Goldman Sachs Group Inc. upgraded shares of Prudential Financial Inc. (NYSE:PRU) from a neutral rating to a buy rating in a research report released on Friday. Goldman Sachs Group Inc. currently has $93.00 price target on the stock, up from their previous price target of $80.00.
Other equities analysts have also recently issued research reports about the company. Deutsche Bank AG decreased their price target on Prudential Financial from $90.00 to $83.00 and set a buy rating for the company in a report on Thursday, July 7th. Citigroup Inc. cut their target price on Prudential Financial from $83.00 to $80.00 and set a buy rating on the stock in a research report on Thursday, July 7th. Evercore ISI assumed coverage on Prudential Financial in a research report on Wednesday, July 6th. They issued a hold rating and a $78.00 target price on the stock. Zacks Investment Research raised Prudential Financial from a sell rating to a hold rating in a research report on Thursday, July 14th. Finally, Bank of America Corp. lowered Prudential Financial from a neutral rating to an underperform rating in a research report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. Prudential Financial presently has a consensus rating of Buy and an average price target of $89.33.
Shares of Prudential Financial (NYSE:PRU) opened at 80.66 on Friday. The firm’s 50-day moving average is $78.37 and its 200-day moving average is $75.69. Prudential Financial has a 12-month low of $57.19 and a 12-month high of $88.77. The firm has a market cap of $35.25 billion, a PE ratio of 8.29 and a beta of 1.62.
Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $1.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.51 by $0.67. Prudential Financial had a return on equity of 8.11% and a net margin of 8.90%. During the same period in the previous year, the firm posted $2.91 earnings per share. Equities analysts expect that Prudential Financial will post ($0.01) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Tuesday, August 23rd were paid a $0.70 dividend. The ex-dividend date was Friday, August 19th. This represents a $2.80 annualized dividend and a dividend yield of 3.47%. Prudential Financial’s payout ratio is 28.78%.
In related news, CFO Robert Falzon sold 33,820 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $77.13, for a total transaction of $2,608,536.60. Following the completion of the transaction, the chief financial officer now owns 70,264 shares of the company’s stock, valued at $5,419,462.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charles F. Lowrey sold 41,644 shares of the firm’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $80.00, for a total value of $3,331,520.00. Following the transaction, the insider now directly owns 98,307 shares of the company’s stock, valued at approximately $7,864,560. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Americafirst Capital Management LLC purchased a new position in shares of Prudential Financial during the second quarter valued at $100,000. Bessemer Group Inc. boosted its position in shares of Prudential Financial by 6.7% in the second quarter. Bessemer Group Inc. now owns 1,516 shares of the company’s stock valued at $108,000 after buying an additional 95 shares in the last quarter. Gierl Augustine Investment Management Inc boosted its position in shares of Prudential Financial by 14.4% in the second quarter. Gierl Augustine Investment Management Inc now owns 1,632 shares of the company’s stock valued at $116,000 after buying an additional 206 shares in the last quarter. Howard Hughes Medical Institute purchased a new position in shares of Prudential Financial during the first quarter valued at $119,000. Finally, Cantab Capital Partners LLP purchased a new position in shares of Prudential Financial during the second quarter valued at $132,000. 60.62% of the stock is owned by institutional investors and hedge funds.
Prudential Financial Company Profile
Prudential Financial, Inc is a financial services company. The Company, through its subsidiaries and affiliates, provides a range of financial products and services, including life insurance, annuities and investment management. The Company’s divisions include U.S. Retirement Solutions and Investment Management Division; U.S.
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