Prudential Financial (NYSE:PRU) had its price target lowered by research analysts at Wells Fargo & Co from $122.00 to $111.00 in a note issued to investors on Friday. The firm currently has a “market perform” rating on the financial services provider’s stock. Wells Fargo & Co’s price objective indicates a potential upside of 1.22% from the stock’s previous close.
Other analysts also recently issued reports about the company. ValuEngine upgraded Prudential Financial from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 5th. B. Riley reiterated a “buy” rating on shares of Prudential Financial in a research report on Monday, November 6th. Sandler O’Neill reiterated a “buy” rating and set a $134.00 target price on shares of Prudential Financial in a research report on Thursday, January 11th. Morgan Stanley cut their price target on Prudential Financial from $133.00 to $131.00 and set an “equal weight” rating for the company in a report on Thursday, February 8th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $121.00 price target on shares of Prudential Financial in a report on Monday, October 16th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $119.14.
Prudential Financial (NYSE:PRU) traded down $1.61 on Friday, reaching $109.66. The company’s stock had a trading volume of 1,674,210 shares, compared to its average volume of 2,300,091. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market capitalization of $45,321.36, a P/E ratio of 6.12, a price-to-earnings-growth ratio of 1.11 and a beta of 1.50. Prudential Financial has a one year low of $97.88 and a one year high of $127.14.
Prudential Financial declared that its board has authorized a share buyback program on Thursday, December 14th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In related news, EVP Timothy P. Harris sold 10,527 shares of the company’s stock in a transaction on 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Barbara Koster sold 16,801 shares of the company’s stock in a transaction on 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 transaction, the senior vice president now owns 37,327 shares of the company’s stock, valued at $4,298,950.59. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in PRU. APG Asset Management N.V. boosted its position in shares of Prudential Financial by 171.8% in the third quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock worth $287,566,000 after buying an additional 1,709,699 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Prudential Financial in the fourth quarter worth about $151,327,000. Two Sigma Advisers LP boosted its position in shares of Prudential Financial by 305.3% in the fourth quarter. Two Sigma Advisers LP now owns 1,412,795 shares of the financial services provider’s stock worth $162,443,000 after buying an additional 1,064,223 shares during the period. Two Sigma Investments LP boosted its position in shares of Prudential Financial by 273.8% in the fourth quarter. Two Sigma Investments LP now owns 812,807 shares of the financial services provider’s stock worth $93,457,000 after buying an additional 595,386 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Prudential Financial by 45.5% in the fourth quarter. Millennium Management LLC now owns 1,818,479 shares of the financial services provider’s stock worth $209,089,000 after buying an additional 568,343 shares during the period. Hedge funds and other institutional investors own 64.37% 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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