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

Prudential plc (NYSE:PUK)’s share price shot up 3.2% during mid-day 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 traded hands during 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 paid a $0.3258 dividend. The ex-dividend date of this dividend is Friday, March 28th. This is a boost from Prudential’s previous dividend of $0.24. Prudential’s dividend payout ratio (DPR) is currently 11.64%.

Wall Street Analysts Forecast Growth

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

Prudential Stock Performance

The stock has a 50 day moving average of $17.73 and a two-hundred day moving average of $17.05. The stock has a market cap of $27.20 billion, a PE ratio of 8.91, a PEG ratio of 0.41 and a beta of 1.21.

Hedge Funds Weigh In On Prudential

A number of institutional investors have recently bought and sold shares of PUK. Northern Trust Corp grew its stake in Prudential by 2.0% during the 4th quarter. Northern Trust Corp now owns 1,733,772 shares of the financial services provider’s stock valued at $27,636,000 after acquiring an additional 34,344 shares in the last quarter. Bank of Montreal Can grew its stake in Prudential by 165.3% during the 4th quarter. Bank of Montreal Can now owns 1,554,255 shares of the financial services provider’s stock valued at $24,775,000 after acquiring an additional 968,317 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Prudential by 321.8% during the 4th 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. Arrowstreet Capital Limited Partnership grew its stake in Prudential by 1,133.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,051,231 shares of the financial services provider’s stock valued at $16,757,000 after acquiring an additional 965,985 shares in the last quarter. Finally, ABC Arbitrage SA purchased a new position in Prudential during the 4th quarter valued at about $16,207,000. Hedge funds and other institutional investors 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.