Prudential (NYSE:PUK) Hits New 12-Month High – Time to Buy?

Prudential plc (NYSE:PUK)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $21.11 and last traded at $21.19, with a volume of 8619 shares traded. The stock had previously closed at $20.67.

Analysts Set New Price Targets

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

Prudential Price Performance

The company’s 50 day simple moving average is $17.73 and its 200 day simple moving average is $17.05. The firm has a market cap of $27.79 billion, a price-to-earnings ratio of 9.13, a P/E/G ratio of 0.41 and a beta of 1.21.

Prudential Increases Dividend

The company also recently announced a dividend, which will be paid on Wednesday, May 14th. Investors of record on Friday, March 28th will be paid a dividend of $0.3258 per share. The ex-dividend date is Friday, March 28th. This is an increase from Prudential’s previous dividend of $0.24. Prudential’s payout ratio is presently 11.64%.

Hedge Funds Weigh In On Prudential

Institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Prudential by 353.1% during the third quarter. JPMorgan Chase & Co. now owns 293,210 shares of the financial services provider’s stock worth $5,436,000 after purchasing an additional 228,499 shares in the last quarter. GAMMA Investing LLC boosted its stake in Prudential by 95.8% in the fourth quarter. GAMMA Investing LLC now owns 2,303 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 1,127 shares in the last quarter. ABC Arbitrage SA acquired a new position in Prudential in the fourth quarter valued at $16,207,000. Point72 Asset Management L.P. acquired a new position in Prudential in the third quarter valued at $1,281,000. Finally, Barclays PLC acquired a new position in Prudential in the third quarter valued at $556,000. Institutional investors and hedge funds 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.