Barclays Lowers Prudential Financial (NYSE:PRU) Price Target to $117.00

Key Points

• Barclays has reduced its price target for Prudential Financial from $120.00 to $117.00, maintaining an "equal weight" rating on the stock.
• Despite the decrease, Barclays' new target indicates a potential upside of 13.69% based on the company's previous close.
• Overall, the consensus among analysts is a "Hold" rating for Prudential Financial, with an average price target of $121.92.

Prudential Financial (NYSE:PRU - Get Free Report) had its price target decreased by Barclays from $120.00 to $117.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the financial services provider's stock. Barclays's price target points to a potential upside of 13.69% from the company's previous close.

Several other equities analysts also recently commented on the stock. Wall Street Zen raised shares of Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Morgan Stanley raised their price target on shares of Prudential Financial from $117.00 to $118.00 and gave the company an "equal weight" rating in a research note on Tuesday. Wolfe Research started coverage on shares of Prudential Financial in a research note on Tuesday, September 16th. They set a "peer perform" rating for the company. Piper Sandler dropped their price target on shares of Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company dropped their price target on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $121.92.

Prudential Financial Price Performance

Shares of NYSE PRU traded down $0.80 during trading hours on Wednesday, hitting $102.91. 614,346 shares of the stock were exchanged, compared to its average volume of 1,732,421. The company has a market cap of $36.22 billion, a PE ratio of 22.82, a price-to-earnings-growth ratio of 0.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. The company's fifty day simple moving average is $105.18 and its two-hundred day simple moving average is $104.74. Prudential Financial has a 1-year low of $90.38 and a 1-year high of $130.55.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.22 by $0.36. The business had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The firm's revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.39 EPS. On average, sell-side analysts predict that Prudential Financial will post 14.36 EPS for the current year.

Insider Buying and Selling

In related news, EVP Ann M. Kappler sold 4,000 shares of the business's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $109.65, for a total transaction of $438,600.00. Following the completion of the transaction, the executive vice president owned 21,506 shares of the company's stock, valued at approximately $2,358,132.90. The trade was a 15.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On Prudential Financial

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Prudential Financial by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 42,502,160 shares of the financial services provider's stock valued at $4,566,432,000 after purchasing an additional 600,482 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Prudential Financial by 1.8% in the 2nd quarter. Geode Capital Management LLC now owns 9,402,393 shares of the financial services provider's stock worth $1,010,474,000 after buying an additional 163,874 shares during the period. Invesco Ltd. grew its position in Prudential Financial by 2.7% during the 1st quarter. Invesco Ltd. now owns 4,440,003 shares of the financial services provider's stock valued at $495,859,000 after purchasing an additional 116,079 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Prudential Financial by 19.2% in the first quarter. Goldman Sachs Group Inc. now owns 4,206,453 shares of the financial services provider's stock worth $469,777,000 after buying an additional 678,028 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Prudential Financial by 1.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,408,942 shares of the financial services provider's stock valued at $258,817,000 after purchasing an additional 31,088 shares in the last quarter. 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.

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