Prudential Financial (NYSE:PRU – Get Free Report) issued its quarterly earnings data on Tuesday. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.43, FiscalAI reports. The company had revenue of $13.49 billion for the quarter, compared to analyst estimates of $14.66 billion. Prudential Financial had a net margin of 6.51% and a return on equity of 16.68%. During the same period last year, the company posted $4.26 earnings per share.
Prudential Financial Stock Up 6.1%
Shares of Prudential Financial stock traded up $7.22 during trading on Wednesday, hitting $126.03. 1,255,026 shares of the stock were exchanged, compared to its average volume of 2,007,240. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial has a 12-month low of $91.89 and a 12-month high of $127.79. The firm’s 50-day moving average price is $116.83 and its 200 day moving average price is $108.81. The stock has a market cap of $43.48 billion, a price-to-earnings ratio of 11.40, a price-to-earnings-growth ratio of 1.98 and a beta of 0.85.
Prudential Financial Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 25th. Prudential Financial’s dividend payout ratio is presently 50.72%.
Wall Street Analyst Weigh In
Several analysts have commented on PRU shares. JPMorgan Chase & Co. decreased their price target on shares of Prudential Financial from $127.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, October 22nd. Weiss Ratings lowered Prudential Financial from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, October 14th. Piper Sandler dropped their target price on Prudential Financial from $128.00 to $120.00 and set a “neutral” rating on the stock in a research report on Monday, October 12th. TD Cowen dropped their price target on shares of Prudential Financial from $114.00 to $112.00 and set a “hold” rating on the stock in a research note on Wednesday, October 21st. Finally, Evercore cut their price target on shares of Prudential Financial from $110.00 to $106.00 in a report on Friday, October 9th. Two research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, Prudential Financial has an average rating of “Reduce” and an average price target of $111.27.
Read Our Latest Report on Prudential Financial
Insider Activity
In related news, EVP Ann Kappler sold 7,652 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $125.01, for a total transaction of $956,576.52. Following the completion of the sale, the executive vice president directly owned 14,407 shares of the company’s stock, valued at $1,801,019.07. This trade represents a 34.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.05% of the stock is currently owned by corporate insiders.
Key Stories Impacting Prudential Financial
Here are the key news stories impacting Prudential Financial this week:
- Positive Sentiment: Third-quarter earnings were $3.77 per share, topping analyst estimates of about $3.31–$3.34. Annuity sales also reached a 13-year high, providing a notable business bright spot. Prudential Q3 earnings beat estimates Prudential annuity sales hit a 13-year high
- Negative Sentiment: Revenue of $13.49 billion fell short of the $14.66 billion consensus. Earnings per share also declined from $4.26 in the year-ago quarter, tempering the headline beat. Prudential misses Q3 revenue estimates
- Negative Sentiment: Japan-related developments are a headwind: a suspension cut income by $191 million, while Prudential cited a US$1.3 billion Japan cost as it reshapes its Asia and emerging-markets footprint. Prudential’s Japan cost and business reshaping
- Negative Sentiment: Zacks added PRU to its Rank #5 (Strong Sell) list, a negative analyst signal that may weigh on sentiment. Zacks Strong Sell stocks for November 4
Prudential Financial Company Profile
Prudential Financial, Inc (NYSE: PRU) is a global financial services company that provides insurance, retirement, investment management and related financial products. Founded in Newark, New Jersey, in 1875, the company serves individuals, businesses and institutional investors through a range of businesses and distribution channels.
In the United States, Prudential offers life insurance, annuities, retirement plans and employee benefits, including group life, disability and dental insurance.
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