Prudential Financial, Inc. (NYSE:PRU) Short Interest Update

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

Insider Activity

In other news, Director Joseph J. Wolk acquired 400 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was acquired at an average price of $105.32 per share, for a total transaction of $42,128.00. Following the transaction, the director directly owned 400 shares in the company, valued at approximately $42,128. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas D. Stoddard acquired 250 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average cost of $102.97 per share, for a total transaction of $25,742.50. Following the purchase, the director directly owned 250 shares in the company, valued at $25,742.50. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 1,408,389 shares of company stock worth $35,154,439 over the last three months. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Prudential Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRU. Summit Global Investments grew its position in shares of Prudential Financial by 71.1% in the 3rd quarter. Summit Global Investments now owns 13,021 shares of the financial services provider’s stock valued at $1,351,000 after acquiring an additional 5,412 shares during the period. Machina Capital S.A.S. bought a new stake in shares of Prudential Financial in the 3rd quarter valued at about $1,285,000. Mattson Financial Services LLC lifted its stake in Prudential Financial by 312.8% in the 3rd quarter. Mattson Financial Services LLC now owns 12,119 shares of the financial services provider’s stock valued at $1,257,000 after purchasing an additional 9,183 shares during the last quarter. First Horizon Corp bought a new position in Prudential Financial during the third quarter worth about $5,856,000. Finally, Varma Mutual Pension Insurance Co increased its position in Prudential Financial by 22.0% during the third quarter. Varma Mutual Pension Insurance Co now owns 108,839 shares of the financial services provider’s stock worth $11,291,000 after buying an additional 19,600 shares during the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Prudential Financial Stock Up 3.3%

Shares of NYSE:PRU traded up $3.09 during mid-day trading on Tuesday, reaching $97.57. 2,479,827 shares of the stock were exchanged, compared to its average volume of 2,407,017. The stock’s 50 day simple moving average is $100.60 and its 200-day simple moving average is $105.44. Prudential Financial has a one year low of $90.38 and a one year high of $119.76. The company has a market cap of $33.94 billion, a P/E ratio of 9.76, a P/E/G ratio of 1.16 and a beta of 0.98. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58.

Prudential Financial (NYSE:PRU) last released its earnings results on Tuesday, February 3rd. The financial services provider reported $3.30 EPS for the quarter, missing the consensus estimate of $3.37 by ($0.07). Prudential Financial had a net margin of 6.20% and a return on equity of 16.32%. The firm had revenue of $14.52 billion during the quarter, compared to the consensus estimate of $14.48 billion. During the same quarter in the previous year, the firm posted $2.96 EPS. As a group, equities research analysts predict that Prudential Financial will post 14.36 EPS for the current year.

Prudential Financial Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PRU shares. Wall Street Zen downgraded Prudential Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Barclays decreased their price objective on Prudential Financial from $124.00 to $119.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 11th. Mizuho dropped their target price on shares of Prudential Financial from $126.00 to $113.00 and set a “neutral” rating on the stock in a report on Tuesday, February 10th. JPMorgan Chase & Co. cut their price target on shares of Prudential Financial from $133.00 to $127.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 4th. Finally, Evercore reiterated a “negative” rating on shares of Prudential Financial in a report on Friday, March 6th. Nine equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prudential Financial currently has a consensus rating of “Reduce” and a consensus target price of $113.89.

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.