JPMorgan Chase & Co. Raises Prudential Financial (NYSE:PRU) Price Target to $129.00

Key Points

• JPMorgan Chase & Co. raised Prudential Financial’s price target from $117 to $129 while keeping a neutral rating, implying about 9.6% upside from the prior close.
• Despite the higher target, broader analyst sentiment remains cautious: MarketBeat reports a consensus rating of “Reduce” and an average price target of $104.75.
• Prudential recently reported stronger-than-expected earnings, posting $3.61 EPS versus estimates of $3.09 and revenue of $15.23 billion beat expectations, even as shares traded slightly lower on the day.

Prudential Financial (NYSE:PRU - Get Free Report) had its price objective raised by investment analysts at JPMorgan Chase & Co. from $117.00 to $129.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 9.58% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the company. Bank of America dropped their price objective on Prudential Financial from $112.00 to $104.00 and set a "neutral" rating for the company in a report on Tuesday, April 14th. Jefferies Financial Group upped their target price on Prudential Financial from $105.00 to $110.00 and gave the company a "hold" rating in a report on Friday, July 10th. BMO Capital Markets dropped their price target on Prudential Financial from $91.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday, April 23rd. Barclays lifted their price target on shares of Prudential Financial from $90.00 to $92.00 and gave the company an "underweight" rating in a report on Tuesday, July 7th. Finally, Piper Sandler boosted their price objective on shares of Prudential Financial from $105.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $104.75.

Prudential Financial Trading Down 0.2%

Shares of NYSE:PRU traded down $0.25 during midday trading on Tuesday, hitting $117.72. 253,180 shares of the stock traded hands, compared to its average volume of 2,157,026. The stock has a market capitalization of $40.85 billion, a PE ratio of 12.12, a P/E/G ratio of 2.42 and a beta of 0.85. The business's 50 day moving average is $107.61 and its two-hundred day moving average is $104.14. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. Prudential Financial has a one year low of $91.89 and a one year high of $120.53.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, topping analysts' consensus estimates of $3.09 by $0.52. Prudential Financial had a net margin of 5.83% and a return on equity of 16.33%. The company had revenue of $15.23 billion during the quarter, compared to analyst estimates of $14.10 billion. During the same period in the prior year, the business posted $3.29 earnings per share. As a group, research analysts forecast that Prudential Financial will post 13.79 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Sunflower Bank N.A. raised its holdings in Prudential Financial by 3.2% during the fourth quarter. Sunflower Bank N.A. now owns 2,911 shares of the financial services provider's stock valued at $329,000 after buying an additional 91 shares in the last quarter. Wetzel Investment Advisors Inc. boosted its stake in shares of Prudential Financial by 0.9% during the 4th quarter. Wetzel Investment Advisors Inc. now owns 10,022 shares of the financial services provider's stock worth $1,131,000 after acquiring an additional 94 shares in the last quarter. Transcend Capital Advisors LLC increased its holdings in shares of Prudential Financial by 2.4% during the 4th quarter. Transcend Capital Advisors LLC now owns 4,175 shares of the financial services provider's stock valued at $471,000 after acquiring an additional 98 shares during the last quarter. Rossby Financial LCC raised its stake in shares of Prudential Financial by 32.4% in the 4th quarter. Rossby Financial LCC now owns 421 shares of the financial services provider's stock valued at $48,000 after acquiring an additional 103 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in Prudential Financial by 5.6% in the 4th quarter. TD Private Client Wealth LLC now owns 1,972 shares of the financial services provider's stock worth $223,000 after purchasing an additional 104 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company's stock.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential's long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential's core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.

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