Prudential Financial (NYSE:PRU) Sets New 52-Week Low – Here’s Why

Shares of Prudential Financial, Inc. (NYSE:PRU) hit a new 52-week low on Friday . The company traded as low as $99.00 and last traded at $100.69, with a volume of 8339 shares trading hands. The stock had previously closed at $104.79.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PRU shares. UBS Group dropped their target price on Prudential Financial from $130.00 to $122.00 and set a “neutral” rating on the stock in a research report on Wednesday. Piper Sandler dropped their price target on shares of Prudential Financial from $124.00 to $122.00 and set a “neutral” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods lowered their target price on shares of Prudential Financial from $129.00 to $125.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. JPMorgan Chase & Co. cut their price target on Prudential Financial from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Morgan Stanley dropped their price target on shares of Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $126.08.

Prudential Financial Trading Down 5.5 %

The stock has a market cap of $35.45 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 0.98 and a beta of 1.28. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.16 and a quick ratio of 0.16. The business’s 50 day moving average is $112.45 and its 200 day moving average is $118.78.

Prudential Financial (NYSE:PRU) last posted its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, equities analysts expect that Prudential Financial, Inc. will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were paid a $1.35 dividend. This is an increase from Prudential Financial’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 5.45%. The ex-dividend date of this dividend was Tuesday, February 18th. Prudential Financial’s dividend payout ratio (DPR) is 72.29%.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential purchased 87,047 shares of Prudential Financial stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $28.72 per share, for a total transaction of $2,499,989.84. Following the transaction, the insider now owns 87,047 shares in the company, valued at approximately $2,499,989.84. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the completion of the sale, the executive vice president now directly owns 27,072 shares in the company, valued at $2,869,090.56. This trade represents a 18.14 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Prudential Financial

Several large investors have recently added to or reduced their stakes in the business. Savant Capital LLC lifted its position in shares of Prudential Financial by 0.6% during the fourth quarter. Savant Capital LLC now owns 14,382 shares of the financial services provider’s stock worth $1,705,000 after purchasing an additional 83 shares in the last quarter. Grove Bank & Trust boosted its stake in Prudential Financial by 65.9% during the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 87 shares during the last quarter. HBK Sorce Advisory LLC increased its position in shares of Prudential Financial by 1.0% in the 4th quarter. HBK Sorce Advisory LLC now owns 9,417 shares of the financial services provider’s stock worth $1,116,000 after purchasing an additional 91 shares during the last quarter. Asset Dedication LLC raised its stake in Prudential Financial by 28.4% during the fourth quarter. Asset Dedication LLC now owns 420 shares of the financial services provider’s stock valued at $50,000 after buying an additional 93 shares in the last quarter. Finally, Altman Advisors Inc. boosted its holdings in Prudential Financial by 0.6% in the fourth quarter. Altman Advisors Inc. now owns 16,087 shares of the financial services provider’s stock worth $1,907,000 after purchasing an additional 94 shares during the period. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Prudential Financial Company Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.