Prudential Financial (PRU) Coverage Initiated at Deutsche Bank

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.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.71 by $0.30. The business had revenue of $13.36 billion during the quarter, compared to the consensus estimate of $12.24 billion. Prudential Financial had a net margin of 7.71% and a return on equity of 9.51%. During the same period in the previous year, the firm posted $2.66 earnings per share. equities analysts anticipate that Prudential Financial will post 10.48 earnings per share for the current fiscal year.

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.

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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.

Analyst Recommendations for Prudential Financial (NYSE:PRU)

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