Prudential Financial (NYSE:PRU) Price Target Cut to $101.00 by Analysts at Mizuho

Prudential Financial (NYSE:PRU) had its price target decreased by Mizuho from $113.00 to $101.00 in a report published on Monday morning,Benzinga reports. Mizuho currently has a neutral rating on the financial services provider’s stock.

Several other research analysts have also recently weighed in on PRU. Wells Fargo & Company decreased their target price on Prudential Financial from $103.00 to $95.00 and set an “underweight” rating for the company in a research note on Friday. Barclays decreased their target price on Prudential Financial from $119.00 to $110.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Piper Sandler raised Prudential Financial to a “hold” rating in a research note on Thursday, April 2nd. Evercore reaffirmed a “negative” rating on shares of Prudential Financial in a research note on Friday, March 6th. Finally, UBS Group decreased their target price on Prudential Financial from $105.00 to $98.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Nine investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $108.44.

Prudential Financial Trading Up 1.5%

Shares of PRU stock opened at $98.40 on Monday. The stock has a 50-day simple moving average of $98.50 and a 200 day simple moving average of $105.07. Prudential Financial has a fifty-two week low of $91.89 and a fifty-two week high of $119.76. The stock has a market capitalization of $34.23 billion, a P/E ratio of 9.84, a P/E/G ratio of 1.20 and a beta of 0.95. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share for the quarter, missing the consensus estimate of $3.37 by ($0.07). Prudential Financial had a net margin of 6.20% and a return on equity of 16.32%. The firm had revenue of $14.52 billion for the quarter, compared to the consensus estimate of $14.48 billion. During the same period in the prior year, the business earned $2.96 EPS. On average, sell-side analysts expect that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Tuesday, February 17th were paid a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $5.60 annualized dividend and a yield of 5.7%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.35. Prudential Financial’s dividend payout ratio (DPR) is currently 56.00%.

Insiders Place Their Bets

In other news, Director Joseph J. Wolk purchased 400 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was bought at an average cost of $105.32 per share, with a total value of $42,128.00. Following the purchase, the director directly owned 400 shares of the company’s stock, valued at approximately $42,128. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jacques Chappuis purchased 1,000 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were purchased at an average cost of $100.97 per share, with a total value of $100,970.00. Following the completion of the purchase, the executive vice president directly owned 1,000 shares in the company, valued at approximately $100,970. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 1,408,389 shares of company stock valued at $35,154,439 in the last 90 days. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Prudential Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in PRU. Norges Bank purchased a new stake in shares of Prudential Financial during the 4th quarter worth about $140,530,000. Marshall Wace LLP raised its stake in shares of Prudential Financial by 230.3% during the 4th quarter. Marshall Wace LLP now owns 1,374,966 shares of the financial services provider’s stock worth $155,206,000 after purchasing an additional 958,672 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Prudential Financial by 183.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 804,316 shares of the financial services provider’s stock worth $83,440,000 after purchasing an additional 520,425 shares in the last quarter. Morgan Stanley raised its stake in shares of Prudential Financial by 6.7% during the 4th quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider’s stock worth $750,562,000 after purchasing an additional 420,081 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Prudential Financial by 209.2% during the 2nd quarter. Canada Pension Plan Investment Board now owns 520,025 shares of the financial services provider’s stock worth $55,871,000 after purchasing an additional 351,849 shares in the last quarter. 56.83% of the stock is owned by hedge funds and other institutional investors.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.