Sandler O’Neill restated their buy rating on shares of Prudential Financial (NYSE:PRU) in a research note issued to investors on Thursday morning. They currently have a $134.00 target price on the financial services provider’s stock.
A number of other equities analysts also recently weighed in on PRU. Morgan Stanley boosted their target price on Prudential Financial from $118.00 to $123.00 and gave the stock an equal weight rating in a research note on Thursday, October 5th. FBR & Co upgraded Prudential Financial from a neutral rating to a buy rating and cut their target price for the stock from $117.00 to $100.00 in a research note on Tuesday, October 10th. Zacks Investment Research raised shares of Prudential Financial from a hold rating to a buy rating and set a $122.00 price target on the stock in a report on Tuesday, October 10th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $121.00 price target on shares of Prudential Financial in a report on Monday, October 16th. Finally, Citigroup raised shares of Prudential Financial from a neutral rating to a buy rating and set a $103.00 price target on the stock in a report on Tuesday, October 17th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $119.35.
Shares of Prudential Financial (NYSE PRU) traded up $0.40 during midday trading on Thursday, hitting $124.12. The stock had a trading volume of 1,365,300 shares, compared to its average volume of 1,720,000. Prudential Financial has a 12-month low of $97.88 and a 12-month high of $125.00. The stock has a market cap of $53,420.00, a P/E ratio of 12.51, a PEG ratio of 1.29 and a beta of 1.55. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.13 and a quick ratio of 0.13.
Prudential Financial announced that its board has approved a share repurchase program on Thursday, December 14th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
In other Prudential Financial news, SVP Barbara Koster sold 16,801 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total transaction of $1,934,971.17. Following the sale, the senior vice president now owns 37,327 shares of the company’s stock, valued at approximately $4,298,950.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Timothy P. Harris sold 10,527 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $115.00, for a total transaction of $1,210,605.00. The disclosure for this sale can be found here. Insiders sold a total of 116,818 shares of company stock worth $13,154,122 in the last ninety days. 0.66% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. Douglas Lane & Associates LLC raised its holdings in Prudential Financial by 3.1% during the 3rd quarter. Douglas Lane & Associates LLC now owns 647,412 shares of the financial services provider’s stock valued at $68,833,000 after acquiring an additional 19,238 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in Prudential Financial by 5.0% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 42,113 shares of the financial services provider’s stock valued at $4,477,000 after acquiring an additional 1,990 shares during the period. APG Asset Management N.V. raised its holdings in Prudential Financial by 171.8% during the 3rd quarter. APG Asset Management N.V. now owns 2,704,719 shares of the financial services provider’s stock valued at $287,566,000 after acquiring an additional 1,709,699 shares during the period. Bank of Nova Scotia raised its holdings in Prudential Financial by 253.2% during the 2nd quarter. Bank of Nova Scotia now owns 347,743 shares of the financial services provider’s stock valued at $37,605,000 after acquiring an additional 249,277 shares during the period. Finally, Boston Advisors LLC raised its holdings in Prudential Financial by 0.8% during the 3rd quarter. Boston Advisors LLC now owns 149,937 shares of the financial services provider’s stock valued at $15,941,000 after acquiring an additional 1,195 shares during the period. 64.50% of the stock is currently owned by institutional investors and hedge funds.
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Prudential Financial Company Profile
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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