Wells Fargo & Company Raises Prudential Financial (NYSE:PRU) Price Target to $103.00

Key Points

• Wells Fargo raised Prudential Financial’s price target to $103 from $100, while keeping an underweight rating on the stock. The new target still implies downside from the prior close.
• Analyst sentiment remains cautious overall: the stock has 11 Hold ratings and 5 Sell ratings, with a consensus average rating of Reduce and an average price target of $103.
• Prudential reported better-than-expected quarterly results, posting EPS of $3.61 versus the $3.09 estimate and revenue of $15.23 billion versus the $14.10 billion forecast.

Prudential Financial (NYSE:PRU - Get Free Report) had its target price boosted by equities researchers at Wells Fargo & Company from $100.00 to $103.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's price target would indicate a potential downside of 11.12% from the company's previous close.

Several other analysts have also recently weighed in on the stock. Weiss Ratings upgraded shares of Prudential Financial from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, June 12th. Barclays raised their target price on shares of Prudential Financial from $90.00 to $92.00 and gave the stock an "underweight" rating in a report on Tuesday. Zacks Research upgraded shares of Prudential Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, June 12th. Morgan Stanley reissued an "underweight" rating and set a $92.00 price target (down from $106.00) on shares of Prudential Financial in a research report on Monday, May 4th. Finally, UBS Group lowered their price objective on Prudential Financial from $105.00 to $98.00 and set a "neutral" rating on the stock in a research note on Thursday, April 9th. Eleven investment analysts have rated the stock with a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $103.00.

Prudential Financial Stock Performance

NYSE:PRU traded up $3.22 during mid-day trading on Thursday, hitting $115.89. 1,112,666 shares of the stock were exchanged, compared to its average volume of 2,189,157. The firm's 50-day simple moving average is $104.84 and its 200 day simple moving average is $104.02. The stock has a market capitalization of $40.21 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 2.10 and a beta of 0.85. Prudential Financial has a fifty-two week low of $91.89 and a fifty-two week 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.

Prudential Financial (NYSE:PRU - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $3.61 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $14.10 billion. During the same quarter last year, the business earned $3.29 EPS. As a group, equities analysts anticipate that Prudential Financial will post 13.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Prudential Financial

Several hedge funds and other institutional investors have recently modified their holdings of PRU. Jessup Wealth Management Inc acquired a new stake in Prudential Financial in the fourth quarter valued at about $25,000. Garton & Associates Financial Advisors LLC acquired a new position in Prudential Financial during the fourth quarter worth about $26,000. Salomon & Ludwin LLC lifted its holdings in shares of Prudential Financial by 98.3% in the fourth quarter. Salomon & Ludwin LLC now owns 230 shares of the financial services provider's stock worth $27,000 after acquiring an additional 114 shares during the last quarter. SJS Investment Consulting Inc. boosted its stake in shares of Prudential Financial by 93.1% in 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 in the last quarter. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Prudential Financial in the 4th quarter valued at approximately $28,000. Institutional investors own 56.83% of the company's stock.

About Prudential Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.