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

Prudential Financial (NYSE:PRU) had its target price hoisted by Morgan Stanley from $105.00 to $110.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target points to a potential upside of 0.56% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Barclays increased their price objective on shares of Prudential Financial from $102.00 to $110.00 and gave the company an “equal weight” rating in a research note on Thursday, September 16th. increased their price objective on shares of Prudential Financial from $97.00 to $100.00 and gave the company a “neutral” rating in a research note on Monday, June 21st. Royal Bank of Canada increased their price objective 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. Finally, Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $106.00 price objective on the stock in a research note on Friday, June 18th. Seven 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, Prudential Financial has a consensus rating of “Hold” and an average price target of $101.92.

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

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, August 3rd. The financial services provider reported $3.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.04 by $0.75. The business 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, research analysts predict that Prudential Financial will post 13.54 earnings per share for the current year.

In other news, 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 value of $4,071,210.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Timothy L. Schmidt sold 6,579 shares of Prudential Financial stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $104.91, for a total transaction of $690,202.89. The disclosure for this sale can be found here. Company insiders own 0.33% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PRU. Quadrant Capital Group LLC boosted its holdings in shares of Prudential Financial by 22.9% in the first quarter. Quadrant Capital Group LLC now owns 1,747 shares of the financial services provider’s stock worth $159,000 after buying an additional 325 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Prudential Financial by 0.3% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 49,652 shares of the financial services provider’s stock worth $4,523,000 after buying an additional 171 shares during the period. Prudential Financial Inc. boosted its holdings in shares of Prudential Financial by 40.3% in the first quarter. Prudential Financial Inc. now owns 206,350 shares of the financial services provider’s stock worth $18,798,000 after buying an additional 59,268 shares during the period. Cresset Asset Management LLC boosted its holdings in shares of Prudential Financial by 56.7% in the first quarter. Cresset Asset Management LLC now owns 7,576 shares of the financial services provider’s stock worth $690,000 after buying an additional 2,742 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Prudential Financial by 0.8% in the first quarter. Geode Capital Management LLC now owns 6,798,673 shares of the financial services provider’s stock worth $618,058,000 after buying an additional 53,400 shares during the period. 56.14% of the stock is currently owned by institutional investors.

About Prudential Financial

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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