Prudential Finl Stock Price, News & Analysis

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'aa-' (Superior) for Prudential Financial, Inc. (NYSE: PRU). This rating reflects Prudential's strong balance sheet strength, robust operating performance, and solid market positions across its core business lines. The outlook for these ratings is stable.

Despite challenges from low interest rates affecting net yields, Prudential's diversified earnings and liquidity resources remain strong, bolstered by recent agreements to sell its retirement and legacy annuity businesses.

Prudential Financial, Inc. (NYSE: PRU) will participate in the Goldman Sachs 2021 US Financial Services Conference on Wednesday, Dec. 8, 2021, at 8:00 a.m. ET. CEO Charles Lowrey will engage in an analyst-led fireside chat during the event. Interested listeners can access the live audio webcast via Prudential's Investor Relations website; early login is recommended for software setup. A replay will be available until Dec. 22, 2021. Prudential manages over $1.5 trillion in assets as of September 30, 2021, with a presence in the U.S., Asia, Europe, and Latin America.

Prudential Financial is investing $1.8 million to support Historically Black Colleges and Universities (HBCUs) through the HELPS Program. This initiative aims to address the financial challenges faced by students, providing microgrants to assist with unexpected expenses, thereby aiding in their educational persistence. The program will begin in Spring 2022 across nine HBCUs and includes paid internships and financial literacy training for students and families. This collaboration underscores Prudential's commitment to closing the racial wealth gap and promoting economic mobility.

Prudential Financial (NYSE: PRU) has declared a quarterly dividend of $1.15 per share, payable on December 16, 2021, to shareholders of record as of November 23, 2021. Additionally, the Board has authorized a share repurchase program of up to $1.5 billion, to be executed between January 1, 2022 and December 31, 2022. Share repurchases will be based on market conditions and may include various transaction methods, enhancing shareholder value amid its global operations managing over $1.5 trillion in assets.

Prudential Financial, Inc. reported a strong third quarter with net income of $1.530 billion or $3.90 per share, an increase from $1.487 billion or $3.70 per share last year. After-tax adjusted operating income also rose to $1.487 billion or $3.78 per share compared to $1.238 billion or $3.08 per share previously. Assets under management grew to $1.727 trillion from $1.648 trillion. Capital returned to shareholders amounted to $1.326 billion, including $875 million in share repurchases. The company's focus on transformation aims for sustainable growth and net zero emissions by 2050.

Prudential Financial, Inc. (NYSE: PRU) has announced ambitious climate initiatives, targeting net zero emissions by 2050 and aiming for carbon neutrality by 2040. This commitment aligns with the Paris climate accord to limit global warming. The strategy includes reducing operational emissions through consolidating real estate and investing in renewable energy. Prudential will restrict new investments in companies earning over 25% from thermal coal and assess its $460 billion portfolio's Scope 3 emissions. Annual reports will track progress on these initiatives.

PGIM Investments announced it will acquire Green Harvest Asset Management, enhancing its platform for high-net-worth investors with customized solutions. Green Harvest specializes in separately managed account strategies utilizing ETFs for optimal after-tax outcomes. This deal, expected to close in Q4 2021, aligns with PGIM's commitment to meeting evolving client needs amidst potential capital gains tax increases. The acquisition is seen as a strategic move to integrate Green Harvest's capabilities into PGIM Investments’ offerings, expanding its investment solutions.

Equinix (Nasdaq: EQIX) and PGIM Real Estate announced a US$575 million joint venture to develop two xScale data centers in Sydney, Australia. The facilities will provide over 55 MW of power capacity aimed at hyperscale companies, with the first center, SY9x, expected to open in Q1 2022. This partnership enhances Equinix's existing global xScale portfolio, which will exceed $7.5 billion and 675 MW across 34 facilities upon completion. PGIM will hold an 80% equity interest while Equinix retains 20%. The venture aims for completion in Q4 2021.