Prudential Financial (NYSE:PRU) Price Target Raised to $118.00 at Morgan Stanley

Key Points

• Morgan Stanley has raised its price target for Prudential Financial from $117.00 to $118.00, indicating a potential upside of 13.91% based on the stock's previous closing price.
• Prudential Financial reported $3.58 earnings per share for its last quarter, surpassing expectations of $3.22, although its quarterly revenue was down by 2.5% year-over-year.
• The stock currently has a consensus rating of "Hold" from analysts, with one Buy, eleven Hold, and one Sell rating, while the average price target is $122.17.

Prudential Financial (NYSE:PRU - Get Free Report) had its price objective boosted by equities researchers at Morgan Stanley from $117.00 to $118.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Morgan Stanley's price target suggests a potential upside of 13.91% from the stock's previous close.

Other research analysts also recently issued research reports about the company. Wolfe Research started coverage on Prudential Financial in a report on Tuesday, September 16th. They issued a "peer perform" rating on the stock. Barclays increased their price target on shares of Prudential Financial from $119.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Wells Fargo & Company reduced their price objective on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 16th. Weiss Ratings restated a "hold (c)" rating on shares of Prudential Financial in a report on Saturday, September 27th. Finally, Wall Street Zen upgraded shares of Prudential Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $122.17.

Prudential Financial Stock Up 0.4%

NYSE PRU traded up $0.38 on Tuesday, hitting $103.60. 246,450 shares of the stock were exchanged, compared to its average volume of 1,734,122. Prudential Financial has a fifty-two week low of $90.38 and a fifty-two week high of $130.55. The company has a 50-day moving average price of $105.18 and a 200-day moving average price of $104.74. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.60. The company has a market cap of $36.47 billion, a PE ratio of 22.97, a PEG ratio of 0.92 and a beta of 1.04.

Prudential Financial (NYSE:PRU - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.36. The business had revenue of $13.50 billion during the quarter, compared to analysts' expectations of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The company's revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $3.39 EPS. Sell-side analysts anticipate that Prudential Financial will post 14.36 EPS for the current fiscal year.

Insider Transactions at Prudential Financial

In other Prudential Financial news, EVP Ann M. Kappler sold 4,000 shares of Prudential Financial stock in a transaction on Friday, August 29th. The shares were sold at an average price of $109.65, for a total value of $438,600.00. Following the transaction, the executive vice president directly owned 21,506 shares in the company, valued at approximately $2,358,132.90. The trade was a 15.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.25% of the company's stock.

Institutional Trading of Prudential Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. increased its holdings in shares of Prudential Financial by 90.2% in the first quarter. Meeder Asset Management Inc. now owns 234 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 111 shares during the period. AlphaQuest LLC grew its position in Prudential Financial by 12,250.0% in the 1st quarter. AlphaQuest LLC now owns 247 shares of the financial services provider's stock valued at $28,000 after buying an additional 245 shares during the last quarter. North Capital Inc. acquired a new position in Prudential Financial in the 1st quarter valued at $28,000. Cheviot Value Management LLC purchased a new position in Prudential Financial during the 1st quarter worth $26,000. Finally, Clearstead Trust LLC lifted its stake in shares of Prudential Financial by 350.8% in the 1st quarter. Clearstead Trust LLC now owns 266 shares of the financial services provider's stock worth $30,000 after acquiring an additional 207 shares during the period. 56.83% of the stock is owned by hedge funds and other 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.

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