Prudential Financial (NYSE:PRU) Price Target Cut to $99.00

Prudential Financial (NYSE:PRUGet Rating) had its price target dropped by analysts at The Goldman Sachs Group from $116.00 to $99.00 in a research note issued to investors on Monday, Stock Target Advisor reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target would suggest a potential downside of 6.66% from the company’s previous close.

A number of other analysts also recently commented on PRU. Morgan Stanley boosted their target price on shares of Prudential Financial from $114.00 to $123.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 22nd. Citigroup initiated coverage on Prudential Financial in a research note on Monday, May 23rd. They set a “neutral” rating and a $100.00 price objective for the company. Piper Sandler reduced their target price on Prudential Financial from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Friday, May 27th. JPMorgan Chase & Co. raised their target price on shares of Prudential Financial from $113.00 to $120.00 in a report on Tuesday, April 5th. Finally, StockNews.com assumed coverage on shares of Prudential Financial in a report on Thursday, March 31st. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $111.21.

NYSE PRU traded up $2.10 on Monday, hitting $106.06. 27,064 shares of the stock traded hands, compared to its average volume of 2,064,351. The company has a market capitalization of $39.77 billion, a P/E ratio of 8.60, a price-to-earnings-growth ratio of 0.99 and a beta of 1.49. The stock has a 50-day moving average of $110.36 and a 200 day moving average of $110.80. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.44. Prudential Financial has a twelve month low of $94.51 and a twelve month high of $124.22.

Prudential Financial (NYSE:PRUGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The financial services provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.50. Prudential Financial had a return on equity of 9.35% and a net margin of 8.09%. The company had revenue of $13.66 billion during the quarter, compared to analysts’ expectations of $13.93 billion. During the same quarter in the prior year, the business posted $4.11 earnings per share. As a group, equities research analysts expect that Prudential Financial will post 11.7 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Eagle Capital Management LLC acquired a new position in Prudential Financial during the 2nd quarter valued at about $3,576,000. Natixis acquired a new position in shares of Prudential Financial during the 3rd quarter worth about $2,089,000. HighTower Advisors LLC grew its stake in Prudential Financial by 38.2% in the third quarter. HighTower Advisors LLC now owns 114,006 shares of the financial services provider’s stock valued at $12,005,000 after purchasing an additional 31,493 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Prudential Financial by 86.0% during the 3rd quarter. Franklin Resources Inc. now owns 63,975 shares of the financial services provider’s stock worth $6,730,000 after purchasing an additional 29,588 shares during the last quarter. Finally, Engine NO. 1 LLC acquired a new stake in shares of Prudential Financial in the third quarter valued at approximately $218,000. 56.77% of the stock is owned by institutional investors.

About Prudential Financial (Get Rating)

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 eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.

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