Prudential (NYSE:PUK) Receives New Coverage from Analysts at Sanford C. Bernstein

Sanford C. Bernstein started coverage on shares of Prudential (NYSE:PUKGet Rating) in a report issued on Thursday, The Fly reports. The firm issued an outperform rating on the financial services provider’s stock.

PUK has been the topic of several other research reports. Morgan Stanley cut their price target on shares of Prudential from GBX 1,687 ($20.38) to GBX 1,380 ($16.67) in a report on Wednesday, September 7th. StockNews.com lowered shares of Prudential from a hold rating to a sell rating in a report on Monday, September 5th. One analyst has rated the stock with a sell rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $1,528.33.

Prudential Trading Up 0.4 %

NYSE PUK opened at $22.09 on Thursday. Prudential has a one year low of $20.26 and a one year high of $42.46. The company’s 50 day moving average price is $23.27 and its 200 day moving average price is $25.34. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.04 and a current ratio of 0.72.

Prudential Increases Dividend

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

Insider Buying and Selling at Prudential

In other news, major shareholder Plc Prudential sold 4,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.07% of the stock is owned by corporate insiders.

Institutional Trading of Prudential

A number of hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE grew its position in shares of Prudential by 24.9% during 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 in the last quarter. BlackRock Inc. boosted its holdings in Prudential by 45.1% in the first quarter. BlackRock Inc. now owns 2,417,858 shares of the financial services provider’s stock worth $71,520,000 after purchasing an additional 751,756 shares during the period. Royal Bank of Canada boosted its holdings in Prudential by 7.5% in the first 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. FMR LLC boosted its holdings in Prudential by 24.5% in the second quarter. FMR LLC now owns 1,435,009 shares of the financial services provider’s stock worth $36,033,000 after purchasing an additional 282,095 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in 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 worth $32,670,000 after purchasing an additional 248,093 shares during the period. Institutional investors and hedge funds own 1.96% of the company’s stock.

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.

See Also

The Fly logo

Analyst Recommendations for Prudential (NYSE:PUK)

Receive News & Ratings for Prudential Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prudential and related companies with MarketBeat.com's FREE daily email newsletter.