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Prudential Dividend Stock Faces Japan Woes
6 Jul
Summary
- Piper Sandler raised Prudential's price target to $110.
- Argus downgraded Prudential due to issues in Japan.
- Company increased its quarterly dividend by 4%.
Prudential Financial, Inc. is being monitored by investors and analysts alike. Recently, on June 24, Piper Sandler adjusted its outlook, raising the price target to $110 from $105 while keeping a Neutral rating. This move followed recent company statements and market expectations.
However, the company faces significant headwinds in Japan. On June 9, Argus downgraded Prudential to a Hold, citing internal misconduct where employees misappropriated customer funds. This led to a suspension of all new policies in Japan and a management overhaul.
Despite these troubles, Prudential has signaled its commitment to shareholders by increasing its quarterly dividend by 4% earlier this year. The company is also enhancing its product offerings with the launch of Elevate, a retirement product suite.
