Analysts forecast that Prudential Financial, Inc. (NYSE:PRU) will announce sales of $13.39 billion for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Prudential Financial’s earnings, with the highest sales estimate coming in at $13.40 billion and the lowest estimate coming in at $13.39 billion. Prudential Financial posted sales of $15.08 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 11.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The firm is expected to issue its next earnings report on Thursday, February 3rd.
On average, analysts expect that Prudential Financial will report full year sales of $60.01 billion for the current financial year, with estimates ranging from $59.27 billion to $60.38 billion. For the next financial year, analysts expect that the firm will report sales of $56.32 billion, with estimates ranging from $53.82 billion to $60.60 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Prudential Financial.
Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, November 2nd. The financial services provider reported $3.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.68 by $1.10. The business had revenue of $19.66 billion during the quarter, compared to analyst estimates of $13.24 billion. Prudential Financial had a net margin of 11.82{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a return on equity of 9.33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. During the same period last year, the business earned $3.21 EPS.
PRU has been the topic of a number of recent analyst reports. Barclays raised their price target on shares of Prudential Financial from $102.00 to $110.00 and gave the company an “equal weight” rating in a report on Thursday, September 16th. The Goldman Sachs Group initiated coverage on shares of Prudential Financial in a report on Thursday, December 2nd. They set a “neutral” rating and a $115.00 price target on the stock. Morgan Stanley raised their price target on shares of Prudential Financial from $110.00 to $112.00 and gave the company an “equal weight” rating in a report on Thursday, November 18th. Finally, Royal Bank of Canada raised their price target on shares of Prudential Financial from $112.00 to $119.00 and gave the company a “sector perform” rating in a report on Thursday, November 4th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Prudential Financial currently has an average rating of “Hold” and an average price target of $107.18.
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In other Prudential Financial news, CEO Charles F. Lowrey sold 37,011 shares of Prudential Financial stock in a transaction that occurred on Friday, October 8th. The shares were sold at an average price of $110.00, for a total transaction of $4,071,210.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Timothy L. Schmidt sold 3,500 shares of Prudential Financial stock in a transaction that occurred on Tuesday, November 16th. The shares were sold at an average price of $112.26, for a total transaction of $392,910.00. The disclosure for this sale can be found here. 0.33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its position in Prudential Financial by 103.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the third quarter. Nordea Investment Management AB now owns 4,485,930 shares of the financial services provider’s stock worth $477,078,000 after purchasing an additional 2,284,632 shares during the last quarter. Royal Bank of Canada increased its position in Prudential Financial by 255.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the second quarter. Royal Bank of Canada now owns 2,908,712 shares of the financial services provider’s stock worth $298,055,000 after purchasing an additional 2,090,578 shares during the last quarter. Amundi bought a new stake in Prudential Financial in the second quarter worth $206,722,000. Bank of New York Mellon Corp increased its position in Prudential Financial by 20.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the second quarter. Bank of New York Mellon Corp now owns 3,492,504 shares of the financial services provider’s stock worth $357,876,000 after purchasing an additional 603,664 shares during the last quarter. Finally, Invesco Ltd. increased its position in Prudential Financial by 24.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the third quarter. Invesco Ltd. now owns 3,081,505 shares of the financial services provider’s stock worth $324,174,000 after purchasing an additional 597,615 shares during the last quarter. Hedge funds and other institutional investors own 56.14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.
NYSE:PRU opened at $106.93 on Thursday. The firm has a 50-day simple moving average of $109.04 and a two-hundred day simple moving average of $105.49. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.06 and a current ratio of 0.06. The firm has a market cap of $40.42 billion, a P/E ratio of 5.84, a P/E/G ratio of 0.79 and a beta of 1.63. Prudential Financial has a fifty-two week low of $74.58 and a fifty-two week high of $115.52.
Prudential Financial declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 9th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 3.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 16th. Investors of record on Tuesday, November 23rd will be issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 4.30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The ex-dividend date of this dividend is Monday, November 22nd. Prudential Financial’s payout ratio is 25.12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
About Prudential Financial
Prudential Financial, Inc engages in the provision of financial products and services including life insurance, annuities, mutual funds, and investment management to both individual and institutional customers. It operates through the following segments: PGIM, International Businesses, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, Closed Block, and Corporate and Others.
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