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

Prudential plc (NYSE:PUK) was up 3.2% on Thursday after the company announced a dividend. 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. Stockholders of record on Friday, March 28th will be issued a dividend of $0.3258 per share. This is an increase from Prudential’s previous dividend of $0.24. The ex-dividend date is Friday, March 28th. Prudential’s payout ratio is 11.64%.

Wall Street Analyst Weigh In

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

Prudential Stock Down 0.2 %

The business’s 50 day moving average is $17.73 and its two-hundred day moving average is $17.05. The firm has a market capitalization of $27.20 billion, a P/E ratio of 8.91, a PEG ratio of 0.41 and a beta of 1.21.

Institutional Investors Weigh In On Prudential

Hedge funds and other institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC raised its stake in shares of Prudential by 417.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,856 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,497 shares in the last quarter. Whipplewood Advisors LLC bought a new stake in Prudential in the fourth quarter worth about $30,000. Advisors Preferred LLC bought a new stake in Prudential in the fourth quarter worth about $31,000. GAMMA Investing LLC raised its position in Prudential by 95.8% in the fourth quarter. GAMMA Investing LLC now owns 2,303 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 1,127 shares in the last quarter. Finally, National Bank of Canada FI raised its position in Prudential by 52.6% in the fourth quarter. National Bank of Canada FI now owns 3,042 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,049 shares in the last quarter. 1.90% of the stock is currently owned by institutional investors.

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.