Prudential Financial (NYSE:PRU) Price Target Cut to $122.00 by Analysts at Piper Sandler

Prudential Financial (NYSE:PRU - Free Report) had its price objective cut by Piper Sandler from $124.00 to $122.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider's stock.

A number of other research firms have also issued reports on PRU. Wells Fargo & Company raised their price target on Prudential Financial from $113.00 to $118.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 19th. Jefferies Financial Group boosted their target price on Prudential Financial from $149.00 to $152.00 and gave the company a "buy" rating in a report on Tuesday, December 10th. Barclays upped their price target on Prudential Financial from $128.00 to $134.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Morgan Stanley dropped their price objective on shares of Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Prudential Financial from $129.00 to $125.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $126.08.

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Prudential Financial Stock Performance

PRU traded down $8.52 during trading on Wednesday, hitting $96.27. 3,517,463 shares of the stock were exchanged, compared to its average volume of 1,559,605. The firm has a market capitalization of $34.46 billion, a P/E ratio of 12.89, a PEG ratio of 0.98 and a beta of 1.28. Prudential Financial has a 1-year low of $92.77 and a 1-year high of $130.55. The stock has a fifty day moving average price of $112.03 and a two-hundred day moving average price of $118.63. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. As a group, sell-side analysts predict that Prudential Financial will post 14.36 earnings per share for the current year.

Prudential Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.61%. This is an increase from Prudential Financial's previous quarterly dividend of $1.30. The ex-dividend date was Tuesday, February 18th. Prudential Financial's dividend payout ratio (DPR) is presently 72.29%.

Insider Buying and Selling

In other news, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the sale, the executive vice president now directly owns 27,072 shares in the company, valued at $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential acquired 87,047 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $28.72 per share, with a total value of $2,499,989.84. Following the completion of the purchase, the insider now owns 87,047 shares in the company, valued at approximately $2,499,989.84. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.31% of the company's stock.

Institutional Investors Weigh In On Prudential Financial

A number of large investors have recently bought and sold shares of PRU. Grove Bank & Trust boosted its stake in shares of Prudential Financial by 65.9% during the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 87 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in Prudential Financial in the 4th quarter valued at about $29,000. CGC Financial Services LLC boosted its stake in shares of Prudential Financial by 82.1% during the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock worth $33,000 after purchasing an additional 124 shares during the last quarter. Wingate Wealth Advisors Inc. purchased a new stake in shares of Prudential Financial during the fourth quarter worth about $33,000. Finally, Quarry LP raised its position in shares of Prudential Financial by 376.3% in the third quarter. Quarry LP now owns 281 shares of the financial services provider's stock valued at $34,000 after buying an additional 222 shares during the last quarter. Institutional investors and hedge funds own 56.83% of the company's stock.

About Prudential Financial

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.