Prudential plc (NYSE:PUK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Prudential plc (NYSE:PUKGet Rating) have earned an average recommendation of “Moderate Buy” from the eleven analysts that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $1,528.33.

Several brokerages have recently weighed in on PUK. StockNews.com cut Prudential from a “hold” rating to a “sell” rating in a research report on Monday, September 5th. Morgan Stanley reduced their price target on Prudential from GBX 1,687 ($20.38) to GBX 1,380 ($16.67) in a research report on Wednesday, September 7th. Finally, Sanford C. Bernstein initiated coverage on Prudential in a research note on Thursday, September 15th. They set an “outperform” rating for the company.

Insiders Place Their Bets

In other Prudential news, major shareholder Plc Prudential sold 4,500,000 shares of Prudential stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $27.00, for a total transaction of $121,500,000.00. Following the completion of the sale, the insider now owns 7,635,443 shares of the company’s stock, valued at $206,156,961. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Bank of America Corp DE increased its holdings in shares of Prudential by 24.9% in the first quarter. Bank of America Corp DE now owns 2,878,275 shares of the financial services provider’s stock worth $85,140,000 after buying an additional 573,822 shares during the period. BlackRock Inc. increased its holdings in Prudential by 45.1% during the 1st quarter. BlackRock Inc. now owns 2,417,858 shares of the financial services provider’s stock valued at $71,520,000 after purchasing an additional 751,756 shares during the period. Royal Bank of Canada increased its holdings in Prudential by 7.5% during the 1st quarter. Royal Bank of Canada now owns 2,037,966 shares of the financial services provider’s stock valued at $60,282,000 after purchasing an additional 142,020 shares during the period. FMR LLC increased its holdings in Prudential by 24.5% during the 2nd quarter. FMR LLC now owns 1,435,009 shares of the financial services provider’s stock valued at $36,033,000 after purchasing an additional 282,095 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Prudential by 23.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,301,081 shares of the financial services provider’s stock valued at $32,670,000 after purchasing an additional 248,093 shares during the period. Hedge funds and other institutional investors own 1.96% of the company’s stock.

Prudential Price Performance

Shares of NYSE PUK opened at $21.95 on Wednesday. Prudential has a fifty-two week low of $20.26 and a fifty-two week high of $42.46. The company has a current ratio of 0.72, a quick ratio of 0.04 and a debt-to-equity ratio of 0.26. The stock has a fifty day moving average of $23.14 and a 200-day moving average of $25.13.

Prudential Increases Dividend

The company also recently declared a Semi-Annual dividend, which will be paid on Tuesday, September 27th. Shareholders of record on Friday, August 19th will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Thursday, August 18th. This is a positive change from Prudential’s previous Semi-Annual dividend of $0.11.

Prudential Company Profile

(Get Rating)

Prudential plc, through its subsidiaries, provides life and health insurance, and retirement and asset management solutions to individuals in Asia, and Africa. It offers health and protection, as well as savings products, such as participating, linked, and other traditional products. The company also provides insurance against common critical illnesses, including cancer, stroke, and heart attack; and tropical disease protection, such as dengue, malaria, and measles.

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Analyst Recommendations for Prudential (NYSE:PUK)

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