Prudential plc (NYSE:PUK) to Issue Dividend Increase – $0.26 Per Share

Prudential plc (NYSE:PUK – Get Rating) announced a Semi-Annual dividend on Wednesday, March 15th, investing.com reports. Investors of record on Friday, March 24th will be given a dividend of 0.2608 per share by the financial services provider on Monday, May 15th. This represents a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, March 23rd. This is a boost from Prudential’s previous Semi-Annual dividend of $0.24.

Prudential has a payout ratio of 19.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Prudential to earn $2.78 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 18.7%.

Prudential Stock Performance

Shares of PUK opened at $25.61 on Friday. The stock’s 50-day moving average price is $31.07 and its 200 day moving average price is $25.62. Prudential has a 12-month low of $18.20 and a 12-month high of $34.37.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Prudential from GBX 1,400 ($17.06) to GBX 1,450 ($17.67) in a research report on Tuesday, January 10th. Daiwa Capital Markets started coverage on Prudential in a research report on Monday, December 19th. They issued an “outperform” rating for the company. StockNews.com began coverage on Prudential in a report on Thursday. They set a “sell” rating on the stock. Barclays lowered their price target on shares of Prudential from GBX 1,750 ($21.33) to GBX 1,700 ($20.72) in a research report on Thursday. Finally, BNP Paribas downgraded Prudential from a “neutral” rating to an “underperform” rating in a report on Thursday, January 5th. Two research analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,530.83.

Hedge Funds Weigh In On Prudential

Large investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Prudential by 77.2% during the third quarter. BlackRock Inc. now owns 3,692,569 shares of the financial services provider’s stock valued at $73,556,000 after acquiring an additional 1,608,893 shares during the last quarter. Morgan Stanley raised its stake in shares of Prudential by 7.7% during the 4th quarter. Morgan Stanley now owns 2,242,746 shares of the financial services provider’s stock worth $61,631,000 after purchasing an additional 160,270 shares during the period. Royal Bank of Canada raised its holdings in shares of Prudential by 7.5% in the 1st quarter. Royal Bank of Canada now owns 2,037,966 shares of the financial services provider’s stock worth $60,282,000 after purchasing an additional 142,020 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Prudential by 23.6% in the second quarter. Goldman Sachs Group Inc. now owns 1,301,081 shares of the financial services provider’s stock valued at $32,670,000 after buying an additional 248,093 shares during the period. Finally, Northern Trust Corp boosted its position in Prudential by 5.3% during the second quarter. Northern Trust Corp now owns 1,256,067 shares of the financial services provider’s stock worth $31,541,000 after purchasing an additional 63,771 shares during the period. 1.93% of the stock is currently owned by institutional investors.

About Prudential

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Prudential Plc is a holding company, which engages in the provision of insurance and financial services. It operates through the Asia and U.S. geographical segments. The Asia segment consists of health and protection, other life insurance, mutual funds, selected personal lines property and casualty insurance, group insurance, and institutional fund management.