Prudential Financial, Inc. (NYSE:PRU) shares gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $118.96, but opened at $115.23. Prudential Financial shares last traded at $110.27, with a volume of 4,092,780 shares trading hands.
The financial services provider reported $2.09 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by $0.61. Prudential Financial had a net margin of 7.15% and a return on equity of 8.98%. The company had revenue of $13.03 billion during the quarter, compared to the consensus estimate of $12.45 billion. During the same quarter in the previous year, the business posted $1.84 EPS.
Several equities research analysts recently weighed in on PRU shares. BidaskClub upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Deutsche Bank AG increased their price target on shares of Prudential Financial from $114.00 to $117.00 and gave the stock a “buy” rating in a research report on Wednesday, April 19th. Zacks Investment Research raised shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 price target for the company in a research report on Tuesday, April 18th. Wells Fargo & Company reissued a “hold” rating on shares of Prudential Financial in a research report on Thursday, May 4th. Finally, Credit Suisse Group reissued a “hold” rating and issued a $121.00 price target on shares of Prudential Financial in a research report on Thursday, April 27th. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $111.21.
In related news, Chairman John R. Strangfeld, Jr. sold 201,585 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $110.00, for a total transaction of $22,174,350.00. Following the sale, the chairman now directly owns 456,121 shares in the company, valued at $50,173,310. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Charles F. Lowrey sold 222,857 shares of the firm’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $108.04, for a total transaction of $24,077,470.28. Following the sale, the insider now owns 151,418 shares in the company, valued at $16,359,200.72. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.
Several large investors have recently modified their holdings of the company. Adirondack Trust Co. raised its position in Prudential Financial by 7.6% in the first quarter. Adirondack Trust Co. now owns 1,133 shares of the financial services provider’s stock valued at $121,000 after buying an additional 80 shares in the last quarter. Quadrant Capital Group LLC raised its position in Prudential Financial by 11.1% in the first quarter. Quadrant Capital Group LLC now owns 1,376 shares of the financial services provider’s stock valued at $139,000 after buying an additional 137 shares in the last quarter. First Personal Financial Services raised its position in Prudential Financial by 3.4% in the first quarter. First Personal Financial Services now owns 1,407 shares of the financial services provider’s stock valued at $150,000 after buying an additional 46 shares in the last quarter. Guardian Life Insurance Co. of America raised its position in Prudential Financial by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 1,658 shares of the financial services provider’s stock valued at $177,000 after buying an additional 5 shares in the last quarter. Finally, Accurate Investment Solutions Inc. raised its position in Prudential Financial by 2.3% in the second quarter. Accurate Investment Solutions Inc. now owns 1,664 shares of the financial services provider’s stock valued at $180,000 after buying an additional 38 shares in the last quarter. Institutional investors and hedge funds own 63.54% of the company’s stock.
The firm has a 50-day moving average of $109.66 and a 200-day moving average of $107.87. The stock has a market cap of $48.37 billion, a P/E ratio of 12.32 and a beta of 1.50.
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About Prudential Financial
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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