Prudential Financial Inc (NYSE:PRU) Expected to Post Quarterly Sales of $13.56 Billion

Brokerages expect Prudential Financial Inc (NYSE:PRU) to report sales of $13.56 billion for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Prudential Financial’s earnings. The highest sales estimate is $13.98 billion and the lowest is $13.33 billion. Prudential Financial reported sales of $14.11 billion in the same quarter last year, which would suggest a negative year over year growth rate of 3.9%. The business is expected to report its next quarterly earnings report on Wednesday, July 29th.

On average, analysts expect that Prudential Financial will report full-year sales of $54.97 billion for the current fiscal year, with estimates ranging from $54.12 billion to $56.20 billion. For the next year, analysts anticipate that the company will report sales of $56.58 billion, with estimates ranging from $54.51 billion to $58.06 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Prudential Financial.

Prudential Financial (NYSE:PRU) last released its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $2.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.84 by ($0.52). The firm had revenue of $13.33 billion for the quarter, compared to the consensus estimate of $14.81 billion. Prudential Financial had a net margin of 5.16% and a return on equity of 7.13%. During the same quarter in the prior year, the firm earned $3.00 earnings per share.

PRU has been the subject of a number of recent research reports. Royal Bank of Canada downgraded Prudential Financial from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $110.00 to $68.00 in a research note on Friday, March 20th. Piper Sandler downgraded Prudential Financial from an “overweight” rating to a “neutral” rating in a research note on Wednesday, May 6th. Bank of America cut their price objective on Prudential Financial from $71.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Wells Fargo & Co cut their price objective on Prudential Financial from $67.00 to $62.00 and set an “equal weight” rating for the company in a research note on Thursday, May 7th. Finally, Morgan Stanley cut their price objective on Prudential Financial from $102.00 to $64.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 17th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. Prudential Financial currently has an average rating of “Hold” and an average target price of $79.71.

A number of hedge funds and other institutional investors have recently bought and sold shares of PRU. Atlas Private Wealth Management purchased a new stake in shares of Prudential Financial during the 4th quarter worth approximately $26,000. HHM Wealth Advisors LLC purchased a new stake in Prudential Financial during the 1st quarter valued at $31,000. Golden State Wealth Management LLC purchased a new stake in Prudential Financial during the 1st quarter valued at $32,000. Legacy Bridge LLC purchased a new stake in Prudential Financial during the 4th quarter valued at $33,000. Finally, Global Financial Private Capital Inc raised its holdings in Prudential Financial by 4,312.5% during the 4th quarter. Global Financial Private Capital Inc now owns 353 shares of the financial services provider’s stock valued at $33,000 after buying an additional 345 shares during the period. 60.60% of the stock is currently owned by institutional investors.

Shares of Prudential Financial stock traded up $2.74 during trading hours on Wednesday, reaching $63.20. 3,469,413 shares of the stock traded hands, compared to its average volume of 3,379,541. The company has a 50 day moving average price of $56.47 and a 200 day moving average price of $77.21. The firm has a market capitalization of $22.23 billion, a price-to-earnings ratio of 8.77, a P/E/G ratio of 0.68 and a beta of 1.71. Prudential Financial has a one year low of $38.62 and a one year high of $103.56. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.33.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Tuesday, May 26th will be issued a $1.10 dividend. The ex-dividend date is Friday, May 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 6.96%. Prudential Financial’s dividend payout ratio is presently 37.64%.

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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Earnings History and Estimates for Prudential Financial (NYSE:PRU)

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