Prudential Financial (NYSE:PRU) Sets New 52-Week High - What's Next?

Key Points

• Prudential Financial shares hit a new 52-week high, reaching $120.31 in trading before settling near $120.17. The move came on solid volume as the stock continued to trade well above its 50-day and 200-day moving averages.
• Recent analyst commentary remains cautious overall, with several firms issuing or maintaining Hold or Sell views. MarketBeat data shows a consensus rating of “Reduce” and an average price target of $104.58, below the current share price.
• The company reported better-than-expected earnings for the latest quarter, including EPS of $3.61 versus estimates of $3.09 and revenue of $15.23 billion versus expectations of $14.10 billion. Prudential also pays a quarterly dividend of $1.40 per share, yielding about 4.7%.

Shares of Prudential Financial, Inc. (NYSE:PRU - Get Free Report) reached a new 52-week high during trading on Friday . The stock traded as high as $120.31 and last traded at $120.1680, with a volume of 232580 shares trading hands. The stock had previously closed at $118.25.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on Prudential Financial from $100.00 to $103.00 and gave the company an "underweight" rating in a research report on Thursday, July 9th. Weiss Ratings upgraded Prudential Financial from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, June 12th. Bank of America dropped their price objective on shares of Prudential Financial from $112.00 to $104.00 and set a "neutral" rating for the company in a research note on Tuesday, April 14th. Mizuho increased their target price on shares of Prudential Financial from $101.00 to $109.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Finally, Argus lowered shares of Prudential Financial from a "buy" rating to a "hold" rating in a report on Tuesday, June 9th. Eleven research analysts have rated the stock with a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $104.58.

Prudential Financial Stock Performance

The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $41.57 billion, a PE ratio of 12.32, a PEG ratio of 2.11 and a beta of 0.85. The firm's 50-day simple moving average is $106.91 and its 200-day simple moving average is $104.07.

Prudential Financial (NYSE:PRU - Get Free Report) last issued its earnings results on Tuesday, May 5th. The financial services provider reported $3.61 EPS 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 business had revenue of $15.23 billion for the quarter, compared to analyst estimates of $14.10 billion. During the same period last year, the company posted $3.29 earnings per share. On average, research analysts predict that Prudential Financial, Inc. will post 13.73 earnings per share for the current year.

Prudential Financial Announces Dividend

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

Hedge Funds Weigh In On Prudential Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in PRU. Jessup Wealth Management Inc bought a new stake in shares of Prudential Financial in the fourth quarter valued at about $25,000. Garton & Associates Financial Advisors LLC bought a new position in Prudential Financial during the 4th quarter worth about $26,000. Salomon & Ludwin LLC grew its holdings in Prudential Financial by 98.3% during the 4th quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider's stock worth $27,000 after acquiring an additional 114 shares in the last quarter. SJS Investment Consulting Inc. increased its position in Prudential Financial by 93.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 278 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 134 shares during the period. Finally, Lodestone Wealth Management LLC bought a new stake in shares of Prudential Financial in the 4th quarter valued at about $28,000. Institutional investors own 56.83% of the company's stock.

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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