Deutsche Bank started coverage on shares of Prudential Financial (NYSE:PRU) in a research report sent to investors on Tuesday, January 2nd, MarketBeat.com reports. The brokerage issued a hold rating and a $124.00 price target on the financial services provider’s stock.
A number of other research firms also recently weighed in on PRU. Citigroup raised shares of Prudential Financial from a neutral rating to a buy rating and set a $103.00 price target for the company in a research note on Tuesday, October 17th. Morgan Stanley boosted their price target on shares of Prudential Financial from $118.00 to $123.00 and gave the stock an equal weight rating in a research note on Thursday, October 5th. Royal Bank of Canada reissued a hold rating and set a $119.00 price target on shares of Prudential Financial in a research note on Friday, November 3rd. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $127.00 target price on shares of Prudential Financial in a research note on Thursday, December 21st. Finally, ValuEngine raised shares of Prudential Financial from a buy rating to a strong-buy rating in a research note on Sunday, December 31st. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Prudential Financial presently has an average rating of Buy and a consensus price target of $119.35.
Prudential Financial (NYSE PRU) traded up $2.21 on Tuesday, hitting $123.72. 1,879,300 shares of the company were exchanged, compared to its average volume of 1,960,537. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market capitalization of $53,570.00, a P/E ratio of 12.47, a price-to-earnings-growth ratio of 1.27 and a beta of 1.55. Prudential Financial has a twelve month low of $97.88 and a twelve month high of $123.78.
The business also recently declared a quarterly dividend, which was paid on Thursday, December 14th. Stockholders of record on Monday, November 27th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Friday, November 24th. Prudential Financial’s dividend payout ratio (DPR) is presently 30.24%.
Prudential Financial declared that its board has authorized a stock buyback plan on Thursday, December 14th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, SVP Barbara Koster sold 16,801 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total value of $1,934,971.17. Following the completion of the transaction, the senior vice president now owns 37,327 shares in the company, valued at $4,298,950.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Timothy P. Harris sold 10,527 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $115.00, for a total transaction of $1,210,605.00. The disclosure for this sale can be found here. Insiders sold 116,818 shares of company stock valued at $13,154,122 in the last quarter. Corporate insiders own 0.66% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Douglas Lane & Associates LLC boosted its holdings in Prudential Financial by 3.1% during the third quarter. Douglas Lane & Associates LLC now owns 647,412 shares of the financial services provider’s stock worth $68,833,000 after purchasing an additional 19,238 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Prudential Financial by 5.0% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 42,113 shares of the financial services provider’s stock worth $4,477,000 after purchasing an additional 1,990 shares during the last quarter. APG Asset Management N.V. boosted its holdings in Prudential Financial by 171.8% during the third quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock worth $287,566,000 after purchasing an additional 1,709,699 shares during the last quarter. Bank of Nova Scotia boosted its holdings in Prudential Financial by 253.2% during the second quarter. Bank of Nova Scotia now owns 347,743 shares of the financial services provider’s stock worth $37,605,000 after purchasing an additional 249,277 shares during the last quarter. Finally, Boston Advisors LLC boosted its holdings in Prudential Financial by 0.8% during the third quarter. Boston Advisors LLC now owns 149,937 shares of the financial services provider’s stock worth $15,941,000 after purchasing an additional 1,195 shares during the last quarter. Institutional investors and hedge funds own 64.46% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Prudential Financial (PRU) Coverage Initiated at Deutsche Bank” was first reported by Week Herald and is owned by of Week Herald. If you are accessing this story on another domain, it was illegally stolen and reposted in violation of US and international trademark and copyright laws. The legal version of this story can be read at https://weekherald.com/2018/01/12/deutsche-bank-begins-coverage-on-prudential-financial-pru.html.
About Prudential Financial
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.
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.