Prudential (NYSE:PUK) Shares Gap Up – Here’s What Happened

Shares of Prudential plc (NYSE:PUK) gapped up before the market opened on Friday . The stock had previously closed at $15.85, but opened at $16.27. Prudential shares last traded at $16.19, with a volume of 153,400 shares.

Analysts Set New Price Targets

Several research analysts have weighed in on PUK shares. StockNews.com upgraded shares of Prudential from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Deutsche Bank Aktiengesellschaft cut Prudential from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Finally, Barclays raised Prudential to a “strong-buy” rating in a research note on Tuesday, October 15th.

Prudential Stock Performance

The firm has a 50 day moving average price of $17.16 and a 200-day moving average price of $17.92.

Prudential Cuts Dividend

The firm also recently announced a Semi-Annual dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, September 6th were given a dividend of $0.1368 per share. The ex-dividend date was Friday, September 6th.

Institutional Trading of Prudential

Several large investors have recently modified their holdings of PUK. EverSource Wealth Advisors LLC raised its position in shares of Prudential by 45.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,222 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 699 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in Prudential during the second quarter worth $44,000. Blue Trust Inc. raised its holdings in shares of Prudential by 202.2% in the second quarter. Blue Trust Inc. now owns 2,699 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 1,806 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Prudential by 98.0% in the first quarter. Russell Investments Group Ltd. now owns 2,712 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 1,342 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Prudential in the first quarter valued at $75,000. 1.90% of the stock is currently 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.