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
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
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.
- Get a free copy of the StockNews.com research report on Prudential Financial (PRU)
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