Short Interest in Prudential plc (NYSE:PUK) Drops By 15.1%

Prudential plc (NYSE:PUK) saw a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 1,290,000 shares, a drop of 15.1% from the February 28th total of 1,520,000 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily volume of 984,200 shares, the short-interest ratio is presently 1.3 days.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Prudential from a “sell” rating to a “hold” rating in a research note on Saturday, March 22nd.

Institutional Investors Weigh In On Prudential

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in Prudential by 33.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 79,442 shares of the financial services provider’s stock valued at $1,266,000 after purchasing an additional 19,889 shares during the period. Two Sigma Advisers LP acquired a new stake in Prudential during the fourth quarter worth about $773,000. Two Sigma Investments LP increased its stake in Prudential by 63.1% during the fourth quarter. Two Sigma Investments LP now owns 307,633 shares of the financial services provider’s stock valued at $4,904,000 after acquiring an additional 119,069 shares during the period. Millennium Management LLC raised its holdings in Prudential by 15.5% in the 4th quarter. Millennium Management LLC now owns 356,748 shares of the financial services provider’s stock valued at $5,687,000 after acquiring an additional 47,994 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Prudential by 267.4% in the 4th quarter. BNP Paribas Financial Markets now owns 141,532 shares of the financial services provider’s stock worth $2,256,000 after acquiring an additional 103,005 shares during the period. Institutional investors and hedge funds own 1.90% of the company’s stock.

Prudential Stock Performance

Shares of Prudential stock traded up $0.13 during trading on Wednesday, reaching $21.70. The company’s stock had a trading volume of 375,028 shares, compared to its average volume of 1,017,329. The business’s fifty day moving average price is $18.59 and its 200-day moving average price is $17.30. Prudential has a one year low of $14.39 and a one year high of $22.01. The firm has a market cap of $28.55 billion, a price-to-earnings ratio of 9.35, a price-to-earnings-growth ratio of 0.41 and a beta of 1.21.

Prudential Increases Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.3258 per share. The ex-dividend date of this dividend is Friday, March 28th. This is a positive change from Prudential’s previous dividend of $0.24. Prudential’s payout ratio is 28.02%.

About Prudential

Prudential plc, through its subsidiaries, provides life and health insurance, and asset management solutions to individuals in Asia and Africa. The company was founded in 1848 and is headquartered in Central, Hong Kong.