Prudential Financial (NYSE:PRU) Given New $122.00 Price Target at Piper Sandler

Prudential Financial (NYSE:PRU) had its price objective lowered by research analysts at Piper Sandler from $124.00 to $122.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target would suggest a potential upside of 9.50% from the company’s previous close.

A number of other brokerages also recently issued reports on PRU. Barclays increased their price target on shares of Prudential Financial from $128.00 to $134.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Wells Fargo & Company boosted their price target on Prudential Financial from $113.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 19th. Morgan Stanley dropped their price objective on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. BMO Capital Markets started coverage on Prudential Financial in a research report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price on the stock. Finally, Jefferies Financial Group raised their price target on Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $125.85.

Prudential Financial Stock Performance

NYSE:PRU traded down $0.27 during mid-day trading on Wednesday, reaching $111.42. The stock had a trading volume of 177,032 shares, compared to its average volume of 1,761,334. Prudential Financial has a twelve month low of $104.44 and a twelve month high of $130.55. The business has a 50 day simple moving average of $112.78 and a 200 day simple moving average of $118.92. The firm has a market capitalization of $39.89 billion, a price-to-earnings ratio of 14.92, a PEG ratio of 0.98 and a beta of 1.28. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings results on Tuesday, February 4th. The financial services provider reported $2.96 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.40). Prudential Financial had a net margin of 4.01% and a return on equity of 15.86%. On average, analysts expect that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential purchased 52,595 shares of Prudential Financial stock in a transaction on Tuesday, March 25th. The shares were purchased at an average cost of $28.52 per share, with a total value of $1,500,009.40. Following the completion of the transaction, the insider now directly owns 139,987 shares in the company, valued at approximately $3,992,429.24. This represents a 60.18 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew F. Sullivan sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the sale, the executive vice president now owns 27,072 shares of the company’s stock, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Prudential Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Benjamin Edwards Inc. grew its position in Prudential Financial by 1,843.0% in the third quarter. Benjamin Edwards Inc. now owns 26,794 shares of the financial services provider’s stock valued at $3,246,000 after acquiring an additional 25,415 shares in the last quarter. Ascent Group LLC acquired a new stake in Prudential Financial during the 3rd quarter valued at $200,000. Hilltop Holdings Inc. increased its stake in Prudential Financial by 25.3% during the 3rd quarter. Hilltop Holdings Inc. now owns 11,473 shares of the financial services provider’s stock worth $1,389,000 after buying an additional 2,316 shares during the period. HighTower Advisors LLC lifted its holdings in Prudential Financial by 18.7% in the 3rd quarter. HighTower Advisors LLC now owns 69,542 shares of the financial services provider’s stock worth $8,395,000 after buying an additional 10,964 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in Prudential Financial by 2.3% in the 3rd quarter. Janus Henderson Group PLC now owns 79,256 shares of the financial services provider’s stock valued at $9,597,000 after buying an additional 1,765 shares during the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

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.