Prudential Financial (NYSE:PRU) Releases Earnings Results, Beats Expectations By $0.43 EPS

Key Points

• Prudential reported quarterly EPS of $3.77, beating analyst expectations of $3.34 by $0.43.
• Quarterly revenue was $13.49 billion, below the $14.66 billion analyst estimate.
• Analysts’ consensus rating was “Reduce,” with a $111.27 average price target; the company also pays an annualized dividend of $5.60 per share, a 4.7% yield.

Prudential Financial (NYSE:PRU - Get Free Report) issued its earnings results on Tuesday. The financial services provider reported $3.77 EPS for the quarter, beating analysts' consensus estimates of $3.34 by $0.43, FiscalAI reports. The firm had revenue of $13.49 billion for the quarter, compared to analyst estimates of $14.66 billion. Prudential Financial had a return on equity of 16.68% and a net margin of 6.51%.

Prudential Financial Price Performance

PRU traded up $0.51 during trading on Tuesday, reaching $118.81. The company's stock had a trading volume of 2,646,545 shares, compared to its average volume of 2,011,135. The company has a market cap of $40.99 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 1.93 and a beta of 0.85. The firm has a fifty day simple moving average of $116.83 and a two-hundred day simple moving average of $108.81. Prudential Financial has a 1 year low of $91.89 and a 1 year high of $127.72. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.62.

Prudential Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th were issued a $1.40 dividend. The ex-dividend date was Tuesday, August 25th. This represents a $5.60 dividend on an annualized basis and a yield of 4.7%. Prudential Financial's dividend payout ratio is presently 50.72%.

Analyst Upgrades and Downgrades

Several brokerages have 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 research report on Thursday, October 22nd. Keefe, Bruyette & Woods reduced their price target on shares of Prudential Financial from $123.00 to $119.00 and set a "market perform" rating for the company in a research report on Friday, October 16th. BMO Capital Markets raised their price target on shares of Prudential Financial from $90.00 to $120.00 and gave the company an "underperform" rating in a research note on Friday, August 21st. Piper Sandler lowered their price objective on Prudential Financial from $128.00 to $120.00 and set a "neutral" rating on the stock in a report on Monday, October 12th. Finally, Wall Street Zen lowered Prudential Financial from a "buy" rating to a "hold" rating in a research note on Monday, September 28th. Two research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $111.27.

Insider Activity at Prudential Financial

In related news, EVP Ann Kappler sold 7,652 shares of Prudential Financial 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 transaction, the executive vice president owned 14,407 shares in the company, 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 filing with the SEC, which can be accessed through this link. Corporate insiders own 0.05% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.