Bank of America Issues Pessimistic Forecast for Prudential Financial (NYSE:PRU) Stock Price

Prudential Financial (NYSE:PRU) had its price objective lowered by Bank of America from $112.00 to $104.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Bank of America‘s price objective suggests a potential upside of 5.24% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Prudential Financial from $103.00 to $95.00 and set an “underweight” rating on the stock in a research note on Friday. Barclays dropped their price objective on shares of Prudential Financial from $119.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 8th. Evercore reiterated a “negative” rating on shares of Prudential Financial in a research note on Friday, March 6th. Piper Sandler upgraded shares of Prudential Financial to a “hold” rating in a research note on Thursday, April 2nd. Finally, Morgan Stanley dropped their price target on shares of Prudential Financial from $120.00 to $111.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Ten investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $108.00.

Prudential Financial Stock Performance

PRU traded up $0.35 on Tuesday, hitting $98.83. 842,007 shares of the company’s stock were exchanged, compared to its average volume of 2,291,467. The firm has a market cap of $34.37 billion, a PE ratio of 9.88, a P/E/G ratio of 1.20 and a beta of 0.95. Prudential Financial has a twelve month low of $91.89 and a twelve month high of $119.76. The stock has a fifty day moving average of $98.50 and a two-hundred day moving average of $105.07. 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 released its quarterly earnings data 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 business had revenue of $14.52 billion for the quarter, compared to analyst estimates of $14.48 billion. Prudential Financial had a return on equity of 16.32% and a net margin of 6.20%.During the same quarter last year, the company earned $2.96 EPS. On average, research analysts anticipate that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Jacques Chappuis purchased 1,000 shares of the company’s stock in a transaction on Friday, February 6th. The shares were bought at an average price of $100.97 per share, for a total transaction of $100,970.00. Following the completion of the purchase, the executive vice president owned 1,000 shares of the company’s stock, valued at $100,970. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas D. Stoddard acquired 250 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was 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 SEC filing for this purchase provides additional information. Insiders have purchased a total of 1,408,389 shares of company stock worth $35,154,439 over the last ninety days. 0.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its holdings in shares of Prudential Financial by 1.2% in the fourth quarter. State Street Corp now owns 17,234,061 shares of the financial services provider’s stock valued at $1,945,381,000 after acquiring an additional 210,959 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Prudential Financial by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 9,533,806 shares of the financial services provider’s stock valued at $1,078,904,000 after acquiring an additional 26,414 shares in the last quarter. Morgan Stanley raised its holdings in shares of Prudential Financial by 6.7% in the 4th quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider’s stock worth $750,562,000 after purchasing an additional 420,081 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Prudential Financial by 2.4% in the 3rd quarter. Legal & General Group Plc now owns 2,701,116 shares of the financial services provider’s stock worth $280,214,000 after purchasing an additional 62,366 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Prudential Financial by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,428,696 shares of the financial services provider’s stock worth $274,151,000 after purchasing an additional 15,865 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors.

Prudential Financial Company Profile

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.