Prudential Financial (NYSE:PRU) Reaches New 12-Month High Following Analyst Upgrade

Key Points

• Prudential Financial hit a new 52-week high after TD Cowen raised its price target from $102 to $114, even while keeping a hold rating. The stock traded as high as $120.59 and was last near $118.91.
• Analyst sentiment remains cautious overall despite recent upgrades. MarketBeat data shows a consensus rating of “Reduce” with an average price target of $105.46, and most analysts still rate the stock Hold or Sell.
• The company reported strong quarterly results, with EPS of $3.61 beating estimates and revenue of $15.23 billion topping expectations. Prudential also pays a quarterly dividend of $1.40 per share, implying a 4.7% annual yield.

Prudential Financial, Inc. (NYSE:PRU - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday after TD Cowen raised their price target on the stock from $102.00 to $114.00. TD Cowen currently has a hold rating on the stock. Prudential Financial traded as high as $120.59 and last traded at $118.9110, with a volume of 1727909 shares traded. The stock had previously closed at $118.59.

PRU has been the subject of several other reports. Argus cut shares of Prudential Financial from a "buy" rating to a "hold" rating in a research report on Tuesday, June 9th. Piper Sandler increased their target price on Prudential Financial from $105.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. Morgan Stanley reaffirmed an "underweight" rating and set a $92.00 price target (down from $106.00) on shares of Prudential Financial in a report on Monday, May 4th. Barclays upped their price objective on Prudential Financial from $90.00 to $92.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 7th. Finally, Wall Street Zen upgraded Prudential Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and five have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Prudential Financial has a consensus rating of "Reduce" and an average price target of $105.46.

Hedge Funds Weigh In On Prudential Financial

A number of institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership boosted its stake in Prudential Financial by 95.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,556,748 shares of the financial services provider's stock worth $249,769,000 after purchasing an additional 1,247,371 shares during the period. Norges Bank acquired a new position in Prudential Financial in the fourth quarter valued at $140,530,000. Marshall Wace LLP increased its stake 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 valued at $155,206,000 after purchasing an additional 958,672 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Prudential Financial by 379.8% in the second quarter. Assenagon Asset Management S.A. now owns 619,701 shares of the financial services provider's stock valued at $66,884,000 after buying an additional 490,553 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Prudential Financial by 37.3% during the first quarter. First Trust Advisors LP now owns 1,588,247 shares of the financial services provider's stock worth $155,156,000 after buying an additional 431,527 shares during the period. 56.83% of the stock is owned by institutional investors and hedge funds.

Prudential Financial Stock Performance

The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The stock has a fifty day moving average of $108.26 and a 200-day moving average of $104.22. The stock has a market cap of $41.26 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 2.36 and a beta of 0.85.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 EPS for the quarter, beating the consensus estimate of $3.09 by $0.52. Prudential Financial had a return on equity of 16.33% and a net margin of 5.83%.The firm had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $14.10 billion. During the same period in the prior year, the business earned $3.29 EPS. On average, equities analysts forecast that Prudential Financial, Inc. will post 13.83 EPS for the current year.

Prudential Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, May 26th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Tuesday, May 26th. Prudential Financial's dividend payout ratio is 57.61%.

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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