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

Prudential plc (NYSE:PUK) shares traded 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. 623,733 shares changed 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 issued a $0.3258 dividend. This is a positive change from Prudential’s previous dividend of $0.24. The ex-dividend date of this dividend is Friday, March 28th. Prudential’s payout ratio is 11.64%.

Analyst Ratings Changes

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

Prudential Stock Performance

The company has a market capitalization of $27.20 billion, a price-to-earnings ratio of 8.91, a P/E/G ratio of 0.41 and a beta of 1.21. The firm has a 50-day simple moving average of $17.73 and a two-hundred day simple moving average of $17.05.

Hedge Funds Weigh In On Prudential

Several institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Prudential by 33.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 79,442 shares of the financial services provider’s stock worth $1,266,000 after buying an additional 19,889 shares in the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Prudential during the fourth quarter worth approximately $773,000. Two Sigma Investments LP raised its stake in shares of Prudential by 63.1% during the fourth quarter. Two Sigma Investments LP now owns 307,633 shares of the financial services provider’s stock worth $4,904,000 after purchasing an additional 119,069 shares during the last quarter. Millennium Management LLC raised its stake in shares of Prudential by 15.5% during the fourth quarter. Millennium Management LLC now owns 356,748 shares of the financial services provider’s stock worth $5,687,000 after purchasing an additional 47,994 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Prudential by 267.4% during the fourth quarter. BNP Paribas Financial Markets now owns 141,532 shares of the financial services provider’s stock worth $2,256,000 after purchasing an additional 103,005 shares during the last quarter. 1.90% of the stock is 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.