Prudential Financial, Inc. (NYSE:PRU) Sees Large Increase in Short Interest

Prudential Financial, Inc. (NYSE:PRU) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 5,330,000 shares, an increase of 14.9% from the August 15th total of 4,640,000 shares. Approximately 1.5% of the company’s stock are sold short. Based on an average daily volume of 1,550,000 shares, the short-interest ratio is currently 3.4 days.

Prudential Financial Stock Performance

NYSE PRU traded up $1.02 on Tuesday, hitting $118.75. 1,079,893 shares of the stock traded hands, compared to its average volume of 1,504,480. Prudential Financial has a 12 month low of $87.95 and a 12 month high of $128.52. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.13 and a current ratio of 0.13. The business’s fifty day moving average is $117.90 and its two-hundred day moving average is $116.13. The firm has a market capitalization of $42.39 billion, a price-to-earnings ratio of 20.20, a PEG ratio of 0.90 and a beta of 1.30.

Prudential Financial (NYSE:PRU) last announced its quarterly earnings data on Thursday, August 1st. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.43 by ($0.04). The firm had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. Prudential Financial had a net margin of 4.86% and a return on equity of 16.00%. As a group, equities analysts anticipate that Prudential Financial will post 13.31 EPS for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Tuesday, August 20th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date was Tuesday, August 20th. Prudential Financial’s payout ratio is presently 88.44%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PRU shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $121.00 target price on shares of Prudential Financial in a research report on Wednesday, August 21st. UBS Group upped their price objective on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Argus upgraded shares of Prudential Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Morgan Stanley cut their price objective on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Finally, Barclays began coverage on Prudential Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $118.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Prudential Financial has an average rating of “Hold” and a consensus target price of $120.83.

Insider Activity at Prudential Financial

In related news, major shareholder Insurance Co Of Ame Prudential acquired 652,884 shares of the stock in a transaction dated Thursday, June 20th. The shares were acquired at an average price of $27.57 per share, with a total value of $18,000,011.88. Following the acquisition, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Caroline Feeney sold 1,110 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the completion of the transaction, the executive vice president now owns 10,175 shares in the company, valued at approximately $1,220,694.75. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Insurance Co Of Ame Prudential bought 652,884 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was bought at an average cost of $27.57 per share, with a total value of $18,000,011.88. Following the completion of the acquisition, the insider now owns 3,883,390 shares in the company, valued at approximately $107,065,062.30. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Institutional Trading of Prudential Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. Creekmur Asset Management LLC grew its stake in shares of Prudential Financial by 78.8% during the first quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $29,000 after buying an additional 108 shares during the last quarter. Lynx Investment Advisory bought a new stake in Prudential Financial in the second quarter worth $29,000. Strategic Financial Concepts LLC grew its position in Prudential Financial by 1,312.4% during the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 25,027 shares during the last quarter. Crewe Advisors LLC bought a new stake in shares of Prudential Financial during the first quarter valued at approximately $33,000. Finally, ESL Trust Services LLC purchased a new stake in shares of Prudential Financial during the first quarter valued at $34,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.

About Prudential Financial

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.