Prudential (NYSE:PUK) Shares Gap Up - Here's Why

Prudential plc (NYSE:PUK - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $20.22, but opened at $20.93. Prudential shares last traded at $21.08, with a volume of 139,057 shares.

Analyst Upgrades and Downgrades

PUK has been the subject of several research reports. StockNews.com raised shares of Prudential from a "sell" rating to a "hold" rating in a report on Saturday, March 22nd. Citigroup reaffirmed a "buy" rating on shares of Prudential in a report on Tuesday, April 1st. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy".

Prudential Stock Performance

The business's 50 day moving average price is $19.60 and its 200 day moving average price is $17.54. The firm has a market cap of $27.50 billion, a price-to-earnings ratio of 9.03, a PEG ratio of 0.41 and a beta of 1.00.

Prudential Increases Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Friday, March 28th will be issued a $0.3258 dividend. This is a boost from Prudential's previous dividend of $0.24. The ex-dividend date of this dividend is Friday, March 28th. Prudential's payout ratio is presently 28.02%.

Institutional Investors Weigh In On Prudential

A number of institutional investors have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in Prudential during the third quarter worth approximately $199,000. Barclays PLC acquired a new stake in Prudential in the 3rd quarter valued at $556,000. JPMorgan Chase & Co. grew its stake in Prudential by 353.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 293,210 shares of the financial services provider's stock valued at $5,436,000 after acquiring an additional 228,499 shares during the period. GAMMA Investing LLC increased its holdings in Prudential by 95.8% in the 4th 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, Ballentine Partners LLC acquired a new position in Prudential during the fourth quarter worth $163,000. 1.90% of the stock is currently owned by institutional investors and hedge funds.

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.