Prudential Financial Inc (NYSE:PRU) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 4,550,000 shares, a drop of 11.7% from the September 30th total of 5,150,000 shares. Based on an average trading volume of 2,250,000 shares, the short-interest ratio is presently 2.0 days. Currently, 1.1% of the company’s stock are sold short.
Shares of NYSE:PRU traded up $0.84 during mid-day trading on Friday, hitting $93.65. 2,004,801 shares of the company traded hands, compared to its average volume of 2,280,787. The stock has a market cap of $37.31 billion, a P/E ratio of 8.01, a P/E/G ratio of 0.86 and a beta of 1.57. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.29. Prudential Financial has a 12-month low of $75.61 and a 12-month high of $106.39. The stock has a 50-day moving average price of $90.41 and a two-hundred day moving average price of $93.41.
Prudential Financial (NYSE:PRU) last announced its earnings results on Monday, November 4th. The financial services provider reported $3.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.07 by $0.15. The company had revenue of $12.93 billion for the quarter, compared to analysts’ expectations of $14.27 billion. Prudential Financial had a return on equity of 8.45% and a net margin of 6.67%. During the same quarter in the previous year, the firm earned $3.15 earnings per share. As a group, analysts expect that Prudential Financial will post 11.93 earnings per share for the current year.
A number of equities research analysts have commented on the company. Citigroup raised Prudential Financial to a “buy” rating in a research note on Friday, October 18th. Deutsche Bank cut Prudential Financial to a “hold” rating in a research note on Wednesday, October 23rd. Morgan Stanley reduced their price objective on Prudential Financial from $108.00 to $106.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 5th. Royal Bank of Canada reissued a “neutral” rating on shares of Prudential Financial in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. reduced their price objective on Prudential Financial from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $96.81.
In other Prudential Financial news, EVP Scott Sleyster sold 12,994 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $90.00, for a total value of $1,169,460.00. Following the completion of the sale, the executive vice president now owns 55,746 shares of the company’s stock, valued at $5,017,140. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kenneth Tanji acquired 2,500 shares of Prudential Financial stock in a transaction on Monday, September 9th. The stock was purchased at an average cost of $83.84 per share, with a total value of $209,600.00. Following the purchase, the chief financial officer now directly owns 19,285 shares of the company’s stock, valued at approximately $1,616,854.40. The disclosure for this purchase can be found here. Insiders acquired 13,580 shares of company stock valued at $1,137,848 in the last three months. Insiders own 0.76% of the company’s stock.
Several large investors have recently made changes to their positions in PRU. DNB Asset Management AS boosted its position in shares of Prudential Financial by 15.7% during the second quarter. DNB Asset Management AS now owns 88,817 shares of the financial services provider’s stock valued at $8,971,000 after buying an additional 12,084 shares during the last quarter. Denali Advisors LLC boosted its position in Prudential Financial by 12.2% in the second quarter. Denali Advisors LLC now owns 21,100 shares of the financial services provider’s stock worth $2,131,000 after purchasing an additional 2,300 shares during the last quarter. WINTON GROUP Ltd boosted its position in Prudential Financial by 19.9% in the second quarter. WINTON GROUP Ltd now owns 150,950 shares of the financial services provider’s stock worth $15,246,000 after purchasing an additional 25,013 shares during the last quarter. Douglas Lane & Associates LLC boosted its position in Prudential Financial by 1.2% in the second quarter. Douglas Lane & Associates LLC now owns 909,198 shares of the financial services provider’s stock worth $91,829,000 after purchasing an additional 10,867 shares during the last quarter. Finally, Bangor Savings Bank boosted its position in Prudential Financial by 6.3% in the second quarter. Bangor Savings Bank now owns 3,910 shares of the financial services provider’s stock worth $395,000 after purchasing an additional 233 shares during the last quarter. 62.58% of the stock is currently owned by institutional investors.
About Prudential Financial
Prudential Financial, Inc, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through PGIM, U.S. Workplace Solutions, U.S. Individual Solutions, and International Insurance divisions. The PGIM division offers an array of asset management and advisory services related to public and private fixed income, public equity and real estate, commercial mortgage origination and servicing, and mutual funds and other retail services to institutional, private, and sub-advisory clients, as well as to insurance company separate accounts, government sponsored entities, and the general account.
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