Prudential Financial, Inc. (NYSE:PRU) declared a quarterly dividend on Monday, November 9th, RTT News reports. Stockholders of record on Tuesday, November 24th will be given a dividend of 1.10 per share by the financial services provider on Thursday, December 17th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date is Monday, November 23rd.
Prudential Financial has raised its dividend payment by 42.9% over the last three years and has increased its dividend annually for the last 1 consecutive years. Prudential Financial has a payout ratio of 45.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Prudential Financial to earn $11.72 per share next year, which means the company should continue to be able to cover its $4.40 annual dividend with an expected future payout ratio of 37.5%.
PRU stock opened at $75.65 on Friday. The stock has a market capitalization of $29.96 billion, a P/E ratio of -122.02, a price-to-earnings-growth ratio of 0.77 and a beta of 1.69. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.30. Prudential Financial has a 12 month low of $38.62 and a 12 month high of $97.24. The firm has a 50-day moving average price of $67.59 and a 200-day moving average price of $64.68.
In related news, SVP Timothy L. Schmidt sold 5,334 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $69.54, for a total value of $370,926.36. Following the sale, the senior vice president now directly owns 27,784 shares of the company’s stock, valued at $1,932,099.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.33% of the stock is currently owned by corporate insiders.
A number of equities analysts recently issued reports on PRU shares. ValuEngine cut Prudential Financial from a “sell” rating to a “strong sell” rating in a report on Monday, August 3rd. Zacks Investment Research upgraded shares of Prudential Financial from a “sell” rating to a “hold” rating and set a $67.00 target price on the stock in a research note on Wednesday, October 28th. Morgan Stanley increased their price target on Prudential Financial from $76.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Barclays began coverage on shares of Prudential Financial in a research note on Tuesday, November 17th. They issued an “equal weight” rating and a $76.00 price objective for the company. Finally, Wells Fargo & Company raised their price target on Prudential Financial from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $73.00.
About Prudential Financial
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.
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