Financial’s previous quarterly dividend of $1.20. Prudential Financial’s dividend payout ratio is currently -126.90%.

Prudential Financial declared that its Board of Directors has initiated a stock repurchase program on Tuesday, February 7th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Prudential Financial

In other news, EVP Andrew F. Sullivan sold 4,126 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $99.20, for a total value of $409,299.20. Following the transaction, the executive vice president now owns 12,241 shares in the company, valued at $1,214,307.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Andrew F. Sullivan sold 4,126 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $99.20, for a total value of $409,299.20. Following the transaction, the executive vice president now owns 12,241 shares in the company, valued at $1,214,307.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Andrew F. Sullivan sold 11,405 shares of the stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $100.95, for a total transaction of $1,151,334.75. Following the transaction, the executive vice president now owns 12,300 shares in the company, valued at approximately $1,241,685. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Institutional Trading of Prudential Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Wealth Management L.L.C. purchased a new stake in shares of Prudential Financial in the fourth quarter worth $25,000. Wagner Wealth Management LLC purchased a new stake in shares of Prudential Financial in the second quarter worth $26,000. Tanglewood Legacy Advisors LLC purchased a new stake in shares of Prudential Financial in the fourth quarter worth $27,000. Pacific Center for Financial Services purchased a new stake in shares of Prudential Financial in the second quarter worth $31,000. Finally, Heritage Wealth Management LLC grew its stake in Prudential Financial by 695.0% during the fourth quarter. Heritage Wealth Management LLC now owns 318 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 278 shares in the last quarter. 56.33% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Company Profile

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Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.