Prudential Financial, Inc. (NYSE:PRU) Declares $1.30 Quarterly Dividend

Prudential Financial, Inc. (NYSE:PRU) declared a quarterly dividend on Tuesday, May 7th, RTT News reports. Investors of record on Tuesday, May 21st will be paid a dividend of 1.30 per share by the financial services provider on Thursday, June 13th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date is Monday, May 20th.

Prudential Financial has raised its dividend by an average of 4.4% per year over the last three years and has increased its dividend every year for the last 16 years. Prudential Financial has a payout ratio of 35.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Prudential Financial to earn $14.45 per share next year, which means the company should continue to be able to cover its $5.20 annual dividend with an expected future payout ratio of 36.0%.

Prudential Financial Trading Up 0.4 %

Shares of Prudential Financial stock opened at $116.72 on Thursday. Prudential Financial has a twelve month low of $77.87 and a twelve month high of $118.69. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.67. The business has a 50-day moving average price of $112.48 and a 200-day moving average price of $104.78. The firm has a market cap of $41.90 billion, a price-to-earnings ratio of 19.85, a PEG ratio of 0.83 and a beta of 1.35.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.04). The firm had revenue of $15.01 billion for the quarter, compared to analysts’ expectations of $14.50 billion. Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The business’s quarterly revenue was up 69.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.66 EPS. Equities research analysts anticipate that Prudential Financial will post 13.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Andrew F. Sullivan sold 7,685 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $111.57, for a total transaction of $857,415.45. Following the completion of the sale, the executive vice president now directly owns 13,691 shares of the company’s stock, valued at $1,527,504.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Andrew F. Sullivan sold 7,685 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $111.57, for a total value of $857,415.45. Following the transaction, the executive vice president now owns 13,691 shares of the company’s stock, valued at $1,527,504.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Timothy L. Schmidt sold 7,912 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $108.13, for a total value of $855,524.56. Following the transaction, the senior vice president now owns 14,754 shares in the company, valued at $1,595,350.02. The disclosure for this sale can be found here. Insiders have sold a total of 29,255 shares of company stock worth $3,215,664 over the last quarter. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PRU. Piper Sandler decreased their price target on shares of Prudential Financial from $125.00 to $121.00 and set a “neutral” rating on the stock in a research note on Monday. Wells Fargo & Company increased their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a report on Thursday, April 11th. Raymond James cut Prudential Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, February 9th. Evercore ISI lifted their target price on Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a report on Thursday, April 25th. Finally, Morgan Stanley increased their price target on Prudential Financial from $109.00 to $117.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat, Prudential Financial has a consensus rating of “Hold” and a consensus price target of $111.08.

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.