Brokers Set Expectations for Prudential Financial, Inc.’s FY2017 Earnings (PRU)
Prudential Financial, Inc. (NYSE:PRU) – Stock analysts at FBR & Co increased their FY2017 earnings per share estimates for shares of Prudential Financial in a report released on Tuesday. FBR & Co analyst R. Binner now anticipates that the financial services provider will earn $10.10 per share for the year, up from their previous forecast of $10.00. FBR & Co has a “Buy” rating and a $100.00 price objective on the stock.
Prudential Financial (NYSE:PRU) last issued its 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 return on equity of 8.98% and a net margin of 7.15%. The company had revenue of $13.03 billion for the quarter, compared to the consensus estimate of $12.45 billion. During the same quarter in the prior year, the company posted $1.84 EPS.
Several other research analysts have also recently weighed in on the stock. BidaskClub cut shares of Prudential Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $117.00 target price on shares of Prudential Financial in a research report on Wednesday, September 6th. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $122.00 target price on the stock in a research report on Tuesday. Wells Fargo & Company reissued a “hold” rating on shares of Prudential Financial in a research report on Thursday, August 3rd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating on shares of Prudential Financial in a research report on Friday, August 11th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Prudential Financial has an average rating of “Buy” and a consensus price target of $114.30.
Prudential Financial (NYSE PRU) opened at 110.01 on Thursday. The company’s 50 day moving average is $104.29 and its 200-day moving average is $106.64. Prudential Financial has a 12 month low of $82.45 and a 12 month high of $115.26. The company has a market cap of $46.97 billion, a price-to-earnings ratio of 12.28 and a beta of 1.51.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its stake in Prudential Financial by 3,296.9% during the 1st quarter. BlackRock Inc. now owns 32,220,957 shares of the financial services provider’s stock worth $3,437,330,000 after buying an additional 31,272,429 shares during the last quarter. Janus Henderson Group PLC boosted its position in Prudential Financial by 1,997.1% during the 2nd quarter. Janus Henderson Group PLC now owns 1,204,160 shares of the financial services provider’s stock worth $130,218,000 after acquiring an additional 1,146,739 shares during the period. Vanguard Group Inc. boosted its position in Prudential Financial by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 30,272,486 shares of the financial services provider’s stock worth $3,229,469,000 after acquiring an additional 968,500 shares during the period. AJO LP boosted its position in Prudential Financial by 42.8% during the 2nd quarter. AJO LP now owns 2,743,406 shares of the financial services provider’s stock worth $296,672,000 after acquiring an additional 821,881 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in Prudential Financial by 48.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,247,204 shares of the financial services provider’s stock worth $243,013,000 after acquiring an additional 737,458 shares during the period. Institutional investors and hedge funds own 64.45% of the company’s stock.
In other news, insider Nicholas C. Silitch sold 14,897 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 21,274 shares in the company, valued at approximately $2,340,140. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Pelletier sold 4,133 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $112.18, for a total value of $463,639.94. Following the completion of the sale, the insider now owns 10,924 shares of the company’s stock, valued at $1,225,454.32. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 14th. Investors of record on Tuesday, August 22nd were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Friday, August 18th. Prudential Financial’s dividend payout ratio (DPR) is presently 33.63%.
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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