Short Interest in Prudential Financial, Inc. (NYSE:PRU) Expands By 18.8%

Prudential Financial, Inc. (NYSE:PRU) saw a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 9,878,491 shares, a growth of 18.8% from the February 26th total of 8,316,225 shares. Based on an average trading volume of 2,451,927 shares, the days-to-cover ratio is presently 4.0 days. Approximately 2.8% of the shares of the company are sold short.

Analyst Ratings Changes

Several brokerages recently commented on PRU. Barclays reduced their target price on shares of Prudential Financial from $124.00 to $119.00 and set an “equal weight” rating for the company in a report on Wednesday, March 11th. Wells Fargo & Company downgraded shares of Prudential Financial from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $115.00 to $103.00 in a research report on Wednesday, February 25th. Mizuho reduced their price objective on Prudential Financial from $126.00 to $113.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. Morgan Stanley decreased their target price on Prudential Financial from $120.00 to $111.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. Finally, Wall Street Zen cut Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Nine investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Prudential Financial currently has an average rating of “Reduce” and an average price target of $113.89.

Prudential Financial Stock Performance

Shares of PRU stock traded up $3.09 on Tuesday, hitting $97.57. The company’s stock had a trading volume of 2,479,827 shares, compared to its average volume of 2,407,017. Prudential Financial has a fifty-two week low of $90.38 and a fifty-two week high of $119.76. The company has a market capitalization of $33.94 billion, a PE ratio of 9.76, a PEG ratio of 1.16 and a beta of 0.98. The stock’s 50 day moving average is $100.60 and its 200-day moving average is $105.44. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.16 and a current ratio of 0.16.

Prudential Financial (NYSE:PRU) last posted its quarterly earnings data on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.37 by ($0.07). Prudential Financial had a net margin of 6.20% and a return on equity of 16.32%. The business had revenue of $14.52 billion during the quarter, compared to the consensus estimate of $14.48 billion. During the same period in the prior year, the firm earned $2.96 EPS. Equities research analysts expect that Prudential Financial will post 14.36 earnings per share for the current fiscal year.

Prudential Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Tuesday, February 17th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 5.7%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.35. The ex-dividend date was Tuesday, February 17th. Prudential Financial’s dividend payout ratio is presently 56.00%.

Insiders Place Their Bets

In other Prudential Financial news, EVP Jacques Chappuis bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were acquired at an average cost of $100.97 per share, with a total value of $100,970.00. Following the acquisition, the executive vice president owned 1,000 shares of the company’s stock, valued at $100,970. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential purchased 1,406,739 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The stock was acquired at an average price of $24.87 per share, for a total transaction of $34,985,598.93. Following the purchase, the insider owned 7,709,624 shares in the company, valued at $191,738,348.88. This trade represents a 22.32% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 1,408,389 shares of company stock valued at $35,154,439. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Prudential Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. increased its position in shares of Prudential Financial by 44.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 268,830 shares of the financial services provider’s stock worth $30,346,000 after purchasing an additional 82,173 shares during the period. Fund Advisors of America Inc FL bought a new stake in Prudential Financial during the fourth quarter worth about $381,000. World Investment Advisors grew its stake in Prudential Financial by 104.6% during the fourth quarter. World Investment Advisors now owns 12,164 shares of the financial services provider’s stock worth $1,373,000 after buying an additional 6,220 shares in the last quarter. Nalls Sherbakoff Group LLC bought a new position in Prudential Financial in the 4th quarter valued at about $44,000. Finally, Corient Private Wealth LLC raised its position in shares of Prudential Financial by 8.8% in the 4th quarter. Corient Private Wealth LLC now owns 81,386 shares of the financial services provider’s stock valued at $9,189,000 after buying an additional 6,585 shares in the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

About Prudential Financial

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.