B. Riley Cuts Prudential Financial (NYSE:PRU) Price Target to $70.00

Prudential Financial (NYSE:PRU) had its price target lowered by B. Riley from $77.00 to $70.00 in a research report released on Monday, BenzingaRatingsTable reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on the stock. Morgan Stanley decreased their price objective on shares of Prudential Financial from $102.00 to $64.00 and set an equal weight rating for the company in a research report on Tuesday, March 17th. Citigroup lowered shares of Prudential Financial from a neutral rating to a sell rating and cut their target price for the stock from $88.00 to $86.00 in a research note on Monday, November 25th. Royal Bank of Canada lowered shares of Prudential Financial from an outperform rating to a sector perform rating and cut their target price for the stock from $110.00 to $68.00 in a research note on Friday, March 20th. ValuEngine raised shares of Prudential Financial from a sell rating to a hold rating in a research note on Saturday, February 29th. Finally, Credit Suisse Group cut their target price on shares of Prudential Financial from $90.00 to $85.00 and set a neutral rating on the stock in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $87.08.

Shares of PRU traded up $3.04 during trading hours on Monday, hitting $54.65. 5,711,467 shares of the stock were exchanged, compared to its average volume of 3,382,008. Prudential Financial has a fifty-two week low of $38.62 and a fifty-two week high of $106.39. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.10 and a quick ratio of 0.10. The business has a 50-day moving average of $73.88 and a 200-day moving average of $87.37. The firm has a market capitalization of $18.85 billion, a P/E ratio of 5.39, a price-to-earnings-growth ratio of 0.44 and a beta of 1.57.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.31. Prudential Financial had a net margin of 7.20% and a return on equity of 7.81%. The company had revenue of $17.45 billion during the quarter, compared to analysts’ expectations of $14.23 billion. During the same period in the prior year, the company posted $2.44 earnings per share. As a group, analysts forecast that Prudential Financial will post 11.93 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Tuesday, February 18th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Prudential Financial’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 8.05%. Prudential Financial’s dividend payout ratio is currently 37.64%.

In other Prudential Financial news, SVP Nicholas C. Silitch sold 8,200 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $88.17, for a total value of $722,994.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert Falzon sold 39,748 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $96.44, for a total transaction of $3,833,297.12. Following the completion of the transaction, the executive vice president now directly owns 85,396 shares in the company, valued at $8,235,590.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,344 shares of company stock worth $8,335,072. 0.76% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in PRU. Atlas Private Wealth Management bought a new position in shares of Prudential Financial in the fourth quarter valued at $26,000. Legacy Bridge LLC bought a new position in shares of Prudential Financial in the fourth quarter valued at $33,000. Global Financial Private Capital Inc lifted its stake in shares of Prudential Financial by 4,312.5% in the fourth quarter. Global Financial Private Capital Inc now owns 353 shares of the financial services provider’s stock valued at $33,000 after buying an additional 345 shares in the last quarter. FSA Wealth Management LLC bought a new position in shares of Prudential Financial in the fourth quarter valued at $35,000. Finally, Central Bank & Trust Co. lifted its stake in shares of Prudential Financial by 405.1% in the fourth quarter. Central Bank & Trust Co. now owns 399 shares of the financial services provider’s stock valued at $37,000 after buying an additional 320 shares in the last quarter. 64.99% of the stock is currently owned by hedge funds and other institutional investors.

About Prudential Financial

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.

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