Prudential Financial (PRU) Lifted to Outperform at Royal Bank of Canada
Royal Bank of Canada upgraded shares of Prudential Financial (NYSE:PRU) from a sector perform rating to an outperform rating in a research note released on Monday, Marketbeat Ratings reports. The analysts noted that the move was a valuation call.
PRU has been the topic of several other reports. Wells Fargo & Co set a $122.00 price target on shares of Prudential Financial and gave the company a hold rating in a report on Thursday, December 14th. Atlantic Securities raised shares of Prudential Financial from a neutral rating to an overweight rating in a report on Thursday, January 11th. Morgan Stanley lifted their price target on shares of Prudential Financial from $123.00 to $124.00 and gave the company an equal weight rating in a report on Thursday, November 2nd. B. Riley reaffirmed a buy rating on shares of Prudential Financial in a report on Monday, November 6th. Finally, Zacks Investment Research raised shares of Prudential Financial from a hold rating to a buy rating and set a $132.00 price target on the stock in a report on Monday, January 8th. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Prudential Financial currently has an average rating of Buy and a consensus target price of $119.14.
Shares of Prudential Financial (NYSE PRU) opened at $107.86 on Monday. The stock has a market cap of $46,420.00, a P/E ratio of 6.04, a P/E/G ratio of 1.09 and a beta of 1.49. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.32. Prudential Financial has a 1-year low of $97.88 and a 1-year high of $127.14.
Prudential Financial announced that its board has authorized a share buyback program on Thursday, December 14th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 21st will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.34%. This is a positive change from Prudential Financial’s previous quarterly dividend of $0.75. The ex-dividend date is Tuesday, February 20th. Prudential Financial’s payout ratio is presently 16.80%.
In other Prudential Financial news, SVP Barbara Koster sold 16,801 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $115.17, for a total transaction of $1,934,971.17. Following the sale, the senior vice president now directly owns 37,327 shares of the company’s stock, valued at approximately $4,298,950.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Timothy P. Harris sold 10,527 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $115.00, for a total transaction of $1,210,605.00. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. BancorpSouth Bank bought a new stake in Prudential Financial during the 4th quarter worth approximately $5,882,000. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Prudential Financial in the 4th quarter worth approximately $105,000. AlphaOne Investment Services LLC lifted its position in shares of Prudential Financial by 69.3% in the 4th quarter. AlphaOne Investment Services LLC now owns 1,422 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 582 shares during the period. Financial Counselors Inc. lifted its position in shares of Prudential Financial by 2.4% in the 4th quarter. Financial Counselors Inc. now owns 71,786 shares of the financial services provider’s stock worth $8,254,000 after purchasing an additional 1,688 shares during the period. Finally, Logan Capital Management Inc. acquired a new position in shares of Prudential Financial in the 4th quarter worth approximately $216,000. 64.37% of the stock is currently owned by hedge funds and other institutional investors.
Prudential Financial Company Profile
Prudential Financial, Inc, is a financial services company. The Company, through its subsidiaries, offers a range of financial products and services, which includes life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s operations consists of four divisions, which together encompass seven segments.
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