Prudential: S&P Intraday Laggard
NEW YORK (TheStreet) -- Prudential Financial(PRU) was the worst-performing stock in the S&P 500 Thursday morning.
The S&P 500 was falling more than 5.5 points to 1,396.62.
Shares of Prudential fell 8.2% to $55.94. Prudential reported Wednesday a first-quarter loss of $988 million, or $2.09 a share, a reversal from year-earlier earnings of $539 million, or $1.10 a share.
The bank recorded about $1.5 billion in pretax charges from foreign currency exchange rates and changes in the value of derivatives related to the Japanese yen.
Operating profit in the quarter was $1.56 a share; analysts were expecting $1.72 a share.
Prudential trades at an estimated price-to-earnings ratio for next year of 6.8 times; the average for life insurance companies is 11.17. For comparison, MetLife(MET) has a lower forward P/E of 6.29.
Twenty of the 23 analysts who cover Prudential rated it buy; three analysts gave the stock a hold rating.
The stock has risen 11.59% year to date.