Prudential Financial (NYSE:PRU) Given New $105.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised its price target on Prudential Financial to $105 from $99, while keeping a neutral rating. The new target implies about 3.77% upside from the current share price.
• Analyst sentiment remains cautious overall: Prudential has a consensus rating of Reduce with an average price target of $100.42. Recent calls have been mixed, including cuts and downgrades from Morgan Stanley, UBS, and Jefferies.
• Prudential recently reported better-than-expected quarterly results, posting $3.61 EPS versus estimates of $3.09 and revenue of $15.23 billion versus $14.10 billion expected. The stock closed at $101.19 on Monday, near its 50-day average but below its 200-day average.

Prudential Financial (NYSE:PRU - Get Free Report) had its price objective boosted by equities research analysts at Piper Sandler from $99.00 to $105.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's target price suggests a potential upside of 3.77% from the company's current price.

PRU has been the subject of several other research reports. Morgan Stanley reissued an "underweight" rating and issued a $92.00 price objective (down from $106.00) on shares of Prudential Financial in a research note on Monday, May 4th. Mizuho raised their price target on shares of Prudential Financial from $96.00 to $101.00 and gave the company a "neutral" rating in a research note on Thursday. UBS Group dropped their price target on shares of Prudential Financial from $105.00 to $98.00 and set a "neutral" rating for the company in a research note on Thursday, April 9th. Jefferies Financial Group downgraded shares of Prudential Financial from a "buy" rating to a "hold" rating and dropped their price target for the company from $124.00 to $98.00 in a research note on Wednesday, April 22nd. Finally, Evercore reaffirmed a "negative" rating on shares of Prudential Financial in a research note on Friday, March 6th. Nine analysts have rated the stock with a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, Prudential Financial has a consensus rating of "Reduce" and an average price target of $100.42.

Prudential Financial Price Performance

Shares of Prudential Financial stock traded up $0.38 on Monday, reaching $101.19. 664,244 shares of the stock were exchanged, compared to its average volume of 2,339,743. The firm's 50 day moving average is $96.87 and its 200-day moving average is $104.57. Prudential Financial has a one year low of $91.89 and a one year high of $119.76. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $35.11 billion, a PE ratio of 10.41, a P/E/G ratio of 1.83 and a beta of 0.86.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its quarterly 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 the consensus estimate of $14.10 billion. During the same quarter in the prior year, the firm posted $3.29 EPS. As a group, analysts anticipate that Prudential Financial will post 13.66 EPS for the current fiscal year.

Insider Buying and Selling at Prudential Financial

In other news, Director Thomas D. Stoddard acquired 250 shares of the firm's stock in a transaction dated Tuesday, February 17th. The stock was bought at an average cost of $102.97 per share, for a total transaction of $25,742.50. Following the completion of the transaction, the director directly owned 250 shares in the company, valued at $25,742.50. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph J. Wolk acquired 400 shares of the firm's stock in a transaction dated Wednesday, February 11th. The shares were purchased at an average price of $105.32 per share, with a total value of $42,128.00. Following the completion of the transaction, the director owned 400 shares of the company's stock, valued at $42,128. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Prudential Financial

A number of large investors have recently bought and sold shares of PRU. Norges Bank acquired a new stake in Prudential Financial in the fourth quarter worth $140,530,000. Marshall Wace LLP grew its holdings in Prudential Financial by 230.3% in the fourth quarter. Marshall Wace LLP now owns 1,374,966 shares of the financial services provider's stock worth $155,206,000 after purchasing an additional 958,672 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Prudential Financial by 183.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 804,316 shares of the financial services provider's stock worth $83,440,000 after purchasing an additional 520,425 shares during the period. Morgan Stanley grew its holdings in Prudential Financial by 6.7% in the fourth quarter. Morgan Stanley now owns 6,649,202 shares of the financial services provider's stock worth $750,562,000 after purchasing an additional 420,081 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in Prudential Financial by 209.2% in the second quarter. Canada Pension Plan Investment Board now owns 520,025 shares of the financial services provider's stock worth $55,871,000 after purchasing an additional 351,849 shares during the period. 56.83% of the stock is currently owned by institutional investors and hedge funds.

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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