Bank of America Corp DE Decreases Position in Prudential plc (NYSE:PUK)

Bank of America Corp DE trimmed its holdings in shares of Prudential plc (NYSE:PUK - Free Report) by 42.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 661,158 shares of the financial services provider's stock after selling 477,902 shares during the period. Bank of America Corp DE's holdings in Prudential were worth $10,539,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Smartleaf Asset Management LLC lifted its holdings in Prudential by 417.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,856 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 1,497 shares during the period. Whipplewood Advisors LLC acquired a new stake in shares of Prudential in the fourth quarter valued at about $30,000. Advisors Preferred LLC purchased a new stake in Prudential during the fourth quarter worth about $31,000. National Bank of Canada FI grew its position in Prudential by 52.6% during the fourth quarter. National Bank of Canada FI now owns 3,042 shares of the financial services provider's stock worth $48,000 after buying an additional 1,049 shares during the period. Finally, Ballentine Partners LLC acquired a new position in Prudential during the fourth quarter worth about $163,000. 1.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on PUK. Barclays reaffirmed an "overweight" rating on shares of Prudential in a report on Thursday. Wall Street Zen cut Prudential from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Citigroup reiterated a "buy" rating on shares of Prudential in a research report on Tuesday, April 1st. Finally, Morgan Stanley restated an "overweight" rating on shares of Prudential in a report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Prudential has an average rating of "Moderate Buy".

Prudential Stock Performance

PUK stock traded up $0.24 during trading on Tuesday, hitting $22.68. The stock had a trading volume of 482,056 shares, compared to its average volume of 1,032,643. The stock has a market cap of $29.63 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 0.41 and a beta of 0.98. The company's 50 day moving average price is $21.27 and its two-hundred day moving average price is $18.40. Prudential plc has a 1-year low of $14.39 and a 1-year high of $23.35.

Prudential Increases Dividend

The firm also recently announced a dividend, which was paid on Wednesday, May 14th. Investors of record on Friday, March 28th were given a dividend of $0.3258 per share. The ex-dividend date was Friday, March 28th. This is an increase from Prudential's previous dividend of $0.24. Prudential's dividend payout ratio is 28.02%.

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.