Financial

Morgan Stanley Increases Prudential Financial (NYSE:PRU) Price Target to $90.00

Prudential Financial, Inc. logoPrudential Financial (NYSE:PRU) had its price target lifted by Morgan Stanley from $86.00 to $90.00 in a report released on Thursday, Analyst Ratings Network reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

Several other analysts also recently weighed in on the stock. Credit Suisse Group lifted their target price on shares of Prudential Financial from $64.00 to $79.00 and gave the company a neutral rating in a report on Tuesday, December 1st. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised shares of Prudential Financial from a sell rating to a neutral rating and boosted their price objective for the stock from $58.00 to $80.00 in a report on Tuesday, December 8th. Zacks Investment Research downgraded shares of Prudential Financial from a hold rating to a sell rating and set a $84.00 price objective on the stock. in a report on Tuesday, February 9th. TheStreet downgraded shares of Prudential Financial from a b- rating to a c rating in a report on Thursday, February 4th. Finally, Barclays initiated coverage on shares of Prudential Financial in a report on Tuesday, November 17th. They set an equal weight rating and a $76.00 price objective on the stock. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $78.92.

Shares of Prudential Financial stock opened at $86.72 on Thursday. Prudential Financial has a 1 year low of $38.62 and a 1 year high of $91.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $34.43 billion, a P/E ratio of -240.89, a PEG ratio of 1.72 and a beta of 1.72. The company’s fifty day moving average is $82.14 and its two-hundred day moving average is $73.76.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Thursday, February 4th. The financial services provider reported $2.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.50 by $0.43. Prudential Financial had a negative net margin of 0.12% and a positive return on equity of 6.06%. As a group, equities analysts expect that Prudential Financial will post 9.82 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 11th. Shareholders of record on Tuesday, February 16th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Friday, February 12th. This represents a $4.60 dividend on an annualized basis and a yield of 5.30%. This is a boost from Prudential Financial’s previous quarterly dividend of $1.10. Prudential Financial’s payout ratio is presently 39.35%.

In other Prudential Financial news, Director Wendy Elizabeth Jones bought 1,000 shares of the business’s stock in a transaction on Tuesday, February 9th. The stock was bought at an average price of $80.98 per share, for a total transaction of $80,980.00. Following the completion of the transaction, the director now owns 1,000 shares in the company, valued at approximately $80,980. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of Prudential Financial by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,264,469 shares of the financial services provider’s stock valued at $410,998,000 after buying an additional 146,092 shares during the last quarter. Morgan Stanley raised its position in shares of Prudential Financial by 12.8% in the third quarter. Morgan Stanley now owns 4,648,070 shares of the financial services provider’s stock valued at $295,245,000 after buying an additional 527,368 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Prudential Financial by 32.2% in the fourth quarter. Nuveen Asset Management LLC now owns 4,140,880 shares of the financial services provider’s stock valued at $323,278,000 after buying an additional 1,008,473 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Prudential Financial by 3.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 4,127,287 shares of the financial services provider’s stock valued at $262,165,000 after buying an additional 138,567 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Prudential Financial by 337.4% in the fourth quarter. Principal Financial Group Inc. now owns 2,682,310 shares of the financial services provider’s stock valued at $209,408,000 after buying an additional 2,069,010 shares during the last quarter. 54.50% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Company Profile

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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Analyst Recommendations for Prudential Financial (NYSE:PRU)

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In other Prudential Financial news, Director Wendy Elizabeth Jones bought 1,000 shares of the business’s stock in a transaction on Tuesday, February 9th. The stock was bought at an average price of $80.98 per share, for a total transaction of $80,980.00. Following the completion of the transaction, the director now owns 1,000 shares in the company, valued at approximately $80,980. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Source: https://slatersentinel.com/news/2021/02/28/morgan-stanley-increases-prudential-financial-nysepru-price-target-to-90-00.html

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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