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

Prudential Financial, Inc. (NYSE:PRU) was the recipient of a large increase in short interest in 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 stock are short sold. Based on an average trading volume of 2,451,927 shares, the days-to-cover ratio is currently 4.0 days.

Prudential Financial Stock Performance

PRU traded up $1.26 during trading on Wednesday, reaching $98.95. 507,396 shares of the company’s stock were exchanged, compared to its average volume of 2,322,816. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial has a 1 year low of $90.38 and a 1 year high of $119.76. The company’s fifty day simple moving average is $100.60 and its 200-day simple moving average is $105.44. The stock has a market capitalization of $34.42 billion, a P/E ratio of 9.91, a price-to-earnings-growth ratio of 1.16 and a beta of 0.98.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share for the quarter, missing analysts’ consensus estimates of $3.37 by ($0.07). Prudential Financial had a return on equity of 16.32% and a net margin of 6.20%.The business had revenue of $14.52 billion during the quarter, compared to analyst estimates of $14.48 billion. During the same quarter in the previous year, the company earned $2.96 EPS. As a group, research analysts predict 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. Shareholders of record on Tuesday, February 17th were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $5.60 annualized dividend and a yield of 5.7%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.35. Prudential Financial’s payout ratio is 56.00%.

Insider Activity

In other news, Director Thomas D. Stoddard bought 250 shares of the stock in a transaction on Tuesday, February 17th. The stock was bought at an average cost of $102.97 per share, for a total transaction of $25,742.50. Following the completion of the purchase, the director directly owned 250 shares in the company, valued at approximately $25,742.50. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jacques Chappuis purchased 1,000 shares of Prudential Financial stock in a transaction dated Friday, February 6th. The shares were acquired at an average cost of $100.97 per share, for a total transaction of $100,970.00. Following the completion of the transaction, the executive vice president owned 1,000 shares of the company’s stock, valued at approximately $100,970. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders purchased 1,408,389 shares of company stock worth $35,154,439. 0.25% of the stock is currently owned by insiders.

Institutional Trading of Prudential Financial

A number of hedge funds have recently modified their holdings of PRU. Summit Global Investments grew its position in shares of Prudential Financial by 71.1% during 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. acquired a new position in Prudential Financial in the 3rd quarter worth about $1,285,000. Mattson Financial Services LLC boosted its position in Prudential Financial by 312.8% during the third quarter. Mattson Financial Services LLC now owns 12,119 shares of the financial services provider’s stock worth $1,257,000 after purchasing an additional 9,183 shares in the last quarter. First Horizon Corp acquired a new stake in Prudential Financial in the third quarter valued at approximately $5,856,000. Finally, Varma Mutual Pension Insurance Co increased its position in shares of Prudential Financial by 22.0% in the third quarter. Varma Mutual Pension Insurance Co now owns 108,839 shares of the financial services provider’s stock valued at $11,291,000 after buying an additional 19,600 shares in the last quarter. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analyst Ratings Changes

PRU has been the topic of several recent analyst reports. Piper Sandler upped their price objective on shares of Prudential Financial from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, December 23rd. Wall Street Zen downgraded shares of Prudential Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. JPMorgan Chase & Co. decreased their price target on shares of Prudential Financial from $133.00 to $127.00 and set a “neutral” rating for the company in a report on Wednesday, February 4th. UBS Group lifted their price objective on shares of Prudential Financial from $111.00 to $116.00 and gave the stock a “neutral” rating in a research note on Thursday, January 8th. Finally, Keefe, Bruyette & Woods started coverage on shares of Prudential Financial in a report on Thursday, March 26th. They set a “hold” rating and a $106.00 price objective on the stock. Nine research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Prudential Financial currently has a consensus rating of “Reduce” and an average price target 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.