Prudential Financial (NYSE:PRU) Releases Earnings Results, Beats Estimates By $0.43 EPS

Prudential Financial (NYSE:PRU) released its quarterly earnings results on Tuesday. The financial services provider reported $3.77 earnings per share for the quarter, topping analysts’ consensus estimates of $3.34 by $0.43, FiscalAI reports. The business had revenue of $13.49 billion during the quarter, compared to analysts’ expectations of $14.66 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.

Prudential Financial Stock Up 0.4%

Shares of PRU traded up $0.51 during mid-day trading on Tuesday, hitting $118.81. 2,646,545 shares of the company’s stock were exchanged, compared to its average volume of 2,011,135. The stock’s 50-day moving average is $116.83 and its 200-day moving average is $108.81. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial has a fifty-two week low of $91.89 and a fifty-two week high of $127.72. The company has a market cap of $40.99 billion, a price-to-earnings ratio of 10.76, a P/E/G ratio of 1.93 and a beta of 0.85.

Prudential Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Tuesday, August 25th. Prudential Financial’s dividend payout ratio is currently 50.72%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. TD Cowen decreased their target price on shares of Prudential Financial from $114.00 to $112.00 and set a “hold” rating on the stock in a research report on Wednesday, October 21st. Wells Fargo & Company reduced their price target on shares of Prudential Financial from $104.00 to $103.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 28th. Weiss Ratings lowered shares of Prudential Financial from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, October 14th. JPMorgan Chase & Co. lowered their price objective on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, October 22nd. Finally, Piper Sandler dropped their target price on shares of Prudential Financial from $128.00 to $120.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Two investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $111.27.

Insider Buying and Selling at Prudential Financial

In related news, EVP Ann Kappler sold 7,652 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $125.01, for a total transaction of $956,576.52. Following the sale, the executive vice president directly owned 14,407 shares of the company’s stock, valued at $1,801,019.07. This represents a 34.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.05% of the company’s stock.

About Prudential Financial

Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.