Prudential Financial (NYSE:PRU) Price Target Cut to $99.00 by Analysts at Goldman Sachs Group
Prudential Financial (NYSE:PRU) had its price objective lowered by Goldman Sachs Group from $107.00 to $99.00 in a research report report published on Thursday morning, The Fly reports. Goldman Sachs Group currently has a buy rating on the financial services provider’s stock.
Several other equities research analysts have also recently issued reports on the company. B. Riley cut 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 report on Thursday, August 1st. Atlantic Securities lowered Prudential Financial from an overweight rating to a neutral rating in a research report on Thursday, August 8th. Citigroup downgraded shares of Prudential Financial from a buy rating to a neutral rating and decreased their price target for the company from $112.00 to $94.00 in a research note on Monday, August 5th. Wells Fargo & Co set a $115.00 price target on shares of Prudential Financial and gave the company a buy rating in a research note on Wednesday, July 31st. Finally, UBS Group boosted their price objective 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. One research 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’s stock. The stock has an average rating of Hold and an average target price of $100.50.
Shares of PRU stock traded up $1.60 on Thursday, reaching $89.82. The stock had a trading volume of 3,310,972 shares, compared to its average volume of 2,262,840. The stock has a market cap of $34.86 billion, a P/E ratio of 7.68, a price-to-earnings-growth ratio of 0.78 and a beta of 1.55. 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 quick ratio of 0.11 and a current ratio of 0.11. The company has a 50 day simple moving average of $85.92 and a 200 day simple moving average of $95.52.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 20th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.45%. Prudential Financial’s payout ratio is currently 34.22%.
In other news, EVP Robert Falzon acquired 3,580 shares of Prudential Financial stock in a transaction dated Monday, September 9th. The shares were acquired at an average cost of $83.98 per share, for a total transaction 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 legal filing with the SEC, which is accessible through the SEC website. Also, CEO Charles F. Lowrey purchased 7,500 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average price of $83.68 per share, for a total transaction of $627,600.00. Following the completion of the purchase, the chief executive officer now directly owns 64,263 shares in the company, valued at $5,377,527.84. The disclosure for this purchase can be found here. Insiders acquired a total of 13,580 shares of company stock valued at $1,137,848 in the last three months. 0.76% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of PRU. Vanguard Group Inc. boosted its holdings in Prudential Financial by 1.0% during the second quarter. Vanguard Group Inc. now owns 32,659,263 shares of the financial services provider’s stock worth $3,298,586,000 after buying an additional 324,451 shares in the last quarter. BlackRock Inc. raised its position in shares of Prudential Financial by 6.2% in the second quarter. BlackRock Inc. now owns 31,395,669 shares of the financial services provider’s stock valued at $3,170,962,000 after buying an additional 1,840,652 shares during the last quarter. Northern Trust Corp raised its position in shares of Prudential Financial by 0.5% in the second quarter. Northern Trust Corp now owns 5,176,780 shares of the financial services provider’s stock valued at $522,855,000 after buying an additional 27,620 shares during the last quarter. Geode Capital Management LLC increased its position in Prudential Financial by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 5,129,191 shares of the financial services provider’s stock worth $417,519,000 after purchasing an additional 326,075 shares during the last quarter. Finally, Invesco Ltd. increased its position in Prudential Financial by 72.7% during the second quarter. Invesco Ltd. now owns 3,825,999 shares of the financial services provider’s stock worth $386,426,000 after purchasing an additional 1,610,600 shares during the last quarter. Institutional investors own 63.57% of the company’s stock.
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.
Receive News & Ratings for Prudential Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prudential Financial and related companies with MarketBeat.com's FREE daily email newsletter.