Prudential Financial (NYSE:PRU) Stock Price Target Cut by Wells Fargo & Company

Key Points

• Wells Fargo cut Prudential Financial’s price target from $104 to $103 and maintained an “underweight” rating, implying 10.62% downside from the prior close.
• Analyst sentiment remains cautious: Prudential has a consensus “Reduce” rating, with two Buy, nine Hold and six Sell ratings, and an average price target of $111.27.
• Prudential reported quarterly EPS of $4.08, exceeding the $3.52 consensus estimate, while revenue of $14.15 billion fell short of expectations. The stock opened at $115.23 and was down 0.5%.

Prudential Financial (NYSE:PRU - Get Free Report) had its target price decreased by research analysts at Wells Fargo & Company from $104.00 to $103.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's price objective indicates a potential downside of 10.62% from the company's previous close.

A number of other equities research analysts have also recently issued reports on PRU. JPMorgan Chase & Co. dropped their target price on shares of Prudential Financial from $127.00 to $124.00 and set a "neutral" rating on the stock in a report on Thursday, October 22nd. Bank of America lowered their price target on Prudential Financial from $132.00 to $130.00 and set a "neutral" rating on the stock in a research report on Monday, October 12th. Mizuho set a $108.00 price target on Prudential Financial in a research report on Monday, October 12th. TD Cowen dropped their price objective on Prudential Financial from $114.00 to $112.00 and set a "hold" rating on the stock in a research note on Wednesday, October 21st. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Prudential Financial from $105.00 to $102.00 and set a "hold" rating for the company in a research note on Friday, October 23rd. Two equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $111.27.

Prudential Financial Trading Down 0.5%

NYSE:PRU opened at $115.23 on Wednesday. The stock has a market capitalization of $39.76 billion, a PE ratio of 10.44 and a beta of 0.85. Prudential Financial has a 1-year low of $91.89 and a 1-year high of $127.72. The firm has a fifty day simple moving average of $117.34 and a 200 day simple moving average of $108.82.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.56. The firm had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.36 billion. During the same period last year, the company posted $3.58 earnings per share. On average, equities analysts predict that Prudential Financial will post 13.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Ann Kappler sold 7,652 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares of the company's stock, valued at approximately $1,801,019.07. This trade represents a 34.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.05% of the company's stock.

Institutional Trading of Prudential Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sterling Financial Planning Inc. purchased a new stake in Prudential Financial in the 3rd quarter valued at about $209,000. North Dakota State Investment Board raised its holdings in shares of Prudential Financial by 2.3% during the third quarter. North Dakota State Investment Board now owns 10,656 shares of the financial services provider's stock worth $1,210,000 after purchasing an additional 243 shares during the last quarter. Lynx Investment Advisory raised its position in shares of Prudential Financial by 204.5% in the third quarter. Lynx Investment Advisory now owns 9,288 shares of the financial services provider's stock worth $1,055,000 after acquiring an additional 6,238 shares during the period. William Mack & Associates Inc. purchased a new position in Prudential Financial during the third quarter valued at $46,000. Finally, Victory Financial Group LLC acquired a new stake in Prudential Financial during the 3rd quarter worth $277,000. 56.83% of the stock is currently owned by institutional investors.

About Prudential Financial

Prudential Financial, Inc NYSE: PRU is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.

In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.

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