Prudential Financial, Inc. to Post Q2 2024 Earnings of $3.40 Per Share, Zacks Research Forecasts (NYSE:PRU)

Prudential Financial, Inc. (NYSE:PRU) – Equities researchers at Zacks Research raised their Q2 2024 earnings estimates for shares of Prudential Financial in a note issued to investors on Tuesday, May 21st. Zacks Research analyst T. De now anticipates that the financial services provider will post earnings of $3.40 per share for the quarter, up from their prior estimate of $3.34. The consensus estimate for Prudential Financial’s current full-year earnings is $13.42 per share. Zacks Research also issued estimates for Prudential Financial’s Q3 2024 earnings at $3.46 EPS, Q1 2025 earnings at $3.50 EPS, Q4 2025 earnings at $3.44 EPS, Q1 2026 earnings at $3.93 EPS and FY2026 earnings at $15.32 EPS.

Other research analysts also recently issued research reports about the company. Morgan Stanley increased their price target on Prudential Financial from $109.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Evercore ISI increased their target price on shares of Prudential Financial from $115.00 to $116.00 and gave the stock an “underperform” rating in a research report on Thursday, April 25th. Wells Fargo & Company upped their price target on shares of Prudential Financial from $100.00 to $106.00 and gave the company an “underweight” rating in a research note on Thursday, April 11th. Jefferies Financial Group upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and lifted their price objective for the company from $121.00 to $143.00 in a research note on Wednesday. Finally, TheStreet upgraded Prudential Financial from a “c+” rating to an “a-” rating in a research report on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $115.25.

Prudential Financial Price Performance

Prudential Financial stock opened at $117.85 on Wednesday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.67. The business’s 50 day simple moving average is $114.55 and its 200 day simple moving average is $106.92. Prudential Financial has a 12 month low of $78.40 and a 12 month high of $121.39. The company has a market cap of $42.31 billion, a price-to-earnings ratio of 20.04, a PEG ratio of 0.88 and a beta of 1.35.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, April 30th. The financial services provider reported $3.12 earnings per share for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.04). Prudential Financial had a net margin of 3.76% and a return on equity of 15.50%. The company had revenue of $15.01 billion during the quarter, compared to analysts’ expectations of $14.50 billion. During the same quarter in the previous year, the firm earned $2.66 earnings per share. The firm’s revenue was up 69.9% compared to the same quarter last year.

Prudential Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Tuesday, May 21st will be issued a $1.30 dividend. The ex-dividend date of this dividend is Monday, May 20th. This represents a $5.20 annualized dividend and a dividend yield of 4.41%. Prudential Financial’s payout ratio is currently 88.44%.

Insider Transactions at Prudential Financial

In related news, EVP Ann M. Kappler sold 7,222 shares of the firm’s stock in a transaction that occurred 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 directly 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 Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Ann M. Kappler sold 7,222 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $108.39, for a total value of $782,792.58. Following the transaction, the executive vice president now owns 24,381 shares of the company’s stock, valued at $2,642,656.59. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Timothy L. Schmidt sold 7,912 shares of Prudential Financial stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $108.13, for a total value of $855,524.56. Following the sale, the senior vice president now directly owns 14,754 shares of the company’s stock, valued at approximately $1,595,350.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 164,536 shares of company stock valued at $19,245,606. 0.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Prudential Financial by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 42,292,853 shares of the financial services provider’s stock worth $4,386,192,000 after acquiring an additional 5,154,865 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Prudential Financial by 9,281.4% during the 4th quarter. International Assets Investment Management LLC now owns 1,368,839 shares of the financial services provider’s stock valued at $141,962,000 after buying an additional 1,354,248 shares during the last quarter. Norges Bank purchased a new stake in Prudential Financial during the 4th quarter valued at $113,478,000. Dimensional Fund Advisors LP grew its holdings in Prudential Financial by 10.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,000,665 shares of the financial services provider’s stock worth $414,926,000 after acquiring an additional 388,363 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Prudential Financial in the third quarter valued at about $34,251,000. 56.83% of the stock is owned by hedge funds and other institutional investors.

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.