Piper Sandler Cuts Prudential Financial (NYSE:PRU) Price Target to $122.00

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

PRU has been the subject of a number of other research reports. Barclays lifted their price objective on shares of Prudential Financial from $128.00 to $134.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. cut their target price on shares of Prudential Financial from $128.00 to $126.00 and set a “neutral” rating on the stock in a report on Wednesday. BMO Capital Markets started coverage on Prudential Financial in a report on Thursday, January 23rd. They set an “underperform” rating and a $101.00 target price for the company. Keefe, Bruyette & Woods lowered their price objective on Prudential Financial from $129.00 to $125.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Finally, Jefferies Financial Group boosted their price target on shares of Prudential Financial from $149.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $125.85.

Prudential Financial Stock Down 0.2 %

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

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share 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, research analysts forecast that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Insurance Co Of Ame Prudential bought 52,595 shares of the business’s stock in a transaction on Tuesday, March 25th. The shares were bought at an average cost of $28.52 per share, for a total transaction of $1,500,009.40. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Andrew F. Sullivan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $105.98, for a total value of $635,880.00. Following the transaction, the executive vice president now owns 27,072 shares in the company, valued at approximately $2,869,090.56. This trade represents a 18.14 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Institutional Trading of Prudential Financial

Several hedge funds have recently added to or reduced their stakes in PRU. Grove Bank & Trust boosted its position in shares of Prudential Financial by 65.9% in the fourth quarter. Grove Bank & Trust now owns 219 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 87 shares during the period. Centricity Wealth Management LLC bought a new stake in Prudential Financial in the 4th quarter valued at $29,000. CGC Financial Services LLC increased its holdings in shares of Prudential Financial by 82.1% during the 4th quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 124 shares during the period. Wingate Wealth Advisors Inc. acquired a new position in shares of Prudential Financial during the fourth quarter valued at about $33,000. Finally, Quarry LP grew its position in Prudential Financial by 376.3% during the third quarter. Quarry LP now owns 281 shares of the financial services provider’s stock worth $34,000 after buying an additional 222 shares in the last quarter. 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.