Morgan Stanley Raises Prudential Financial (NYSE:PRU) Price Target to $110.00

Prudential Financial (NYSE:PRU) had its price objective boosted by stock analysts at Morgan Stanley from $105.00 to $110.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 0.56% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on PRU. Royal Bank of Canada upped their price target on shares of Prudential Financial from $108.00 to $112.00 and gave the company a “sector perform” rating in a research note on Thursday, August 5th. They noted that the move was a valuation call. raised their price target on shares of Prudential Financial from $97.00 to $100.00 and gave the stock a “neutral” rating in a research note on Monday, June 21st. Barclays raised their price target on shares of Prudential Financial from $102.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 16th. Finally, Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 target price on the stock in a report on Friday, June 18th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Prudential Financial presently has an average rating of “Hold” and an average price target of $101.92.

NYSE PRU traded up $1.94 during trading hours on Thursday, hitting $109.39. 13,258 shares of the company’s stock traded hands, compared to its average volume of 2,069,282. The business’s fifty day moving average price is $105.34 and its two-hundred day moving average price is $102.69. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $42.22 billion, a P/E ratio of 6.04, a P/E/G ratio of 0.65 and a beta of 1.70. Prudential Financial has a 52 week low of $60.39 and a 52 week high of $111.91.

Prudential Financial (NYSE:PRU) last announced its earnings results on Tuesday, August 3rd. The financial services provider reported $3.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.75. The company had revenue of $13.10 billion during the quarter, compared to analyst estimates of $13.83 billion. Prudential Financial had a net margin of 13.09% and a return on equity of 8.87%. On average, sell-side analysts expect that Prudential Financial will post 13.54 EPS for the current fiscal year.

In other news, SVP Timothy L. Schmidt sold 6,579 shares of the firm’s stock in a transaction that occurred on Tuesday, August 24th. The shares were sold at an average price of $104.91, for a total transaction of $690,202.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles F. Lowrey sold 37,011 shares of Prudential Financial stock in a transaction that occurred on Friday, October 8th. The shares were sold at an average price of $110.00, for a total transaction of $4,071,210.00. The disclosure for this sale can be found here. Company insiders own 0.33% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in Prudential Financial by 255.5% in the 2nd quarter. Royal Bank of Canada now owns 2,908,712 shares of the financial services provider’s stock valued at $298,055,000 after buying an additional 2,090,578 shares during the period. Amundi purchased a new position in Prudential Financial in the 2nd quarter valued at approximately $206,722,000. Bank of New York Mellon Corp boosted its position in Prudential Financial by 20.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,492,504 shares of the financial services provider’s stock valued at $357,876,000 after buying an additional 603,664 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Prudential Financial by 11.2% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,481,774 shares of the financial services provider’s stock valued at $561,718,000 after buying an additional 550,103 shares during the period. Finally, Barclays PLC boosted its position in Prudential Financial by 81.7% in the 1st quarter. Barclays PLC now owns 1,032,617 shares of the financial services provider’s stock valued at $94,073,000 after buying an additional 464,434 shares during the period. Hedge funds and other institutional investors own 56.14% of the company’s stock.

Prudential Financial Company Profile

Prudential Financial, Inc engages in the provision of financial products and services including life insurance, annuities, mutual funds, and investment management to both individual and institutional customers. It operates through the following segments: PGIM, International Businesses, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, Closed Block, and Corporate and Others.

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Analyst Recommendations for Prudential Financial (NYSE:PRU)

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