Bank of America Securities analyst Joshua Shanker has reiterated their neutral stance on PRU stock, giving a Hold rating today.
Joshua Shanker has given his Hold rating due to a combination of factors influencing Prudential Financial’s performance. The company’s first-quarter operating earnings per share exceeded expectations, driven by strong results in Individual Annuities and Group Insurance, although these were partially offset by weaker performance in Individual Life. While Prudential maintained its market position in Longevity and Structured Settlement sales, net flows in Institutional Retirement did not meet forecasts due to weaker sales.
Despite strong sales in Individual Retirement, the decline in fixed annuity sales and net outflows in the legacy variable annuity block present challenges. The price objective for Prudential’s stock has been adjusted downward, reflecting a cautious outlook on future earnings and macroeconomic uncertainties. The high dividend offers some upside, but the balanced risk-reward profile and potential for lower interest rates underpin the Neutral rating.
In another report released today, Barclays also maintained a Hold rating on the stock with a $109.00 price target.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PRU in relation to earlier this year.