Prudential Financial (NYSE:PRU) Price Target Cut to $70.00

Prudential Financial (NYSE:PRU) had its price objective dropped by stock analysts at B. Riley from $77.00 to $70.00 in a research report issued on Monday, BenzingaRatingsTable reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. B. Riley’s target price would suggest a potential upside of 28.09% from the stock’s previous close.

A number of other research analysts have also issued reports on PRU. Credit Suisse Group lowered 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. Citigroup lowered shares of Prudential Financial from a “neutral” rating to a “sell” rating and lowered their target price for the company from $88.00 to $86.00 in a research note on Monday, November 25th. Piper Sandler lowered their target price on shares of Prudential Financial from $100.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 10th. Morgan Stanley lowered their target price on shares of Prudential Financial from $102.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 17th. Finally, Royal Bank of Canada lowered shares of Prudential Financial from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $110.00 to $68.00 in a research note on Friday, March 20th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $87.08.

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

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.33 EPS 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 for the quarter, compared to analyst estimates of $14.23 billion. During the same quarter in the prior year, the business posted $2.44 EPS. On average, equities analysts predict that Prudential Financial will post 11.93 earnings per share for the current year.

In other news, SVP Nicholas C. Silitch sold 8,200 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $88.17, for a total transaction of $722,994.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Candace Woods sold 1,494 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $94.32, for a total transaction of $140,914.08. Following the transaction, the senior vice president now directly owns 10,915 shares of the company’s stock, valued at $1,029,502.80. The disclosure for this sale can be found here. Insiders have sold a total of 87,344 shares of company stock valued at $8,335,072 over the last ninety days. 0.76% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Prudential Financial in the 4th quarter valued at about $536,603,000. Stifel Financial Corp increased its position in Prudential Financial by 622.0% in the 4th quarter. Stifel Financial Corp now owns 820,033 shares of the financial services provider’s stock valued at $76,648,000 after acquiring an additional 706,460 shares in the last quarter. Acadian Asset Management LLC increased its position in Prudential Financial by 18.3% in the 4th quarter. Acadian Asset Management LLC now owns 1,807,649 shares of the financial services provider’s stock valued at $169,447,000 after acquiring an additional 279,831 shares in the last quarter. Bank of Montreal Can increased its position in Prudential Financial by 25.1% in the 4th quarter. Bank of Montreal Can now owns 1,178,800 shares of the financial services provider’s stock valued at $110,500,000 after acquiring an additional 236,404 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in Prudential Financial in the 3rd quarter valued at about $18,733,000. 64.99% of the stock is owned by hedge funds and other institutional investors.

Prudential Financial Company Profile

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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