Keefe, Bruyette & Woods Initiates Coverage on Prudential Financial (NYSE:PRU)

Keefe, Bruyette & Woods assumed coverage on shares of Prudential Financial (NYSE:PRU) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $106.00 price target on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 13.70% from the stock’s current price.

PRU has been the topic of several other reports. Wells Fargo & Company lowered shares of Prudential Financial from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $115.00 to $103.00 in a research note on Wednesday, February 25th. JPMorgan Chase & Co. reduced their price objective on shares of Prudential Financial from $133.00 to $127.00 and set a “neutral” rating for the company in a research note on Wednesday, February 4th. UBS Group lifted their target price on Prudential Financial from $111.00 to $116.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Piper Sandler upped their target price on Prudential Financial from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, December 23rd. Finally, Barclays reduced their price target on Prudential Financial from $124.00 to $119.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 11th. Nine investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $113.89.

Prudential Financial Trading Down 2.1%

NYSE:PRU opened at $93.23 on Thursday. The company has a market cap of $32.44 billion, a P/E ratio of 9.32, a price-to-earnings-growth ratio of 1.17 and a beta of 0.98. Prudential Financial has a twelve month low of $90.38 and a twelve month high of $119.76. The business has a 50 day moving average price of $101.16 and a two-hundred day moving average price of $105.59. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.37 by ($0.07). The business had revenue of $14.52 billion during the quarter, compared to analyst estimates of $14.48 billion. Prudential Financial had a net margin of 6.20% and a return on equity of 16.32%. During the same quarter last year, the business earned $2.96 earnings per share. As a group, analysts expect that Prudential Financial will post 14.36 EPS for the current fiscal year.

Insider Transactions at Prudential Financial

In other news, Director Joseph J. Wolk purchased 400 shares of Prudential Financial stock in a transaction that occurred on Wednesday, February 11th. The stock was acquired at an average cost of $105.32 per share, for a total transaction of $42,128.00. Following the purchase, the director directly owned 400 shares of the company’s stock, valued at $42,128. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential acquired 1,406,739 shares of the stock in a transaction on Friday, January 23rd. The shares were purchased at an average price of $24.87 per share, for a total transaction of $34,985,598.93. Following the transaction, the insider directly owned 7,709,624 shares in the company, valued at approximately $191,738,348.88. This trade represents a 22.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 1,408,389 shares of company stock worth $35,154,439 over the last three months. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

Several institutional investors and hedge funds have recently modified their holdings of PRU. Jessup Wealth Management Inc bought a new stake in Prudential Financial in the 4th quarter valued at about $25,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Prudential Financial during the 4th quarter worth approximately $26,000. Salomon & Ludwin LLC increased its holdings in shares of Prudential Financial by 98.3% during the fourth quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 114 shares during the period. Lodestone Wealth Management LLC acquired a new stake in shares of Prudential Financial in the fourth quarter valued at approximately $28,000. Finally, Basepoint Wealth LLC bought a new stake in shares of Prudential Financial in the fourth quarter valued at approximately $30,000. 56.83% of the stock is currently owned by institutional investors and hedge funds.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.