FBR & Co upgraded shares of Prudential Financial, Inc. (NYSE:PRU) from a neutral rating to a buy rating in a research report released on Tuesday morning, Marketbeat Ratings reports. They currently have $100.00 target price on the financial services provider’s stock, down from their previous target price of $117.00. FBR & Co also issued estimates for Prudential Financial’s Q3 2017 earnings at $2.68 EPS and FY2017 earnings at $10.10 EPS.
Several other brokerages have also recently issued reports on PRU. BidaskClub raised shares of Prudential Financial from a hold rating to a buy rating in a report on Wednesday, July 12th. Keefe, Bruyette & Woods reissued a buy rating on shares of Prudential Financial in a report on Friday, August 11th. Morgan Stanley raised their target price on shares of Prudential Financial from $118.00 to $123.00 and gave the stock an equal weight rating in a report on Thursday, October 5th. Royal Bank Of Canada reissued a hold rating and set a $117.00 target price on shares of Prudential Financial in a report on Wednesday, September 6th. Finally, Wells Fargo & Company reissued a hold rating on shares of Prudential Financial in a report on Thursday, August 3rd. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Prudential Financial currently has an average rating of Buy and an average target price of $114.30.
Shares of Prudential Financial (PRU) opened at 109.11 on Tuesday. The company has a market cap of $46.59 billion, a P/E ratio of 12.18 and a beta of 1.51. Prudential Financial has a 12 month low of $82.45 and a 12 month high of $115.26. The stock’s 50 day moving average is $104.74 and its 200-day moving average is $106.69.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.61). The company had revenue of $13.03 billion during the quarter, compared to analysts’ expectations of $12.45 billion. Prudential Financial had a return on equity of 8.98% and a net margin of 7.15%. During the same period in the prior year, the business posted $1.84 EPS. On average, equities analysts forecast that Prudential Financial will post $10.14 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 14th. Investors of record on Tuesday, August 22nd were given a dividend of $0.75 per share. The ex-dividend date was Friday, August 18th. This represents a $3.00 annualized dividend and a yield of 2.75%. Prudential Financial’s dividend payout ratio is presently 33.63%.
In related news, insider Stephen Pelletier sold 4,133 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $112.18, for a total transaction of $463,639.94. Following the sale, the insider now owns 10,924 shares in the company, valued at $1,225,454.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Nicholas C. Silitch sold 14,897 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $110.00, for a total transaction of $1,638,670.00. Following the sale, the insider now owns 21,274 shares in the company, valued at approximately $2,340,140. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Guardian Life Insurance Co. of America grew its position in Prudential Financial by 0.3% during the first quarter. Guardian Life Insurance Co. of America now owns 1,658 shares of the financial services provider’s stock valued at $177,000 after buying an additional 5 shares during the period. Green Square Capital LLC grew its position in Prudential Financial by 0.3% during the second quarter. Green Square Capital LLC now owns 2,065 shares of the financial services provider’s stock valued at $223,000 after buying an additional 7 shares during the period. Hudock Capital Group LLC grew its position in Prudential Financial by 0.7% during the second quarter. Hudock Capital Group LLC now owns 1,144 shares of the financial services provider’s stock valued at $123,000 after buying an additional 8 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA grew its position in Prudential Financial by 0.9% during the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,018 shares of the financial services provider’s stock valued at $218,000 after buying an additional 18 shares during the period. Finally, Trust Co grew its position in Prudential Financial by 1.0% during the first quarter. Trust Co now owns 2,024 shares of the financial services provider’s stock valued at $216,000 after buying an additional 20 shares during the period. Institutional investors own 64.45% of the company’s stock.
About Prudential Financial
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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