Prudential Financial (NYSE:PRU) Hits New 52-Week High at $118.51

Prudential Financial, Inc. (NYSE:PRU)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $118.51 and last traded at $118.16, with a volume of 89245 shares. The stock had previously closed at $116.87.

Analyst Ratings Changes

Several brokerages have recently commented on PRU. Morgan Stanley lifted their price target on shares of Prudential Financial from $105.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $118.00 price target (down previously from $119.00) on shares of Prudential Financial in a research report on Wednesday, January 3rd. Raymond James cut shares of Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, February 9th. TheStreet upgraded shares of Prudential Financial from a “c+” rating to an “a-” rating in a research report on Tuesday, February 6th. Finally, Piper Sandler lifted their price target on shares of Prudential Financial from $114.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday. One research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $108.10.

Prudential Financial Stock Performance

The stock has a market cap of $41.53 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 0.85 and a beta of 1.37. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.65. The stock’s fifty day moving average is $110.04 and its 200-day moving average is $101.93.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, February 6th. The financial services provider reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.67 by ($0.09). The company had revenue of $13.02 billion during the quarter, compared to analyst estimates of $12.99 billion. Prudential Financial had a net margin of 4.89% and a return on equity of 14.52%. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.42 EPS. On average, analysts forecast that Prudential Financial, Inc. will post 13.44 EPS for the current year.

Prudential Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Tuesday, February 20th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.50%. The ex-dividend date was Friday, February 16th. This is a boost from Prudential Financial’s previous quarterly dividend of $1.25. Prudential Financial’s dividend payout ratio is 77.73%.

Insider Activity

In other news, SVP Robert Axel sold 6,436 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $111.86, for a total value of $719,930.96. Following the completion of the transaction, the senior vice president now owns 7,901 shares in the company, valued at $883,805.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Ann M. Kappler sold 7,222 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $108.39, for a total value of $782,792.58. Following the sale, the executive vice president now owns 24,381 shares of the company’s stock, valued at $2,642,656.59. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Robert Axel sold 6,436 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $111.86, for a total transaction of $719,930.96. Following the completion of the sale, the senior vice president now directly owns 7,901 shares in the company, valued at approximately $883,805.86. The disclosure for this sale can be found here. Insiders sold 29,255 shares of company stock worth $3,215,664 over the last quarter. 0.31% of the stock is currently owned by company insiders.

Institutional Trading of Prudential Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRU. Cambridge Trust Co. raised its position in Prudential Financial by 77.2% during the fourth quarter. Cambridge Trust Co. now owns 241 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 105 shares in the last quarter. Sanctuary Wealth Management L.L.C. bought a new stake in Prudential Financial during the fourth quarter worth $25,000. Bruce G. Allen Investments LLC bought a new stake in Prudential Financial during the fourth quarter worth $26,000. Headinvest LLC bought a new stake in Prudential Financial during the third quarter worth $27,000. Finally, Pacific Center for Financial Services bought a new stake in Prudential Financial during the first quarter worth $27,000. 56.83% of the stock is owned by institutional investors.

Prudential Financial Company Profile

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.