Wells Fargo & Company Lowers Prudential Financial (NYSE:PRU) Price Target to $113.00

Prudential Financial (NYSE:PRU) had its price objective lowered by research analysts at Wells Fargo & Company from $116.00 to $113.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 9.60% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Piper Sandler dropped their price target on shares of Prudential Financial from $109.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday. UBS Group decreased their target price on shares of Prudential Financial from $122.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday, May 27th. Wall Street Zen downgraded shares of Prudential Financial from a “hold” rating to a “sell” rating in a research note on Saturday, July 5th. Barclays increased their price objective on shares of Prudential Financial from $109.00 to $119.00 and gave the company an “equal weight” rating in a research note on Monday, July 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $121.62.

Prudential Financial Trading Up 0.9%

NYSE PRU opened at $103.10 on Wednesday. Prudential Financial has a 12 month low of $90.38 and a 12 month high of $130.55. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.17 and a quick ratio of 0.17. The company has a market capitalization of $36.50 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 0.97 and a beta of 1.07. The firm’s fifty day moving average price is $105.32 and its 200 day moving average price is $108.50.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $3.29 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.11. Prudential Financial had a net margin of 3.84% and a return on equity of 15.84%. The firm had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $14.76 billion. During the same quarter in the previous year, the firm earned $3.12 earnings per share. The firm’s revenue was down 38.2% on a year-over-year basis. On average, sell-side analysts expect that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Prudential Financial

In other news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the completion of the purchase, the insider owned 3,168,461 shares of the company’s stock, valued at $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Prudential Financial

A number of hedge funds and other institutional investors have recently modified their holdings of PRU. Vanguard Group Inc. grew its holdings in shares of Prudential Financial by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 41,850,558 shares of the financial services provider’s stock worth $4,960,547,000 after purchasing an additional 220,671 shares during the last quarter. Geode Capital Management LLC lifted its stake in Prudential Financial by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 8,856,360 shares of the financial services provider’s stock valued at $1,050,635,000 after buying an additional 193,681 shares during the period. Northern Trust Corp raised its position in shares of Prudential Financial by 23.7% during the fourth quarter. Northern Trust Corp now owns 4,686,690 shares of the financial services provider’s stock worth $555,513,000 after purchasing an additional 897,916 shares during the period. Invesco Ltd. raised its position in Prudential Financial by 2.7% in the 1st quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider’s stock valued at $495,859,000 after buying an additional 116,079 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Prudential Financial by 19.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider’s stock valued at $469,777,000 after buying an additional 678,028 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company’s stock.

About Prudential Financial

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 PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.