Barclays Cuts Prudential Financial (NYSE:PRU) Price Target to $127.00

Prudential Financial (NYSE:PRU) had its target price trimmed by Barclays from $129.00 to $127.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on the company. Bank of America raised their target price on Prudential Financial from $109.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods cut their price target on shares of Prudential Financial from $135.00 to $129.00 and set a “market perform” rating on the stock in a report on Thursday. TD Cowen raised their price target on shares of Prudential Financial from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. Jefferies Financial Group raised their target price on Prudential Financial from $149.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Piper Sandler dropped their price target on Prudential Financial from $127.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday. Eleven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $127.25.

Prudential Financial Stock Performance

Shares of PRU stock opened at $118.98 on Friday. The company has a market capitalization of $42.36 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 0.75 and a beta of 1.31. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.14 and a current ratio of 0.14. Prudential Financial has a 52 week low of $100.60 and a 52 week high of $130.55. The company has a 50-day simple moving average of $122.06 and a 200 day simple moving average of $120.67.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. The company had revenue of $19.48 billion during the quarter, compared to the consensus estimate of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same quarter last year, the firm earned $3.44 earnings per share. On average, sell-side analysts predict that Prudential Financial will post 13.34 earnings per share for the current year.

Prudential Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 19th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.37%. The ex-dividend date was Tuesday, November 19th. Prudential Financial’s dividend payout ratio (DPR) is currently 46.22%.

Insider Activity

In related news, major shareholder Insurance Co Of Ame Prudential bought 537,249 shares of the stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $27.92 per share, with a total value of $14,999,992.08. Following the purchase, the insider now owns 4,780,293 shares in the company, valued at approximately $133,465,780.56. The trade was a 12.66 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of Prudential Financial

Institutional investors have recently made changes to their positions in the stock. Grove Bank & Trust increased its holdings in Prudential Financial by 65.9% during the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 87 shares during the period. Ashton Thomas Securities LLC purchased a new position in Prudential Financial during the 3rd quarter valued at about $31,000. Quarry LP boosted its position in shares of Prudential Financial by 376.3% in the 3rd quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 222 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Prudential Financial in the fourth quarter worth $37,000. Finally, Tompkins Financial Corp grew its position in Prudential Financial by 61.7% during the 3rd quarter. Tompkins Financial Corp now owns 367 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 140 shares during the last quarter. Hedge funds and other institutional investors 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.