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Market Update (NYSE:PRU): Prudential Real Estate Investors and McCarthy Cook & Co. acquire MetroCenter office campus in Costa Mesa, Calif.

[Business Wire] – Prudential Real Estate Investors has acquired MetroCenter at South Coast, an office campus in Costa Mesa, Calif., in a joint venture with McCarthy Cook & Co., a real estate investment and development firm specializing in office, life science and mixed-use real estate assets, the company announced today. Read more on this. Prudential Financial, Inc. (PRU) , valued at $35.56B, opened at $79.54. During today’s session, PRU traded between $78.37 to $79.60 with a one year range of $73.19 to $92.60. PRU shares are currently priced at 7.85x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.20x earnings multiple. The company pays shareholders $2.80 per share annually in dividends, yielding 3.44%. Consensus earnings for the current quarter by the 19 sell-side analysts covering the stock is an estimate of $2.30 per share, which would be $0.18 better than the year-ago quarter and a $0.13 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $10.37 would be a $1.16 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $11.47 Billion. If realized, that would be a 27.54% decrease over the year-ago quarter. In terms of ratings, Deutsche Bank upgraded PRU from Hold to Buy (Sep 8, 2015). Previously, Piper Jaffray Initiated PRU at to Overweight. Given all the information above, we should disclose to readers that the average price target is $97.75, which is 22.89% above than it opened this morning. See more in (NYSE:PRU) Similar Articles: Stock Update: Prudential Financial Inc (NYSE:PRU) – Prudential Real Estate Investors Acquires Class A Office Property in Washington, D.C. Company Update: Prudential Financial Inc (NYSE:PRU) – Prudential Real Estate Investors acquires the Roosevelt Collection in Chicago’s South Loop Market Update: Prudential Financial Inc (NYSE:PRU) – Prudential Capital Group provided more than $5.3 billion in financing to clients in first half of 2015
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