Prudential Financial (NYSE:PRU) Given New $113.00 Price Target at Wells Fargo & Company

Prudential Financial (NYSE:PRU - Free Report) had its price objective trimmed by Wells Fargo & Company from $116.00 to $113.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider's stock.

PRU has been the subject of a number of other reports. Piper Sandler cut their price target on Prudential Financial from $109.00 to $108.00 and set a "neutral" rating for the company in a research note on Wednesday. Wall Street Zen downgraded Prudential Financial from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. Morgan Stanley cut their price target on Prudential Financial from $117.00 to $113.00 and set an "equal weight" rating for the company in a research note on Monday. Barclays raised their price objective on Prudential Financial from $109.00 to $119.00 and gave the company an "equal weight" rating in a research note on Monday, July 7th. Finally, Keefe, Bruyette & Woods lowered their target price on Prudential Financial from $120.00 to $117.00 and set a "market perform" rating on the stock in a report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Prudential Financial currently has a consensus rating of "Hold" and a consensus price target of $121.62.

Prudential Financial Stock Performance

NYSE PRU traded down $0.24 during trading hours on Wednesday, hitting $102.89. The company had a trading volume of 626,956 shares, compared to its average volume of 1,660,415. The firm has a market cap of $36.42 billion, a P/E ratio of 16.32, a price-to-earnings-growth ratio of 0.97 and a beta of 1.07. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.65. Prudential Financial has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The business has a fifty day simple moving average of $105.32 and a 200-day simple moving average of $108.50.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its earnings results on Wednesday, April 30th. The financial services provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $3.18 by $0.11. Prudential Financial had a return on equity of 15.84% and a net margin of 3.84%. The business had revenue of $13.61 billion during the quarter, compared to analysts' expectations of $14.76 billion. During the same quarter last year, the business posted $3.12 earnings per share. The company's quarterly revenue was down 38.2% on a year-over-year basis. Equities analysts predict that Prudential Financial will post 14.36 EPS for the current year.

Prudential Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, May 20th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date was Tuesday, May 20th. Prudential Financial's dividend payout ratio is presently 85.58%.

Insider Buying and Selling at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential bought 1,675,978 shares of the business's stock in a transaction on Monday, June 16th. The shares were purchased at an average cost of $28.64 per share, with a total value of $48,000,009.92. Following the acquisition, the insider owned 3,168,461 shares of the company's stock, valued at $90,744,723.04. This represents a 112.29% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is currently owned by company insiders.

Institutional Trading of Prudential Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Altman Advisors Inc. lifted its position in shares of Prudential Financial by 0.6% during the fourth quarter. Altman Advisors Inc. now owns 16,087 shares of the financial services provider's stock worth $1,907,000 after acquiring an additional 94 shares in the last quarter. Brown Brothers Harriman & Co. boosted its holdings in shares of Prudential Financial by 7.0% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,506 shares of the financial services provider's stock worth $179,000 after purchasing an additional 98 shares during the period. SPC Financial Inc. lifted its holdings in Prudential Financial by 2.6% in the first quarter. SPC Financial Inc. now owns 3,973 shares of the financial services provider's stock worth $444,000 after buying an additional 100 shares during the period. NorthCrest Asset Manangement LLC lifted its holdings in Prudential Financial by 3.8% in the first quarter. NorthCrest Asset Manangement LLC now owns 2,738 shares of the financial services provider's stock worth $306,000 after buying an additional 101 shares during the period. Finally, Thrive Wealth Management LLC lifted its holdings in shares of Prudential Financial by 2.6% during the second quarter. Thrive Wealth Management LLC now owns 4,007 shares of the financial services provider's stock valued at $430,000 after purchasing an additional 101 shares during the last quarter. 56.83% of the stock is owned by institutional investors.

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.