Prudential Financial (NYSE:PRU) Given New $110.00 Price Target at Piper Sandler

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

A number of other research firms have also issued reports on PRU. Barclays lowered their target price on shares of Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating on the stock in a research note on Friday, April 11th. UBS Group cut their price objective on Prudential Financial from $130.00 to $122.00 and set a “neutral” rating for the company in a research report on Wednesday, April 2nd. Morgan Stanley lowered their target price on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. lowered their price objective on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 2nd. Finally, BMO Capital Markets started coverage on shares of Prudential Financial in a research report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price target on the stock. One analyst has 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $121.85.

Prudential Financial Trading Down 1.2 %

Prudential Financial stock opened at $100.20 on Tuesday. Prudential Financial has a one year low of $90.38 and a one year high of $130.55. The company’s fifty day moving average price is $108.47 and its two-hundred day moving average price is $117.30. The company has a market capitalization of $35.51 billion, a price-to-earnings ratio of 13.41, a PEG ratio of 0.98 and a beta of 1.11. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data 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 4.01% and a return on equity of 15.86%. On average, analysts forecast that Prudential Financial will post 14.36 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 13th. Stockholders of record on Tuesday, February 18th were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 5.39%. 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 payout ratio is currently 72.29%.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $28.72 per share, for a total transaction of $2,499,989.84. Following the transaction, the insider now owns 87,047 shares in the company, valued at $2,499,989.84. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the sale, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Prudential Financial

A number of hedge funds and other institutional investors have recently modified their holdings of PRU. Avanza Fonder AB acquired a new stake in shares of Prudential Financial in the 4th quarter valued at $3,423,000. Gateway Investment Advisers LLC lifted its position in Prudential Financial by 56.1% during the 4th quarter. Gateway Investment Advisers LLC now owns 21,998 shares of the financial services provider’s stock valued at $2,607,000 after purchasing an additional 7,907 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Prudential Financial by 3.9% in the 3rd quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider’s stock valued at $50,830,000 after purchasing an additional 15,695 shares during the last quarter. Asset Allocation & Management Company LLC bought a new stake in shares of Prudential Financial during the fourth quarter worth approximately $209,000. Finally, Czech National Bank lifted its holdings in Prudential Financial by 6.1% in the fourth quarter. Czech National Bank now owns 77,188 shares of the financial services provider’s stock valued at $9,149,000 after buying an additional 4,464 shares during the period. 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.