Morgan Stanley Raises Prudential Financial, Inc. (PRU) Price Target to $123.00
Prudential Financial, Inc. (NYSE:PRU) had its target price hoisted by equities research analysts at Morgan Stanley from $118.00 to $123.00 in a research report issued on Thursday. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 14.05% from the company’s previous close.
A number of other equities analysts have also weighed in on the company. Royal Bank Of Canada reiterated a “hold” rating and issued a $117.00 price target on shares of Prudential Financial in a research report on Wednesday, September 6th. BidaskClub lowered Prudential Financial from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Prudential Financial in a research report on Friday, August 11th. Finally, Wells Fargo & Company reiterated a “hold” rating on shares of Prudential Financial in a research report on Thursday, August 3rd. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Prudential Financial has a consensus rating of “Buy” and a consensus target price of $113.66.
Shares of Prudential Financial (PRU) traded up 1.50% on Thursday, reaching $109.47. 361,628 shares of the company traded hands. The firm has a 50-day moving average of $103.28 and a 200-day moving average of $106.52. The company has a market capitalization of $46.74 billion, a PE ratio of 12.22 and a beta of 1.51. Prudential Financial has a 52-week low of $82.45 and a 52-week high of $115.26.
Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $2.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.61). Prudential Financial had a net margin of 7.15% and a return on equity of 8.98%. The company had revenue of $13.03 billion during the quarter, compared to analyst estimates of $12.45 billion. During the same quarter last year, the business earned $1.84 EPS. On average, equities research analysts forecast that Prudential Financial will post $10.14 earnings per share for the current fiscal year.
In other Prudential Financial news, insider Stephen Pelletier sold 4,133 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $112.18, for a total transaction of $463,639.94. Following the completion of the sale, the insider now directly owns 10,924 shares in the company, valued at approximately $1,225,454.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas C. Silitch sold 14,897 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $110.00, for a total value of $1,638,670.00. Following the sale, the insider now owns 21,274 shares of the company’s stock, valued at $2,340,140. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Eqis Capital Management Inc. acquired a new stake in Prudential Financial during the 3rd quarter worth about $535,000. Intl Fcstone Inc. acquired a new stake in Prudential Financial during the 2nd quarter worth about $247,000. Achmea Investment Management B.V. boosted its position in Prudential Financial by 22.4% during the 2nd quarter. Achmea Investment Management B.V. now owns 69,821 shares of the financial services provider’s stock worth $7,548,000 after acquiring an additional 12,759 shares during the period. USA Financial Portformulas Corp boosted its position in Prudential Financial by 10.0% during the 2nd quarter. USA Financial Portformulas Corp now owns 27,895 shares of the financial services provider’s stock worth $3,017,000 after acquiring an additional 2,547 shares during the period. Finally, Toronto Dominion Bank boosted its position in Prudential Financial by 24.7% during the 2nd quarter. Toronto Dominion Bank now owns 147,705 shares of the financial services provider’s stock worth $15,971,000 after acquiring an additional 29,303 shares during the period. Hedge funds and other institutional investors own 64.45% of the company’s stock.
About Prudential Financial
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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