Q4 2017 EPS Estimates for Prudential Financial Inc (PRU) Lowered by Langen Mcalenn
Prudential Financial Inc (NYSE:PRU) – Equities research analysts at Langen Mcalenn dropped their Q4 2017 earnings per share (EPS) estimates for shares of Prudential Financial in a research report issued on Tuesday. Langen Mcalenn analyst L. Greenberg now forecasts that the financial services provider will post earnings per share of $2.56 for the quarter, down from their prior estimate of $2.58. Langen Mcalenn also issued estimates for Prudential Financial’s FY2018 earnings at $12.05 EPS.
PRU has been the subject of a number of other research reports. Royal Bank of Canada reaffirmed a “hold” rating and issued a $119.00 target price on shares of Prudential Financial in a report on Friday, November 3rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $127.00 target price on shares of Prudential Financial in a report on Thursday, December 21st. Morgan Stanley upped their target price on Prudential Financial from $123.00 to $124.00 and gave the stock an “equal weight” rating in a report on Thursday, November 2nd. Goldman Sachs Group started coverage on Prudential Financial in a report on Wednesday, October 18th. They issued a “neutral” rating and a $114.00 target price for the company. Finally, Citigroup raised Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 target price for the company in a report on Tuesday, October 17th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Prudential Financial currently has an average rating of “Buy” and an average target price of $119.35.
Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.30. Prudential Financial had a return on equity of 9.51% and a net margin of 7.71%. The company had revenue of $13.36 billion during the quarter, compared to analysts’ expectations of $12.24 billion. During the same quarter in the previous year, the firm earned $2.66 EPS.
Prudential Financial announced that its Board of Directors has approved a stock repurchase plan on Thursday, December 14th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other Prudential Financial news, EVP Timothy P. Harris sold 10,527 shares of the company’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $115.00, for a total value of $1,210,605.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Barbara Koster sold 16,801 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total value of $1,934,971.17. Following the completion of the sale, the senior vice president now owns 37,327 shares in the company, valued at approximately $4,298,950.59. The disclosure for this sale can be found here. Insiders sold a total of 116,818 shares of company stock worth $13,154,122 in the last quarter. Corporate insiders own 0.66% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. National Pension Service boosted its position in shares of Prudential Financial by 2.3% during the 4th quarter. National Pension Service now owns 391,289 shares of the financial services provider’s stock valued at $44,990,000 after purchasing an additional 8,717 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Prudential Financial by 4.9% during the 4th quarter. Bank of Montreal Can now owns 1,551,788 shares of the financial services provider’s stock valued at $178,423,000 after purchasing an additional 72,507 shares in the last quarter. Private Trust Co. NA bought a new stake in shares of Prudential Financial during the 4th quarter valued at about $203,000. First United Bank Trust boosted its position in shares of Prudential Financial by 2.8% during the 4th quarter. First United Bank Trust now owns 19,360 shares of the financial services provider’s stock valued at $2,226,000 after purchasing an additional 520 shares in the last quarter. Finally, Atria Investments LLC boosted its position in shares of Prudential Financial by 33.8% during the 4th quarter. Atria Investments LLC now owns 23,432 shares of the financial services provider’s stock valued at $2,694,000 after purchasing an additional 5,915 shares in the last quarter. Hedge funds and other institutional investors own 64.50% 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.
Receive News & Ratings for Prudential Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prudential Financial and related companies with MarketBeat.com's FREE daily email newsletter.