JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Prudential Financial (NYSE:PRU) Stock

Prudential Financial (NYSE:PRU) had its price target increased by stock analysts at JPMorgan Chase & Co. from $129.00 to $131.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 4.47% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Wall Street Zen cut Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Wells Fargo & Company raised their target price on Prudential Financial from $100.00 to $103.00 and gave the stock an “underweight” rating in a research note on Thursday, July 9th. Weiss Ratings raised Prudential Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods increased their price target on Prudential Financial from $113.00 to $123.00 and gave the stock a “market perform” rating in a report on Tuesday, August 11th. Finally, BMO Capital Markets cut their price objective on Prudential Financial from $91.00 to $87.00 and set an “underperform” rating for the company in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $107.77.

Prudential Financial Trading Up 0.2%

PRU stock traded up $0.26 during trading on Monday, reaching $125.39. 193,180 shares of the stock were exchanged, compared to its average volume of 2,133,170. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $43.26 billion, a price-to-earnings ratio of 11.36, a P/E/G ratio of 2.38 and a beta of 0.84. The business has a 50 day moving average price of $114.94 and a 200-day moving average price of $105.21. Prudential Financial has a 1 year low of $91.89 and a 1 year high of $127.72.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.52 by $0.56. The business had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.36 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same quarter in the prior year, the company posted $3.58 EPS. On average, research analysts predict that Prudential Financial will post 14.17 earnings per share for the current year.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential sold 214,746 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $24.75, for a total value of $5,314,963.50. Following the completion of the sale, the insider directly owned 7,973,657 shares in the company, valued at approximately $197,348,010.75. This represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE purchased a new stake in Prudential Financial during the 2nd quarter worth $208,957,000. Caisse de depot et placement du Quebec boosted its position in Prudential Financial by 1,014.7% in the 2nd quarter. Caisse de depot et placement du Quebec now owns 160,131 shares of the financial services provider’s stock valued at $17,283,000 after buying an additional 145,766 shares during the last quarter. Jupiter Topco LLC purchased a new position in Prudential Financial in the 2nd quarter valued at about $5,212,000. EFG International AG grew its stake in shares of Prudential Financial by 452.2% during the second quarter. EFG International AG now owns 381 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 312 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Prudential Financial by 417.3% during the second quarter. Canada Pension Plan Investment Board now owns 530,236 shares of the financial services provider’s stock worth $57,228,000 after acquiring an additional 427,732 shares during the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.