Prudential Financial (NYSE:PRU) Reaches New 12-Month High Following Analyst Upgrade

Prudential Financial, Inc. (NYSE:PRU) shares hit a new 52-week high during mid-day trading on Thursday after TD Cowen raised their price target on the stock from $102.00 to $114.00. TD Cowen currently has a hold rating on the stock. Prudential Financial traded as high as $120.59 and last traded at $118.9110, with a volume of 1727909 shares changing hands. The stock had previously closed at $118.59.

Several other research firms have also recently commented on PRU. Mizuho raised their target price on shares of Prudential Financial from $101.00 to $109.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of Prudential Financial from $117.00 to $129.00 and gave the stock a “neutral” rating in a research note on Tuesday. Wells Fargo & Company increased their price target on shares of Prudential Financial from $100.00 to $103.00 and gave the stock an “underweight” rating in a report on Thursday, July 9th. BMO Capital Markets lowered their price objective on Prudential Financial from $91.00 to $87.00 and set an “underperform” rating on the stock in a report on Thursday, April 23rd. Finally, Bank of America dropped their target price on Prudential Financial from $112.00 to $104.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $105.46.

Hedge Funds Weigh In On Prudential Financial

A number of large investors have recently made changes to their positions in the stock. Jessup Wealth Management Inc purchased a new stake in Prudential Financial during the fourth quarter worth about $25,000. Garton & Associates Financial Advisors LLC purchased a new position in Prudential Financial in the fourth quarter valued at about $26,000. Salomon & Ludwin LLC lifted its position in shares of Prudential Financial by 98.3% during the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 114 shares during the period. SJS Investment Consulting Inc. boosted its stake in shares of Prudential Financial by 93.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 134 shares in the last quarter. Finally, Lodestone Wealth Management LLC purchased a new stake in shares of Prudential Financial during the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Prudential Financial Trading Up 0.3%

The firm has a market cap of $41.26 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 2.36 and a beta of 0.85. The business has a fifty day moving average of $108.26 and a two-hundred day moving average of $104.22. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.52. The company had revenue of $15.23 billion for the quarter, compared to the consensus estimate of $14.10 billion. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.During the same period in the previous year, the business earned $3.29 earnings per share. As a group, equities analysts expect that Prudential Financial, Inc. will post 13.83 earnings per share for the current fiscal year.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 26th were given a $1.40 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $5.60 annualized dividend and a dividend yield of 4.7%. Prudential Financial’s payout ratio is currently 57.61%.

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.