Brokers Set Expectations for Prudential Financial, Inc.’s FY2023 Earnings (NYSE:PRU)

Prudential Financial, Inc. (NYSE:PRU – Get Rating) – Analysts at Zacks Research increased their FY2023 EPS estimates for shares of Prudential Financial in a report issued on Tuesday, May 16th. Zacks Research analyst T. De now anticipates that the financial services provider will post earnings of $11.45 per share for the year, up from their previous estimate of $11.38. The consensus estimate for Prudential Financial’s current full-year earnings is $11.97 per share. Zacks Research also issued estimates for Prudential Financial’s Q4 2023 earnings at $2.65 EPS, Q1 2024 earnings at $2.57 EPS, Q2 2024 earnings at $3.04 EPS, Q3 2024 earnings at $2.79 EPS, Q4 2024 earnings at $3.33 EPS, FY2024 earnings at $11.73 EPS, Q1 2025 earnings at $2.78 EPS and FY2025 earnings at $13.10 EPS.

A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Prudential Financial from a “neutral” rating to an “overweight” rating and set a $114.00 price target for the company in a report on Tuesday, April 4th. Wells Fargo & Company upped their price objective on shares of Prudential Financial from $97.00 to $100.00 and gave the stock an “underweight” rating in a research report on Monday, February 13th. Royal Bank of Canada lowered their price objective on shares of Prudential Financial from $99.00 to $89.00 in a research report on Thursday, May 4th. Piper Sandler reiterated a “neutral” rating and set a $106.00 price objective on shares of Prudential Financial in a research report on Wednesday, February 8th. Finally, StockNews.com assumed coverage on shares of Prudential Financial in a research report on Thursday. They set a “hold” rating for the company. Four analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $99.83.

Prudential Financial Stock Performance

Shares of PRU stock opened at $82.04 on Friday. The company has a market capitalization of $29.94 billion, a price-to-earnings ratio of 911.56, a PEG ratio of 0.60 and a beta of 1.38. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.07 and a current ratio of 0.07. The company has a 50-day simple moving average of $82.51 and a 200 day simple moving average of $95.16. Prudential Financial has a 52 week low of $75.37 and a 52 week high of $110.96.

Prudential Financial (NYSE:PRU – Get Rating) last released its quarterly earnings data on Tuesday, May 2nd. The financial services provider reported $2.66 earnings per share for the quarter, missing the consensus estimate of $3.02 by ($0.36). The firm had revenue of $15.10 billion for the quarter, compared to analyst estimates of $13.29 billion. Prudential Financial had a return on equity of 14.05% and a net margin of 0.09%. During the same quarter in the prior year, the firm earned $3.17 earnings per share.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fairfield Bush & CO. bought a new position in shares of Prudential Financial in the first quarter valued at $36,000. Blair William & Co. IL raised its holdings in shares of Prudential Financial by 11.3% in the first quarter. Blair William & Co. IL now owns 50,600 shares of the financial services provider’s stock valued at $5,979,000 after purchasing an additional 5,126 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Prudential Financial by 6.4% in the first quarter. Sei Investments Co. now owns 90,235 shares of the financial services provider’s stock valued at $10,698,000 after purchasing an additional 5,452 shares during the last quarter. Candriam Luxembourg S.C.A. raised its holdings in shares of Prudential Financial by 0.7% in the first quarter. Candriam Luxembourg S.C.A. now owns 47,576 shares of the financial services provider’s stock valued at $5,621,000 after purchasing an additional 326 shares during the last quarter. Finally, Baird Financial Group Inc. raised its holdings in shares of Prudential Financial by 36.4% in the first quarter. Baird Financial Group Inc. now owns 135,716 shares of the financial services provider’s stock valued at $16,037,000 after purchasing an additional 36,184 shares during the last quarter. 56.33% of the stock is owned by institutional investors.

Insider Transactions at Prudential Financial

In related news, EVP Andrew F. Sullivan sold 4,126 shares of the stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $99.20, for a total transaction of $409,299.20. Following the transaction, the executive vice president now directly owns 12,241 shares of the company’s stock, valued at $1,214,307.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

Prudential Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Tuesday, May 23rd will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 6.09%. The ex-dividend date of this dividend is Monday, May 22nd. Prudential Financial’s dividend payout ratio (DPR) is presently 5,555.56%.

Prudential Financial announced that its Board of Directors has approved a stock buyback plan on Tuesday, February 7th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

About Prudential Financial

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Prudential Financial, Inc engages in the provision of insurance, investment management, and other financial products and services to both individual and institutional customers. It operates through the following segments: PGIM, U.S. Businesses, International Businesses, Closed Block, and Corporate and Others.