Wells Fargo & Company Cuts Prudential Financial (NYSE:PRU) Price Target to $115.00

Prudential Financial (NYSE:PRU - Free Report) had its target price cut by Wells Fargo & Company from $117.00 to $115.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider's stock.

Several other research firms have also weighed in on PRU. Jefferies Financial Group raised their price objective on Prudential Financial from $149.00 to $152.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. Bank of America boosted their target price on shares of Prudential Financial from $109.00 to $118.00 and gave the stock a "neutral" rating in a research note on Thursday, October 10th. TD Cowen raised their price objective on Prudential Financial from $130.00 to $133.00 and gave the company a "hold" rating in a report on Wednesday, November 27th. Piper Sandler increased their target price on Prudential Financial from $121.00 to $127.00 and gave the company a "neutral" rating in a research report on Wednesday, October 2nd. Finally, Evercore ISI raised Prudential Financial from an "underperform" rating to an "inline" rating and upped their price objective for the company from $117.00 to $140.00 in a research note on Thursday, November 14th. Eleven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $127.00.

Prudential Financial Price Performance

NYSE:PRU traded up $1.37 during trading hours on Tuesday, reaching $117.66. 1,363,782 shares of the company were exchanged, compared to its average volume of 1,322,582. The company has a market capitalization of $41.89 billion, a P/E ratio of 10.46, a P/E/G ratio of 0.87 and a beta of 1.31. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. The business has a 50 day moving average of $122.43 and a 200 day moving average of $120.66. Prudential Financial has a 1-year low of $100.60 and a 1-year high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The business had revenue of $19.48 billion during the quarter, compared to analysts' expectations of $14.57 billion. During the same quarter in the prior year, the business posted $3.44 earnings per share. Research analysts forecast that Prudential Financial will post 13.35 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Tuesday, November 19th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $5.20 annualized dividend and a dividend yield of 4.42%. Prudential Financial's payout ratio is 46.22%.

Insider Buying and Selling at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 537,249 shares of the firm's stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $27.92 per share, with a total value of $14,999,992.08. Following the acquisition, the insider now owns 4,780,293 shares of the company's stock, valued at approximately $133,465,780.56. This trade represents a 12.66 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.31% of the company's stock.

Institutional Trading of Prudential Financial

Several institutional investors and hedge funds have recently made changes to their positions in PRU. Glenmede Trust Co. NA increased its position in shares of Prudential Financial by 7.4% during the third quarter. Glenmede Trust Co. NA now owns 17,968 shares of the financial services provider's stock valued at $2,176,000 after acquiring an additional 1,234 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Prudential Financial by 3.9% during the 3rd quarter. Principal Financial Group Inc. now owns 419,733 shares of the financial services provider's stock valued at $50,830,000 after purchasing an additional 15,695 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Prudential Financial by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider's stock worth $9,597,000 after purchasing an additional 1,765 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Prudential Financial by 4.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 162,685 shares of the financial services provider's stock worth $19,701,000 after buying an additional 6,641 shares during the last quarter. Finally, HighTower Advisors LLC raised its position in Prudential Financial by 18.7% in the third quarter. HighTower Advisors LLC now owns 69,542 shares of the financial services provider's stock worth $8,395,000 after acquiring an additional 10,964 shares during the period. Hedge funds and other institutional investors 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.