Piper Sandler Lowers Prudential Financial (NYSE:PRU) Price Target to $110.00

Prudential Financial (NYSE:PRU) had its target price dropped by equities researchers at Piper Sandler from $122.00 to $110.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 11.52% from the stock’s current price.

A number of other brokerages have also recently commented on PRU. Barclays reduced their target price on shares of Prudential Financial from $134.00 to $106.00 and set an “equal weight” rating for the company in a report on Friday, April 11th. Keefe, Bruyette & Woods decreased their price target on Prudential Financial from $125.00 to $120.00 and set a “market perform” rating for the company in a report on Wednesday, April 9th. UBS Group lowered their target price on shares of Prudential Financial from $130.00 to $122.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. BMO Capital Markets started coverage on Prudential Financial in a report on Thursday, January 23rd. They issued an “underperform” rating and a $101.00 price target for the company. Finally, Morgan Stanley cut their price objective on Prudential Financial from $136.00 to $128.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. 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 given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $121.85.

Prudential Financial Stock Performance

Shares of PRU opened at $98.64 on Tuesday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The stock has a 50 day moving average price of $108.18 and a 200 day moving average price of $117.18. The company has a market capitalization of $34.96 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. Prudential Financial has a 52-week low of $90.38 and a 52-week high of $130.55.

Prudential Financial (NYSE:PRU) last posted its earnings results 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%. Research analysts predict that Prudential Financial will post 14.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Insurance Co Of Ame Prudential acquired 52,595 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The stock was purchased at an average price of $28.52 per share, for a total transaction of $1,500,009.40. Following the transaction, the insider now owns 139,987 shares in the company, valued at $3,992,429.24. This trade represents a 60.18 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew F. Sullivan sold 6,000 shares of the firm’s stock in a transaction dated 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 directly owns 27,072 shares in the company, valued at $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. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Prudential Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in Prudential Financial in the 1st quarter valued at $30,000. IAG Wealth Partners LLC increased its stake in Prudential Financial by 146.8% in the first quarter. IAG Wealth Partners LLC now owns 733 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 436 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Prudential Financial by 3.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 79,888 shares of the financial services provider’s stock worth $8,922,000 after buying an additional 2,623 shares during the period. Goldstone Financial Group LLC boosted its stake in Prudential Financial by 7.9% in the 1st quarter. Goldstone Financial Group LLC now owns 4,049 shares of the financial services provider’s stock worth $452,000 after buying an additional 295 shares during the last quarter. Finally, Verity & Verity LLC grew its holdings in Prudential Financial by 3.6% in the 1st quarter. Verity & Verity LLC now owns 189,321 shares of the financial services provider’s stock valued at $21,143,000 after buying an additional 6,620 shares during the period. 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.