Barclays Issues Pessimistic Forecast for Prudential Financial (NYSE:PRU) Stock Price

Prudential Financial (NYSE:PRU) had its price target lowered by investment analysts at Barclays from $119.00 to $110.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective would suggest a potential upside of 13.72% from the stock’s previous close.

Several other brokerages have also issued reports on PRU. Morgan Stanley decreased their price target on shares of Prudential Financial from $120.00 to $111.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. Mizuho cut their price objective on shares of Prudential Financial from $126.00 to $113.00 and set a “neutral” rating on the stock in a report on Tuesday, February 10th. UBS Group raised their target price on shares of Prudential Financial from $111.00 to $116.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Piper Sandler raised Prudential Financial to a “hold” rating in a research report on Thursday, April 2nd. Finally, JPMorgan Chase & Co. reduced their price objective on Prudential Financial from $133.00 to $127.00 and set a “neutral” rating for the company in a research report on Wednesday, February 4th. Nine equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $112.89.

Prudential Financial Trading Down 0.7%

Shares of PRU stock traded down $0.68 during trading hours on Wednesday, reaching $96.73. The company’s stock had a trading volume of 1,346,820 shares, compared to its average volume of 2,303,677. The stock has a market capitalization of $33.64 billion, a P/E ratio of 9.68, a P/E/G ratio of 1.20 and a beta of 0.95. Prudential Financial has a one year low of $91.89 and a one year high of $119.76. The firm’s fifty day simple moving average is $99.53 and its 200 day simple moving average is $105.23. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share for the quarter, missing the consensus estimate of $3.37 by ($0.07). The firm had revenue of $14.52 billion during the quarter, compared to analysts’ expectations of $14.48 billion. Prudential Financial had a return on equity of 16.32% and a net margin of 6.20%.During the same period in the previous year, the company earned $2.96 earnings per share. Equities research analysts expect that Prudential Financial will post 14.36 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential purchased 1,406,739 shares of Prudential Financial stock in a transaction dated Friday, January 23rd. The stock was purchased at an average cost of $24.87 per share, for a total transaction of $34,985,598.93. Following the completion of the acquisition, the insider directly owned 7,709,624 shares of the company’s stock, valued at $191,738,348.88. The trade was a 22.32% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas D. Stoddard purchased 250 shares of Prudential Financial stock in a transaction dated Tuesday, February 17th. The shares were bought at an average price of $102.97 per share, with a total value of $25,742.50. Following the completion of the acquisition, the director directly owned 250 shares of the company’s stock, valued at approximately $25,742.50. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 1,408,389 shares of company stock valued at $35,154,439 over the last ninety days. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Jessup Wealth Management Inc purchased a new position in shares of Prudential Financial in the fourth quarter worth $25,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Prudential Financial in the fourth quarter worth $26,000. Salomon & Ludwin LLC raised its stake in shares of Prudential Financial by 98.3% in the fourth quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 114 shares during the last quarter. Lodestone Wealth Management LLC purchased a new position in shares of Prudential Financial in the fourth quarter worth $28,000. Finally, Basepoint Wealth LLC purchased a new position in shares of Prudential Financial in the fourth quarter worth $30,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.