Wolfe Research Begins Coverage on Prudential Financial (NYSE:PRU)

Key Points

• Wolfe Research has initiated coverage on Prudential Financial (NYSE:PRU) with a "peer perform" rating.
• Analysts have varying price targets for Prudential Financial, with a consensus rating of "Hold" and an average target price of $122.08.
• Prudential Financial reported $3.58 earnings per share last quarter, exceeding estimates, but experienced a 2.5% decline in year-over-year revenue.

Research analysts at Wolfe Research assumed coverage on shares of Prudential Financial (NYSE:PRU - Get Free Report) in a research report issued on Tuesday, Marketbeat.com reports. The brokerage set a "peer perform" rating on the financial services provider's stock.

Several other analysts have also issued reports on PRU. JPMorgan Chase & Co. upped their price target on shares of Prudential Financial from $126.00 to $136.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Wells Fargo & Company decreased their price target on shares of Prudential Financial from $116.00 to $113.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 16th. UBS Group decreased their target price on Prudential Financial from $122.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. Piper Sandler reduced 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, July 16th. Finally, Barclays increased their target price on shares of Prudential Financial from $119.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. One analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Prudential Financial has a consensus rating of "Hold" and an average target price of $122.08.

Prudential Financial Stock Performance

Shares of PRU opened at $105.41 on Tuesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.16 and a current ratio of 0.16. Prudential Financial has a twelve month low of $90.38 and a twelve month high of $130.55. The firm's 50 day moving average price is $105.59 and its two-hundred day moving average price is $105.37. The firm has a market cap of $37.11 billion, a P/E ratio of 23.37, a PEG ratio of 0.95 and a beta of 1.07.

Prudential Financial (NYSE:PRU - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $3.58 earnings per share for the quarter, beating analysts' consensus estimates of $3.22 by $0.36. The firm had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.47 billion. Prudential Financial had a net margin of 2.75% and a return on equity of 15.80%. The business's revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.39 earnings per share. On average, analysts forecast that Prudential Financial will post 14.36 EPS for the current fiscal year.

Insider Buying and Selling at Prudential Financial

In other news, EVP Ann M. Kappler sold 4,000 shares of the firm's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $109.65, for a total transaction of $438,600.00. Following the transaction, the executive vice president owned 21,506 shares in the company, valued at approximately $2,358,132.90. This trade represents a 15.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.25% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its holdings in shares of Prudential Financial by 3.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 20,771 shares of the financial services provider's stock worth $2,320,000 after purchasing an additional 721 shares during the period. Golden State Wealth Management LLC raised its position in Prudential Financial by 728.4% in the 1st quarter. Golden State Wealth Management LLC now owns 845 shares of the financial services provider's stock valued at $94,000 after purchasing an additional 743 shares in the last quarter. HighTower Advisors LLC raised its position in Prudential Financial by 68.2% in the 1st quarter. HighTower Advisors LLC now owns 110,794 shares of the financial services provider's stock valued at $12,373,000 after purchasing an additional 44,937 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Prudential Financial by 9.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 2,501 shares of the financial services provider's stock worth $279,000 after acquiring an additional 222 shares in the last quarter. Finally, Sound Income Strategies LLC raised its position in shares of Prudential Financial by 9.0% during the 1st quarter. Sound Income Strategies LLC now owns 35,408 shares of the financial services provider's stock worth $3,954,000 after acquiring an additional 2,913 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

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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