Prudential Financial Inc (NYSE:PRU) Expected to Post Quarterly Sales of $14.23 Billion

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Brokerages expect Prudential Financial Inc (NYSE:PRU) to report sales of $14.23 billion for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Prudential Financial’s earnings, with estimates ranging from $14.01 billion to $14.45 billion. Prudential Financial posted sales of $17.78 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 20%. The business is expected to issue its next earnings results after the market closes on Tuesday, February 4th.

According to Zacks, analysts expect that Prudential Financial will report full year sales of $54.76 billion for the current year, with estimates ranging from $54.44 billion to $55.14 billion. For the next financial year, analysts expect that the company will post sales of $58.15 billion, with estimates ranging from $57.28 billion to $59.56 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Prudential Financial.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings results on Monday, November 4th. The financial services provider reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $3.07 by $0.15. The firm had revenue of $12.93 billion for the quarter, compared to analysts’ expectations of $14.27 billion. Prudential Financial had a net margin of 6.67% and a return on equity of 8.45%. During the same period in the previous year, the company posted $3.15 earnings per share.

PRU has been the topic of a number of recent research reports. Morgan Stanley reduced their target price on shares of Prudential Financial from $110.00 to $108.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. UBS Group boosted their target price on shares of Prudential Financial from $84.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods cut shares of Prudential Financial from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $107.00 to $102.00 in a research report on Wednesday, November 6th. Credit Suisse Group reduced their target price on shares of Prudential Financial from $98.00 to $90.00 and set a “neutral” rating on the stock in a research report on Monday, September 30th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $110.00 target price on shares of Prudential Financial in a research report on Sunday, December 22nd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. Prudential Financial has a consensus rating of “Hold” and a consensus target price of $97.75.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Nippon Life Insurance Co. increased its stake in Prudential Financial by 72.0% during the third quarter. Nippon Life Insurance Co. now owns 4,401,995 shares of the financial services provider’s stock valued at $395,959,000 after purchasing an additional 1,841,995 shares during the last quarter. BlackRock Inc. increased its stake in Prudential Financial by 6.2% during the second quarter. BlackRock Inc. now owns 31,395,669 shares of the financial services provider’s stock valued at $3,170,962,000 after purchasing an additional 1,840,652 shares during the last quarter. Railway Pension Investments Ltd increased its stake in Prudential Financial by 185.2% during the third quarter. Railway Pension Investments Ltd now owns 347,147 shares of the financial services provider’s stock valued at $31,225,000 after purchasing an additional 225,419 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Prudential Financial during the third quarter valued at $18,733,000. Finally, Royal Bank of Canada increased its stake in Prudential Financial by 7.0% during the second quarter. Royal Bank of Canada now owns 2,694,921 shares of the financial services provider’s stock valued at $272,187,000 after purchasing an additional 176,151 shares during the last quarter. 62.12% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PRU stock opened at $93.52 on Friday. The firm’s 50 day moving average price is $94.25 and its two-hundred day moving average price is $91.43. Prudential Financial has a fifty-two week low of $77.65 and a fifty-two week high of $106.39. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.29. The stock has a market cap of $38.57 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 0.86 and a beta of 1.59.

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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