To date they have only purchased 150M of the current 1B buyback expiring in June. So the new announcement of another 1B buyback rings hollow until they actually follow through. PRU's being deceptive to use these headline announcements when the buyback does not occur.
Terrible timing on their part...they should have been buying back hand-over-fist when the common was trading in the $50's. Now it will cost much more of shareholder $$ to be buying back at these levels.
From the original 2012 declaration, "Jun. 12, 2012-- Prudential Financial, Inc. (NYSE: PRU) today announced that its Board of Directors has authorized the repurchase of up to $1.0 billion of its outstanding Common Stock during the period from July 1, 2012 through June 30, 2013. "
They better get busy with their 2012 commitment. It is for common stock only and they also fell 17% short with their 2011 buyback. Seems to be a pattern with the gang whom I'm sure are much more precise with their bonus computations and option grants. Those are devoutly adhered to with zero public fanfare. Hmmm...