Prudential Financial, Inc. Expected to Post Q2 2024 Earnings of $3.40 Per Share (NYSE:PRU)

Prudential Financial, Inc. (NYSE:PRU - Free Report) - Zacks Research increased their Q2 2024 earnings per share estimates for Prudential Financial in a research report issued to clients and investors on Tuesday, May 21st. Zacks Research analyst T. De now anticipates that the financial services provider will post earnings of $3.40 per share for the quarter, up from their previous estimate of $3.34. The consensus estimate for Prudential Financial's current full-year earnings is $13.42 per share. Zacks Research also issued estimates for Prudential Financial's Q3 2024 earnings at $3.46 EPS, Q1 2025 earnings at $3.50 EPS, Q4 2025 earnings at $3.44 EPS, Q1 2026 earnings at $3.93 EPS and FY2026 earnings at $15.32 EPS.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.04). Prudential Financial had a return on equity of 15.50% and a net margin of 3.76%. The business had revenue of $15.01 billion during the quarter, compared to analysts' expectations of $14.50 billion. During the same period in the prior year, the firm posted $2.66 EPS. The firm's revenue for the quarter was up 69.9% on a year-over-year basis.

PRU has been the topic of a number of other research reports. Piper Sandler dropped their price target on Prudential Financial from $125.00 to $121.00 and set a "neutral" rating on the stock in a research report on Monday, May 6th. Evercore ISI upped their price target on Prudential Financial from $115.00 to $116.00 and gave the company an "underperform" rating in a research report on Thursday, April 25th. Wells Fargo & Company upped their price target on Prudential Financial from $100.00 to $106.00 and gave the company an "underweight" rating in a research report on Thursday, April 11th. TheStreet upgraded Prudential Financial from a "c+" rating to an "a-" rating in a research note on Tuesday, February 6th. Finally, Jefferies Financial Group upgraded Prudential Financial from a "hold" rating to a "buy" rating and boosted their price objective for the company from $121.00 to $143.00 in a research note on Wednesday. Two analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $115.25.

Prudential Financial Stock Performance

Shares of NYSE PRU traded up $1.65 during trading on Wednesday, reaching $119.49. 1,568,598 shares of the stock traded hands, compared to its average volume of 1,506,048. Prudential Financial has a 52-week low of $78.40 and a 52-week high of $121.39. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.13 and a quick ratio of 0.13. The company has a 50-day moving average of $114.43 and a 200-day moving average of $106.85. The stock has a market capitalization of $42.90 billion, a P/E ratio of 20.32, a price-to-earnings-growth ratio of 0.88 and a beta of 1.35.

Institutional Investors Weigh In On Prudential Financial

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Prudential Financial by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider's stock worth $4,386,192,000 after buying an additional 5,154,865 shares during the period. International Assets Investment Management LLC lifted its holdings in Prudential Financial by 9,281.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider's stock worth $141,962,000 after buying an additional 1,354,248 shares during the period. Norges Bank purchased a new stake in Prudential Financial in the 4th quarter worth approximately $113,478,000. Dimensional Fund Advisors LP lifted its holdings in Prudential Financial by 10.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider's stock worth $414,926,000 after buying an additional 388,363 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in Prudential Financial in the 3rd quarter worth approximately $34,251,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Timothy L. Schmidt sold 7,912 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $108.13, for a total transaction of $855,524.56. Following the transaction, the senior vice president now directly owns 14,754 shares in the company, valued at approximately $1,595,350.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Timothy L. Schmidt sold 7,912 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $108.13, for a total transaction of $855,524.56. Following the transaction, the senior vice president now directly owns 14,754 shares in the company, valued at approximately $1,595,350.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Robert Axel sold 6,436 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $111.86, for a total value of $719,930.96. Following the transaction, the senior vice president now owns 7,901 shares in the company, valued at $883,805.86. The disclosure for this sale can be found here. Insiders have sold 164,536 shares of company stock worth $19,245,606 in the last ninety days. 0.34% of the stock is currently owned by insiders.

Prudential Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st will be paid a $1.30 dividend. The ex-dividend date of this dividend is Monday, May 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.35%. Prudential Financial's dividend payout ratio is currently 88.44%.

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.