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

Posted by Doug Madison on Mar 17th, 2023

Prudential plc (NYSE:PUK – Get Rating) declared a dividend on Friday, March 17th, 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 yield of 1.47%. The ex-dividend date of this dividend is Thursday, March 23rd. This is a boost from Prudential’s previous dividend of $0.24.

Prudential has a dividend payout ratio of 19.8% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Prudential stock opened at $25.61 on Friday. The firm has a 50-day moving average of $31.07 and a two-hundred day moving average of $25.62. Prudential has a 1 year low of $18.20 and a 1 year high of $34.37.

Wall Street Analyst Weigh In

PUK has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on Prudential from GBX 1,500 ($18.28) to GBX 1,750 ($21.33) in a report on Wednesday, January 18th. The Goldman Sachs Group raised Prudential from a “buy” rating to a “conviction-buy” rating in a research report on Monday, January 16th. Barclays cut their price target on Prudential from GBX 1,750 ($21.33) to GBX 1,700 ($20.72) in a research note on Thursday. Daiwa Capital Markets began coverage on shares of Prudential in a research note on Monday, December 19th. They issued an “outperform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Prudential from GBX 1,400 ($17.06) to GBX 1,450 ($17.67) in a research report on Tuesday, January 10th. Two analysts have rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,530.83.

Hedge Funds Weigh In On Prudential

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FinTrust Capital Advisors LLC lifted its position in shares of Prudential by 51.6% during the fourth quarter. FinTrust Capital Advisors LLC now owns 975 shares of the financial services provider’s stock valued at $27,000 after buying an additional 332 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Prudential by 53.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,088 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 379 shares in the last quarter. Captrust Financial Advisors boosted its stake in Prudential by 10.6% in the second quarter. Captrust Financial Advisors now owns 5,023 shares of the financial services provider’s stock valued at $126,000 after acquiring an additional 482 shares in the last quarter. State Street Corp grew its holdings in Prudential by 1.7% in the first quarter. State Street Corp now owns 37,929 shares of the financial services provider’s stock worth $1,131,000 after purchasing an additional 647 shares during the last quarter. Finally, Creative Planning increased its position in shares of Prudential by 14.9% during the second quarter. Creative Planning now owns 8,424 shares of the financial services provider’s stock worth $212,000 after purchasing an additional 1,095 shares in the last quarter. Hedge funds and other institutional investors own 1.93% of the company’s stock.

About Prudential

(Get Rating)

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.