Brokerages Expect Prudential Financial, Inc. (NYSE:PRU) Will Announce Quarterly Sales of $12.66 Billion

Wall Street analysts forecast that Prudential Financial, Inc. (NYSE:PRUGet Rating) will post sales of $12.66 billion for the current quarter, Zacks reports. Four analysts have made estimates for Prudential Financial’s earnings, with the lowest sales estimate coming in at $12.29 billion and the highest estimate coming in at $13.03 billion. Prudential Financial reported sales of $13.10 billion in the same quarter last year, which would suggest a negative year over year growth rate of 3.4%. The firm is expected to issue its next earnings report on Monday, January 1st.

On average, analysts expect that Prudential Financial will report full-year sales of $52.53 billion for the current year, with estimates ranging from $50.97 billion to $53.73 billion. For the next financial year, analysts forecast that the firm will report sales of $53.86 billion, with estimates ranging from $52.23 billion to $55.22 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that follow Prudential Financial.

Prudential Financial (NYSE:PRUGet Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The financial services provider reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.67 by $0.50. Prudential Financial had a net margin of 8.09% and a return on equity of 9.35%. The company had revenue of $13.66 billion during the quarter, compared to the consensus estimate of $13.93 billion. During the same quarter last year, the company earned $4.11 earnings per share.

Several brokerages have issued reports on PRU. Credit Suisse Group downgraded shares of Prudential Financial from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $131.00 to $121.00 in a research report on Friday, March 25th. Morgan Stanley increased their target price on Prudential Financial from $114.00 to $123.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 22nd. Jefferies Financial Group initiated coverage on Prudential Financial in a research note on Tuesday, January 25th. They set an “underperform” rating and a $93.00 target price for the company. Piper Sandler increased their target price on Prudential Financial from $118.00 to $125.00 and gave the company a “neutral” rating in a research note on Wednesday, April 6th. Finally, JPMorgan Chase & Co. increased their target price on Prudential Financial from $113.00 to $120.00 in a research note on Tuesday, April 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $114.46.

NYSE:PRU traded up $1.03 during trading hours on Monday, hitting $101.19. The stock had a trading volume of 1,956,558 shares, compared to its average volume of 1,842,419. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.44. Prudential Financial has a 1-year low of $94.51 and a 1-year high of $124.22. The business has a 50 day simple moving average of $113.28 and a two-hundred day simple moving average of $111.61. The company has a market cap of $37.95 billion, a PE ratio of 8.21, a price-to-earnings-growth ratio of 0.98 and a beta of 1.48.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 16th. Shareholders of record on Tuesday, May 24th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date is Monday, May 23rd. Prudential Financial’s payout ratio is 38.93%.

In other Prudential Financial news, EVP Andrew F. Sullivan sold 2,231 shares of the firm’s stock in a transaction on Friday, March 4th. The stock was sold at an average price of $106.28, for a total value of $237,110.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Nicholas C. Silitch sold 2,000 shares of the firm’s stock in a transaction on Thursday, March 3rd. The shares were sold at an average price of $109.74, for a total value of $219,480.00. The disclosure for this sale can be found here. Insiders sold 8,444 shares of company stock worth $938,412 over the last quarter. 0.31% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. SVB Wealth LLC increased its holdings in shares of Prudential Financial by 47.0% during the first quarter. SVB Wealth LLC now owns 10,465 shares of the financial services provider’s stock valued at $1,236,000 after purchasing an additional 3,348 shares during the period. Fort Point Capital Partners LLC increased its holdings in shares of Prudential Financial by 9.5% during the first quarter. Fort Point Capital Partners LLC now owns 2,482 shares of the financial services provider’s stock valued at $293,000 after purchasing an additional 216 shares during the period. Lumbard & Kellner LLC increased its holdings in shares of Prudential Financial by 0.4% during the first quarter. Lumbard & Kellner LLC now owns 74,388 shares of the financial services provider’s stock valued at $8,790,000 after purchasing an additional 281 shares during the period. Cadence Bank increased its holdings in shares of Prudential Financial by 2.0% during the first quarter. Cadence Bank now owns 146,545 shares of the financial services provider’s stock valued at $17,317,000 after purchasing an additional 2,907 shares during the period. Finally, Certified Advisory Corp acquired a new position in shares of Prudential Financial during the first quarter valued at $67,000. 56.77% of the stock is currently owned by institutional investors.

Prudential Financial Company Profile (Get Rating)

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 eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block.

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