Prudential (NYSE:PUK) Trading Up 3.2% After Dividend Announcement

Shares of Prudential plc (NYSE:PUK) were up 3.2% during mid-day trading on Thursday following a dividend announcement from the company. The stock traded as high as $20.69 and last traded at $20.66. Approximately 623,733 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 1,018,118 shares. The stock had previously closed at $20.01.

The newly announced dividend which will be paid on Wednesday, May 14th. Shareholders of record on Friday, March 28th will be given a dividend of $0.3258 per share. This is a positive change from Prudential’s previous dividend of $0.24. The ex-dividend date is Friday, March 28th. Prudential’s dividend payout ratio is presently 11.64%.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Prudential from a “sell” rating to a “hold” rating in a research report on Saturday.

Prudential Stock Performance

The business’s 50 day moving average is $17.73 and its 200-day moving average is $17.05. The stock has a market cap of $27.20 billion, a price-to-earnings ratio of 8.91, a PEG ratio of 0.41 and a beta of 1.21.

Institutional Investors Weigh In On Prudential

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in Prudential by 353.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 293,210 shares of the financial services provider’s stock worth $5,436,000 after purchasing an additional 228,499 shares during the last quarter. GAMMA Investing LLC boosted its stake in Prudential by 95.8% during the 4th quarter. GAMMA Investing LLC now owns 2,303 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 1,127 shares during the last quarter. ABC Arbitrage SA purchased a new position in shares of Prudential during the 4th quarter worth $16,207,000. Point72 Asset Management L.P. purchased a new position in shares of Prudential during the 3rd quarter worth $1,281,000. Finally, Barclays PLC purchased a new position in shares of Prudential during the 3rd quarter worth $556,000. Institutional investors and hedge funds own 1.90% of the company’s stock.

Prudential Company Profile

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.