Prudential plc (NYSE:PUK) Short Interest Down 15.1% in March

Prudential plc (NYSE:PUK) was the target of a large 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. Currently, 0.1% of the shares of the company are short sold. Based on an average trading volume of 984,200 shares, the days-to-cover ratio is presently 1.3 days.

Institutional Trading of Prudential

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in Prudential by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 57,107 shares of the financial services provider’s stock worth $1,059,000 after buying an additional 2,455 shares during the period. Verition Fund Management LLC purchased a new position in shares of Prudential in the third quarter valued at about $788,000. HighTower Advisors LLC boosted its stake in shares of Prudential by 98.2% in the third quarter. HighTower Advisors LLC now owns 40,722 shares of the financial services provider’s stock worth $758,000 after acquiring an additional 20,180 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Prudential during the third quarter worth about $1,281,000. Finally, Quantinno Capital Management LP raised its stake in Prudential by 21.2% during the 3rd quarter. Quantinno Capital Management LP now owns 206,157 shares of the financial services provider’s stock valued at $3,822,000 after purchasing an additional 36,087 shares during the period. 1.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Prudential Price Performance

Shares of PUK stock traded down $0.95 during trading hours on Thursday, reaching $20.90. 1,073,710 shares of the company traded hands, compared to its average volume of 1,013,664. The firm has a 50-day moving average price of $18.71 and a 200 day moving average price of $17.33. The company has a market cap of $27.49 billion, a P/E ratio of 9.01, a P/E/G ratio of 0.41 and a beta of 1.21. Prudential has a 12-month low of $14.39 and a 12-month high of $22.01.

Prudential Increases Dividend

The company also recently declared a dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Friday, March 28th will be given a $0.3258 dividend. This is a positive change from Prudential’s previous dividend of $0.24. The ex-dividend date of this dividend is Friday, March 28th. Prudential’s dividend payout ratio is presently 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.