Prudential Financial, Inc. (NYSE:PRU) announced a quarterly dividend on Tuesday, May 9th, RTT News reports. Investors 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 yield of 2.79%. The ex-dividend date is Friday, May 19th.
Prudential Financial has raised its dividend 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. Equities research analysts expect Prudential Financial to earn $11.15 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 0.53% during midday trading on Friday, reaching $107.71. The company had a trading volume of 2,290,338 shares. The company has a market capitalization of $46.21 billion, a price-to-earnings ratio of 10.93 and a beta of 1.49. Prudential Financial has a 52 week low of $66.51 and a 52 week high of $114.55. The firm has a 50-day moving average price of $106.50 and a 200-day moving average price of $106.71.
Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Wednesday, May 3rd. The financial services provider reported $2.79 EPS for the quarter, topping the consensus estimate of $2.64 by $0.15. Prudential Financial had a net margin of 7.78% and a return on equity of 8.52%. The firm had revenue of $13.24 billion for the quarter, compared to analyst estimates of $12.75 billion. During the same period in the prior year, the business posted $2.18 EPS. Analysts expect that Prudential Financial will post $10.65 EPS for the current fiscal year.
Several brokerages recently weighed in on PRU. BidaskClub raised shares of Prudential Financial from a “sell” rating to a “hold” rating in a research note on Friday. Deutsche Bank AG upped their target price on shares of Prudential Financial from $114.00 to $117.00 and gave the stock a “buy” rating in a research note on Wednesday, April 19th. Zacks Investment Research downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Wednesday. J P Morgan Chase & Co upped their target price on shares of Prudential Financial from $108.00 to $113.00 and gave the stock an “overweight” rating in a research note on Monday, April 3rd. Finally, Wells Fargo & Company reissued a “hold” rating on shares of Prudential Financial in a research report on Tuesday, June 6th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Prudential Financial has a consensus rating of “Buy” and a consensus price target of $108.84.
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In related news, insider Charles F. Lowrey sold 222,857 shares of the stock in a transaction on Monday, May 8th. The shares were sold at an average price of $108.04, for a total transaction of $24,077,470.28. Following the completion of the sale, the insider now owns 151,418 shares in the company, valued at approximately $16,359,200.72. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.66% of the stock is owned by corporate insiders.
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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