Prudential Financial Inc (NYSE:PRU) declared a quarterly dividend on Tuesday, May 9th. Stockholders of record on Tuesday, May 23rd will be given a dividend of 0.75 per share by the financial services provider on Thursday, June 15th. This represents a $3.00 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Friday, May 19th.
Prudential Financial has raised its dividend payment by an average of 17.4% per year over the last three years and has raised its dividend every year for the last 8 years. Prudential Financial has a dividend payout ratio of 28.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Prudential Financial to earn $11.14 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 26.9%.
Prudential Financial (NYSE:PRU) traded down 2.24% on Tuesday, hitting $103.20. The stock had a trading volume of 2,070,351 shares. The firm has a market cap of $44.27 billion, a PE ratio of 10.47 and a beta of 1.69. Prudential Financial has a 52-week low of $66.51 and a 52-week high of $114.55. The company has a 50-day moving average price of $106.27 and a 200 day moving average price of $106.44.
Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, May 3rd. The financial services provider reported $2.79 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.15. Prudential Financial had a net margin of 7.63% and a return on equity of 7.96%. The firm had revenue of $13.24 billion during the quarter, compared to the consensus estimate of $12.75 billion. During the same quarter in the previous year, the firm posted $2.18 earnings per share. Equities analysts forecast that Prudential Financial will post $10.64 earnings per share for the current fiscal year.
Several research firms have issued reports on PRU. Vetr upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $109.90 price objective for the company in a research note on Wednesday, March 22nd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $117.00 price objective on shares of Prudential Financial in a research note on Tuesday, March 21st. Zacks Investment Research upgraded shares of Prudential Financial from a “hold” rating to a “buy” rating and set a $117.00 price objective for the company in a research note on Tuesday, April 18th. Credit Suisse Group AG decreased their price objective on shares of Prudential Financial from $121.00 to $120.00 and set a “neutral” rating for the company in a research note on Tuesday, May 23rd. Finally, Wells Fargo & Co restated a “hold” rating on shares of Prudential Financial in a research note on Thursday, May 4th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $108.84.
In other Prudential Financial news, insider Charles F. Lowrey sold 222,857 shares of the stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $108.04, for a total value of $24,077,470.28. Following the completion of the transaction, the insider now directly owns 151,418 shares of the company’s stock, valued at $16,359,200.72. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.20% of the company’s stock.
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About Prudential Financial
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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