Merit Financial Group LLC Buys New Stake in Prudential plc (NYSE:PUK)

Merit Financial Group LLC bought a new stake in Prudential plc (NYSE:PUK - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 12,313 shares of the financial services provider's stock, valued at approximately $265,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC lifted its holdings in shares of Prudential by 417.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,856 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 1,497 shares during the last quarter. Whipplewood Advisors LLC acquired a new position in Prudential during the 4th quarter valued at about $30,000. National Bank of Canada FI raised its stake in Prudential by 52.6% in the fourth quarter. National Bank of Canada FI now owns 3,042 shares of the financial services provider's stock valued at $48,000 after buying an additional 1,049 shares during the last quarter. Parallel Advisors LLC raised its stake in Prudential by 28.8% in the first quarter. Parallel Advisors LLC now owns 7,162 shares of the financial services provider's stock valued at $154,000 after buying an additional 1,602 shares during the last quarter. Finally, DRW Securities LLC acquired a new stake in Prudential in the fourth quarter worth about $169,000. Hedge funds and other institutional investors own 1.90% of the company's stock.

Analyst Ratings Changes

PUK has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Prudential from a "hold" rating to a "buy" rating in a report on Saturday, June 7th. Citigroup restated a "buy" rating on shares of Prudential in a research note on Tuesday, April 1st. Morgan Stanley reiterated an "overweight" rating on shares of Prudential in a research note on Tuesday, May 13th. Barclays reissued an "overweight" rating on shares of Prudential in a report on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft upgraded Prudential from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy".

Prudential Price Performance

NYSE:PUK traded down $0.37 during midday trading on Friday, hitting $23.95. The company's stock had a trading volume of 1,021,677 shares, compared to its average volume of 1,046,186. Prudential plc has a fifty-two week low of $14.39 and a fifty-two week high of $24.38. The firm has a market cap of $31.18 billion, a P/E ratio of 10.32, a P/E/G ratio of 0.41 and a beta of 1.02. The firm's 50 day moving average is $22.02 and its 200-day moving average is $19.11.

Prudential Increases Dividend

The firm also recently disclosed a dividend, which was paid on Wednesday, May 14th. Stockholders of record on Friday, March 28th were paid a $0.3258 dividend. The ex-dividend date was Friday, March 28th. This is a positive change from Prudential's previous dividend of $0.24. Prudential's dividend payout ratio is presently 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.