Atlantic Securities Upgrades Prudential Financial (PRU) to “Overweight”

Prudential Financial (NYSE:PRU) was upgraded by research analysts at Atlantic Securities from a “neutral” rating to an “overweight” rating in a research note issued to investors on Thursday.

A number of other analysts have also recently weighed in on PRU. Morgan Stanley raised their price objective on shares of Prudential Financial from $118.00 to $123.00 and gave the stock an “equal weight” rating in a report on Thursday, October 5th. FBR & Co raised shares of Prudential Financial from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $117.00 to $100.00 in a report on Tuesday, October 10th. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $122.00 price objective on the stock in a report on Tuesday, October 10th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $121.00 price objective on shares of Prudential Financial in a report on Monday, October 16th. Finally, Citigroup raised shares of Prudential Financial from a “neutral” rating to a “buy” rating and set a $103.00 price objective on the stock in a report on Tuesday, October 17th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $119.35.

Shares of Prudential Financial (NYSE:PRU) traded up $0.40 during trading on Thursday, reaching $124.12. 1,365,300 shares of the company were exchanged, compared to its average volume of 1,720,000. Prudential Financial has a one year low of $97.88 and a one year high of $125.00. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $53,420.00, a P/E ratio of 12.51, a P/E/G ratio of 1.29 and a beta of 1.55.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $3.01 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.30. Prudential Financial had a net margin of 7.71% and a return on equity of 9.51%. The company had revenue of $13.36 billion for the quarter, compared to analysts’ expectations of $12.24 billion. During the same quarter last year, the company earned $2.66 earnings per share. analysts predict that Prudential Financial will post 10.49 EPS for the current year.

Prudential Financial declared that its Board of Directors has approved a share repurchase plan on Thursday, December 14th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, insider Nicholas C. Silitch sold 44,860 shares of Prudential Financial stock in a transaction on 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 transaction, the insider now directly owns 27,927 shares of the company’s stock, valued at approximately $3,121,400.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Barbara Koster sold 16,801 shares of Prudential Financial stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total transaction of $1,934,971.17. Following the completion of the transaction, the senior vice president now directly owns 37,327 shares in the company, valued at $4,298,950.59. The disclosure for this sale can be found here. Insiders sold a total of 116,818 shares of company stock worth $13,154,122 over the last ninety days. Corporate insiders own 0.66% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in PRU. APG Asset Management N.V. increased its stake in Prudential Financial by 171.8% in the 3rd quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock valued at $287,566,000 after buying an additional 1,709,699 shares during the period. Janus Henderson Group PLC increased its stake in Prudential Financial by 1,997.1% in the 2nd quarter. Janus Henderson Group PLC now owns 1,204,160 shares of the financial services provider’s stock valued at $130,218,000 after buying an additional 1,146,739 shares during the period. BlackRock Inc. increased its stake in Prudential Financial by 2.9% in the 2nd quarter. BlackRock Inc. now owns 33,155,309 shares of the financial services provider’s stock valued at $3,585,415,000 after buying an additional 934,352 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Prudential Financial by 48.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,247,204 shares of the financial services provider’s stock valued at $243,013,000 after buying an additional 737,458 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Prudential Financial by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 30,885,285 shares of the financial services provider’s stock worth $3,339,935,000 after purchasing an additional 612,799 shares in the last quarter. 64.50% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Prudential Financial (NYSE:PRU)

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