Prudential Financial’s Neutral Rating Reiterated at Zacks (PRU)
Prudential Financial (NYSE:PRU)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Wednesday. They currently have a $94.00 price target on the stock. Zacks‘s price objective suggests a potential upside of 5.31% from the company’s current price.
Zacks’ analyst wrote, “Prudential Financial Inc.’s second-quarter earnings of $2.49 per share beat the Zacks Consensus Estimate of $2.35 and grew 8.3% year over year. Results benefitted from strong growth in the Annuities, Retirement and Asset Management businesses as well as synergies from the acquisition of the individual life business from Hartford Financial Services Group, Inc. in January last year. The company’s bottom-line growth was also supported by lower share count due to share buyback. We expect a shift toward higher return businesses, organic growth, capital deployment and accretion from recent transactions – Hartford’s life block, GM pension block and Star/Edison to drive the company’s profits. Prudential generates a substantial portion of its earnings from international markets, primarily Japan, where the company gain high returns given its strong competitive position. However, low interest rates, strict capital regulations and a weak group line of business are some of the potential headwinds. Nevertheless, the company boasts a strong balance sheet and has been rated favorably by rating agencies. We, thus, maintain our Neutral recommendation on the stock. “
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James cut their price target on shares of Prudential Financial from $116.00 to $111.00 in a research note on Friday, August 8th. Separately, analysts at Scotia Bank reiterated a “sector perform” rating on shares of Prudential Financial in a research note on Friday, August 8th. They now have a $97.00 price target on the stock, up previously from $95.00. Finally, analysts at RBC Capital raised their price target on shares of Prudential Financial from $100.00 to $107.00 in a research note on Thursday, August 7th. They now have an “outperform” rating on the stock. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $100.47.
Shares of Prudential Financial (NYSE:PRU) traded up 0.15% on Wednesday, hitting $89.39. The stock had a trading volume of 1,200,149 shares. Prudential Financial has a 52-week low of $74.10 and a 52-week high of $92.68. The stock has a 50-day moving average of $88.87 and a 200-day moving average of $85.50. The company has a market cap of $41.119 billion and a price-to-earnings ratio of 14.40.
Prudential Financial (NYSE:PRU) last announced its earnings results on Wednesday, August 6th. The company reported $2.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.14. The company had revenue of $11.11 billion for the quarter, compared to the consensus estimate of $11.12 million. During the same quarter in the previous year, the company posted $2.30 earnings per share. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, analysts predict that Prudential Financial will post $9.69 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, September 18th. Stockholders of record on Tuesday, August 26th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Friday, August 22nd.
Prudential Financial, Inc (NYSE:PRU) is a financial services company.
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