Prudential Financial Inc. (PRU) Receives New Coverage from Analysts at Credit Suisse Group AG
Stock analysts at Credit Suisse Group AG assumed coverage on shares of Prudential Financial Inc. (NYSE:PRU) in a research note issued on Friday. The brokerage set a “neutral” rating on the stock.
PRU has been the subject of a number of other reports. Goldman Sachs Group Inc. raised Prudential Financial from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $80.00 to $93.00 in a research report on Friday, September 23rd. Zacks Investment Research downgraded Prudential Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, June 21st. Wells Fargo & Co. initiated coverage on Prudential Financial in a research report on Friday, September 23rd. They set a “market perform” rating for the company. Citigroup Inc. cut their price objective on Prudential Financial from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, July 7th. Finally, Evercore ISI initiated coverage on Prudential Financial in a research report on Wednesday, July 6th. They set a “hold” rating and a $78.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $89.33.
Prudential Financial (NYSE:PRU) traded down 0.56% during mid-day trading on Friday, hitting $84.53. 2,470,217 shares of the company’s stock traded hands. Prudential Financial has a one year low of $57.19 and a one year high of $88.77. The stock has a market cap of $36.94 billion, a PE ratio of 8.68 and a beta of 1.68. The firm’s 50-day moving average price is $79.54 and its 200-day moving average price is $76.11.
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Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, August 3rd. The company reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 last year, the company earned $2.91 earnings per share. On average, analysts forecast that Prudential Financial will post ($0.01) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Tuesday, August 23rd were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Friday, August 19th. Prudential Financial’s dividend payout ratio is currently 28.78%.
In other Prudential Financial news, insider Stephen Pelletier sold 4,470 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $76.36, for a total value of $341,329.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Charles F. Lowrey sold 41,644 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now 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 company insiders.
A number of large investors have recently modified their holdings of the stock. Americafirst Capital Management LLC bought a new position in Prudential Financial during the second quarter worth about $100,000. Bessemer Group Inc. raised its position in Prudential Financial by 6.7% in the second quarter. Bessemer Group Inc. now owns 1,516 shares of the company’s stock worth $108,000 after buying an additional 95 shares during the last quarter. Gierl Augustine Investment Management Inc raised its position in Prudential Financial by 14.4% in the second quarter. Gierl Augustine Investment Management Inc now owns 1,632 shares of the company’s stock worth $116,000 after buying an additional 206 shares during the last quarter. Cantab Capital Partners LLP bought a new position in Prudential Financial during the second quarter worth about $132,000. Finally, Seven Eight Capital LLC raised its position in Prudential Financial by 757.0% in the first quarter. Seven Eight Capital LLC now owns 2,151 shares of the company’s stock worth $155,000 after buying an additional 1,900 shares during the last quarter. Institutional investors own 60.62% of the company’s stock.
About Prudential Financial
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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