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

Shares of Prudential plc (NYSE:PUK - Get Free Report) traded up 3.2% during trading on Thursday after the company announced a dividend. The company traded as high as $20.69 and last traded at $20.66. 623,733 shares were traded during mid-day trading, a decline of 39% from the average session 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. Investors of record on Friday, March 28th will be issued a $0.3258 dividend. The ex-dividend date is Friday, March 28th. This is an increase from Prudential's previous dividend of $0.24. Prudential's dividend payout ratio is currently 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 note on Saturday.

Prudential Stock Performance

The stock's fifty day moving average is $17.73 and its 200 day moving average is $17.05. The stock has a market cap of $27.87 billion, a P/E ratio of 9.13, a P/E/G ratio of 0.41 and a beta of 1.21.

Institutional Investors Weigh In On Prudential

Institutional investors have recently made changes to their positions in the company. ABC Arbitrage SA purchased a new stake in shares of Prudential during the fourth quarter valued at $16,207,000. Bank of Montreal Can grew its stake in Prudential by 165.3% in the 4th quarter. Bank of Montreal Can now owns 1,554,255 shares of the financial services provider's stock worth $24,775,000 after acquiring an additional 968,317 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Prudential by 1,133.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,051,231 shares of the financial services provider's stock worth $16,757,000 after acquiring an additional 965,985 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Prudential by 321.8% during the fourth quarter. JPMorgan Chase & Co. now owns 1,236,697 shares of the financial services provider's stock valued at $19,713,000 after acquiring an additional 943,487 shares in the last quarter. Finally, Optiver Holding B.V. boosted its holdings in shares of Prudential by 93.2% in the fourth quarter. Optiver Holding B.V. now owns 629,567 shares of the financial services provider's stock valued at $10,035,000 after purchasing an additional 303,783 shares during the period. Institutional investors own 1.90% of the company's stock.

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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.