Goldman Sachs Group Trims Prudential Financial (NYSE:PRU) Target Price to $99.00

Prudential Financial (NYSE:PRU) had its price objective dropped by stock analysts at Goldman Sachs Group from $107.00 to $99.00 in a research report issued on Thursday, The Fly reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Goldman Sachs Group’s price target points to a potential upside of 12.22% from the stock’s current price.

Several other analysts have also issued reports on PRU. Wells Fargo & Co set a $115.00 target price on shares of Prudential Financial and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Zacks Investment Research upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $89.00 target price for the company in a research note on Tuesday. ValuEngine lowered shares of Prudential Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. UBS Group upped their target price on shares of Prudential Financial from $83.00 to $84.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. Finally, B. Riley lowered shares of Prudential Financial from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $122.00 to $100.00 in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $101.05.

NYSE PRU opened at $88.22 on Thursday. Prudential Financial has a 1 year low of $75.61 and a 1 year high of $106.64. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.11 and a quick ratio of 0.11. The firm has a market cap of $34.86 billion, a price-to-earnings ratio of 7.55, a PEG ratio of 0.78 and a beta of 1.55. The company has a fifty day moving average price of $85.92 and a 200-day moving average price of $95.52.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.22 by ($0.08). Prudential Financial had a return on equity of 9.24% and a net margin of 6.92%. The firm had revenue of $14.11 billion during the quarter, compared to the consensus estimate of $13.63 billion. During the same quarter in the previous year, the company earned $3.01 EPS. On average, research analysts anticipate that Prudential Financial will post 12.37 EPS for the current fiscal year.

In related news, EVP Robert Falzon purchased 3,580 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average cost of $83.98 per share, with a total value of $300,648.40. Following the acquisition, the executive vice president now owns 64,228 shares of the company’s stock, valued at $5,393,867.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles F. Lowrey purchased 7,500 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was bought at an average cost of $83.68 per share, for a total transaction of $627,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 64,263 shares in the company, valued at approximately $5,377,527.84. The disclosure for this purchase can be found here. Insiders purchased a total of 13,580 shares of company stock worth $1,137,848 over the last three months. 0.76% of the stock is owned by insiders.

Several large investors have recently modified their holdings of PRU. Geode Capital Management LLC boosted its holdings in shares of Prudential Financial by 6.8% in the 4th quarter. Geode Capital Management LLC now owns 5,129,191 shares of the financial services provider’s stock worth $417,519,000 after buying an additional 326,075 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Prudential Financial by 30.7% during the first quarter. Janus Henderson Group PLC now owns 128,995 shares of the financial services provider’s stock valued at $11,855,000 after purchasing an additional 30,330 shares during the last quarter. Cornerstone Advisors Inc. lifted its holdings in Prudential Financial by 29.4% during the first quarter. Cornerstone Advisors Inc. now owns 1,250 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 284 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Prudential Financial by 1.5% during the first quarter. Victory Capital Management Inc. now owns 147,491 shares of the financial services provider’s stock valued at $13,551,000 after purchasing an additional 2,232 shares during the last quarter. Finally, First Allied Advisory Services Inc. lifted its holdings in Prudential Financial by 4.9% during the first quarter. First Allied Advisory Services Inc. now owns 15,927 shares of the financial services provider’s stock valued at $1,469,000 after purchasing an additional 737 shares during the last quarter. 63.57% of the stock is currently owned by institutional investors.

About Prudential Financial

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.

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