$14.31 Billion in Sales Expected for Prudential Financial Inc (NYSE:PRU) This Quarter

Analysts expect that Prudential Financial Inc (NYSE:PRU) will post $14.31 billion in sales for the current quarter, according to Zacks. Fourteen analysts have provided estimates for Prudential Financial’s earnings, with the lowest sales estimate coming in at $13.03 billion and the highest estimate coming in at $15.50 billion. Prudential Financial reported sales of $14.43 billion in the same quarter last year, which would suggest a negative year over year growth rate of 0.8%. The company is scheduled to issue its next quarterly earnings results on Wednesday, November 6th.

According to Zacks, analysts expect that Prudential Financial will report full year sales of $56.82 billion for the current financial year, with estimates ranging from $52.80 billion to $61.78 billion. For the next year, analysts forecast that the business will post sales of $59.00 billion, with estimates ranging from $53.45 billion to $65.01 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Prudential Financial.

Prudential Financial (NYSE:PRU) last issued its earnings results on Wednesday, July 31st. The financial services provider reported $3.14 EPS for the quarter, missing analysts’ consensus estimates of $3.22 by ($0.08). Prudential Financial had a net margin of 6.92% and a return on equity of 9.24%. The firm had revenue of $14.11 billion during the quarter, compared to analysts’ expectations of $13.63 billion. During the same quarter last year, the firm earned $3.01 EPS.

A number of brokerages have commented on PRU. Barclays set a $108.00 target price on Prudential Financial and gave the company a “buy” rating in a research note on Monday, August 12th. Zacks Investment Research raised Prudential Financial from a “sell” rating to a “hold” rating and set a $89.00 price target for the company in a research report on Tuesday. Atlantic Securities cut Prudential Financial from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 8th. B. Riley cut Prudential Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $122.00 to $100.00 in a research report on Thursday, August 1st. Finally, Goldman Sachs Group reduced their price target on Prudential Financial from $107.00 to $99.00 and set a “buy” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Prudential Financial has an average rating of “Hold” and a consensus price target of $100.50.

NYSE PRU traded up $1.36 on Tuesday, reaching $89.58. The stock had a trading volume of 162,519 shares, compared to its average volume of 2,262,840. The business has a 50 day moving average price of $85.92 and a 200 day moving average price of $95.52. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.29. Prudential Financial has a 1 year low of $75.61 and a 1 year high of $106.64. The company has a market capitalization of $34.86 billion, a price-to-earnings ratio of 7.65, a P/E/G ratio of 0.78 and a beta of 1.55.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were given a $1.00 dividend. The ex-dividend date was Monday, August 19th. This represents a $4.00 dividend on an annualized basis and a yield of 4.47%. Prudential Financial’s payout ratio is 34.22%.

In related news, EVP Robert Falzon purchased 3,580 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were bought at an average price of $83.98 per share, with a total value of $300,648.40. Following the purchase, the executive vice president now directly owns 64,228 shares in the company, valued at approximately $5,393,867.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles F. Lowrey purchased 7,500 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was bought at an average cost of $83.68 per share, for a total transaction of $627,600.00. Following the purchase, the chief executive officer now owns 64,263 shares in the company, valued at $5,377,527.84. The disclosure for this purchase can be found here. Insiders acquired a total of 13,580 shares of company stock worth $1,137,848 over the last quarter. Corporate insiders own 0.76% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Nuveen Asset Management LLC increased its holdings in Prudential Financial by 14,775.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,268,078 shares of the financial services provider’s stock worth $330,076,000 after purchasing an additional 3,246,108 shares in the last quarter. BlackRock Inc. increased its holdings in Prudential Financial by 6.2% during the 2nd quarter. BlackRock Inc. now owns 31,395,669 shares of the financial services provider’s stock worth $3,170,962,000 after purchasing an additional 1,840,652 shares in the last quarter. Invesco Ltd. increased its holdings in Prudential Financial by 72.7% during the 2nd quarter. Invesco Ltd. now owns 3,825,999 shares of the financial services provider’s stock worth $386,426,000 after purchasing an additional 1,610,600 shares in the last quarter. Geode Capital Management LLC increased its holdings in Prudential Financial by 6.8% during the 4th quarter. Geode Capital Management LLC now owns 5,129,191 shares of the financial services provider’s stock worth $417,519,000 after purchasing an additional 326,075 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Prudential Financial by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 32,659,263 shares of the financial services provider’s stock worth $3,298,586,000 after purchasing an additional 324,451 shares in the last quarter. 63.57% of the stock is currently owned by institutional investors.

About Prudential Financial

Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.

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