Prudential Finl Stock Price, News & Analysis

PGIM, the asset management division of Prudential Financial (NYSE: PRU), reveals that only 13% of retirement plans include alternative investments in their target-date funds (TDFs). Moreover, 24% of plan sponsors have implemented environmental, social, and governance (ESG) strategies over the past three years. The study indicates that the main barriers to incorporating alternative investments are the need for enhanced participant education (67%), operational challenges (34%), perceived litigation risk (33%), and costs (27%). Interest in ESG approaches appears to be growing, particularly among mid-sized plans.

Prudential Financial, Inc. (NYSE: PRU) has announced the appointment of Caroline Feeney as CEO of its U.S. Insurance & Retirement Businesses, effective immediately. Feeney will oversee Group Insurance, Individual Life Insurance, Prudential Annuities, Prudential Retirement, and Retail Advice and Solutions. With 27 years at Prudential, her experience includes leadership roles and a commitment to empowering women in finance. Feeney will report directly to Andy Sullivan, executive vice president, U.S. Businesses.

Genesis Healthcare, a major post-acute care provider with over 325 centers, has chosen Prudential Retirement as the record keeper for its defined contribution retirement plans. Prudential will manage Genesis' $1.1 billion in retirement assets for over 22,000 employees. This move enhances Prudential's portfolio in the healthcare sector, where it oversees $20.1 billion across 563 plans. Prudential aims to support Genesis' employee financial wellness through innovative retirement solutions addressing unique workforce needs.

PGIM Fixed Income announces the retirement of Steven Kellner, head of Corporates, effective April 2022. He will be succeeded by Terence Wheat and David Del Vecchio, appointed as co-heads of the U.S. Investment Grade Corporate team. Under Kellner's leadership, corporate bond assets surged from $44 billion in 1999 to $357 billion. PGIM Fixed Income manages over $946 billion in assets and is part of Prudential Financial (NYSE: PRU), which ranks among the top 10 asset managers globally, overseeing more than $1.4 trillion.

Prudential Financial, Inc. (NYSE: PRU) has partnered with the U.S. Department of Veterans Affairs to deliver financial wellness resources to Veterans and transitioning Servicemembers at no cost. This partnership, signed on Nov. 25, provides access to a financial wellness digital portal, which includes tools like self-assessments and budgeting resources, beginning March 2021. Prudential aims to assist military families in managing financial challenges and enhancing their economic well-being through education seminars and debt management sessions in collaboration with GreenPath.

PGIM High Yield Bond Fund (NYSE: ISD) reported its unaudited investment results for the quarter ended Nov. 30, 2020. The Fund's net assets totaled $547.23 million, a slight increase from $534.97 million in the previous quarter. The net asset value per share rose to $16.45 from $16.09. However, the Fund experienced a discount to NAV of -10.3%. For the quarter, net investment income was $9.19 million, leading to earnings of $0.69 per share. The Fund continues to maintain a stable loan amount of $180 million, with overdistributed net investment income at $2.76 million.

Prudential Financial, Inc. (NYSE: PRU) will announce its fourth quarter 2020 earnings on February 4, 2021, after market close. The earnings report and supplementary materials will be accessible on the company's Investor Relations website. A conference call to discuss the results will follow on February 5, 2021, at 11:00 a.m. ET, available live on the same website. Investors can find replay details and dial-in numbers for both the live and replay sessions through February 19. Prudential manages over $1.5 trillion in assets as of September 30, 2020.

PGIM Short Duration High Yield Opportunities Fund (SDHY) announced its initial distribution of $0.108 per common share, payable on January 29, 2021, resulting in an annualized yield of 6.48%. Monthly distributions of the same amount will continue in February 2021. Following its IPO in November 2020, which raised approximately $542 million, the Fund aims for total returns via high yield fixed income instruments rated below investment grade.

The Fund targets shorter duration bonds for lower risk and potential income generation.

PGIM Private Capital has successfully closed its PGIM Capital Partners VI fund with capital commitments totaling $2.23 billion, exceeding its fundraising target. This fund is over 20% larger than its predecessor, Fund V. Launched in Q1 2020, Fund VI attracted 24 investors from five countries, even during the COVID-19 pandemic. The fund will focus on middle-market financing opportunities primarily in the U.S., Canada, the U.K., and Western Europe, reinforcing PGIM's role as a reliable partner in volatile markets.