Wells Fargo & Company set a $122.00 target price on Prudential Financial (NYSE:PRU) in a report issued on Thursday morning. The firm currently has a hold rating on the financial services provider’s stock.
A number of other equities analysts also recently issued reports on the company. ValuEngine upgraded Prudential Financial from a buy rating to a strong-buy rating in a research note on Tuesday, December 5th. Keefe, Bruyette & Woods restated a buy rating on shares of Prudential Financial in a research note on Friday, November 10th. B. Riley restated a buy rating on shares of Prudential Financial in a research note on Monday, November 6th. Royal Bank of Canada reaffirmed a hold rating and issued a $119.00 target price on shares of Prudential Financial in a report on Friday, November 3rd. Finally, Morgan Stanley raised their target price on Prudential Financial from $123.00 to $124.00 and gave the stock an equal weight rating in a report on Thursday, November 2nd. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Prudential Financial currently has an average rating of Buy and an average price target of $115.78.
Prudential Financial (NYSE PRU) opened at $115.73 on Thursday. The stock has a market capitalization of $49,810.00, a price-to-earnings ratio of 11.18, a PEG ratio of 1.30 and a beta of 1.55. Prudential Financial has a 52 week low of $97.88 and a 52 week high of $117.99. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.34.
Prudential Financial declared that its Board of Directors has approved a share buyback program on Thursday, December 14th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, December 14th. Investors of record on Monday, November 27th were issued a $0.75 dividend. The ex-dividend date was Friday, November 24th. This represents a $3.00 dividend on an annualized basis and a yield of 2.59%. Prudential Financial’s dividend payout ratio is currently 30.24%.
In other Prudential Financial news, EVP Timothy P. Harris sold 10,527 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $115.00, for a total transaction of $1,210,605.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nicholas C. Silitch sold 44,860 shares of the firm’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $111.77, for a total value of $5,014,002.20. Following the sale, the insider now directly owns 27,927 shares in the company, valued at $3,121,400.79. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,017 shares of company stock worth $11,219,151. 0.66% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the business. Fieldpoint Private Securities LLC bought a new stake in Prudential Financial during the second quarter valued at about $103,000. Grove Bank & Trust raised its holdings in Prudential Financial by 507.0% during the third quarter. Grove Bank & Trust now owns 1,129 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 943 shares during the period. Hudock Capital Group LLC raised its holdings in Prudential Financial by 0.7% during the second quarter. Hudock Capital Group LLC now owns 1,144 shares of the financial services provider’s stock valued at $123,000 after acquiring an additional 8 shares during the period. Legacy Advisors LLC bought a new stake in Prudential Financial during the third quarter valued at about $129,000. Finally, Zions Bancorporation raised its holdings in Prudential Financial by 44.9% during the third quarter. Zions Bancorporation now owns 1,690 shares of the financial services provider’s stock valued at $180,000 after acquiring an additional 524 shares during the period. 64.65% of the stock is currently owned by institutional investors and hedge funds.
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Prudential Financial Company Profile
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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