84.06 0.00 (0.00%)
After hours: 5:08PM EST
|Bid||84.25 x 1000|
|Ask||89.98 x 900|
|Day's Range||83.48 - 88.22|
|52 Week Range||77.65 - 106.40|
|Beta (5Y Monthly)||1.54|
|PE Ratio (TTM)||8.32|
|Earnings Date||May 04, 2020|
|Forward Dividend & Yield||4.40 (5.01%)|
|Ex-Dividend Date||Feb 13, 2020|
|1y Target Est||101.36|
As America Saves Week kicks off on Feb. 24, Prudential Financial, Inc. is supporting our government’s call for retirement readiness.
(Bloomberg) -- Get serious on climate change risks.That’s the message from Australia’s prudential regulator as it joined counterparts in the U.K., the Netherlands and Singapore in ramping up its surveillance of how ready financial institutions are to deal with climate change.Banks will have to undertake stress tests to measure their resilience to a broad range of scenarios, including “climate change financial risks,” the Australian Prudential Regulation Authority said in a statement Friday.Regulators around the world are starting to push banks and insurers to quantify their exposure to climate change risks amid increasing concerns that the financial system is unprepared for the likely reshaping of markets as the weather becomes more extreme.Key worries are how companies would deal with widespread physical damage that destroys or reduces the value of certain assets. For example, the Bank of England is asking companies what rising sea levels would do to their mortgage books and how corporate bonds from energy companies should be valued.In designing stress tests, Australian banks would benefit from “better coverage of non-financial and emerging risks,” APRA said in its statement. In its 2017 stress test on the banking system, APRA focused on how local banks would respond to a the effects of a China-led recession in Australia and New Zealand.The devastating bushfires that have scorched an area the size of England have lent the issue extra urgency in Australia, the world’s driest inhabited continent. Reserve Bank of Australia Governor Philip Lowe said recently that climate change was already affecting Australia’s economy and the central bank is working to understand the “full dimensionality” of the impact.Australia’s big banks and insurers have already begun to move. For example, Commonwealth Bank of Australia, the nation’s largest lender, has run climate change physical risk scenarios on both its mortgage and agricultural lending and intends to assess other key portfolios this year, according to disclosures in its annual reports.That willingness to contemplate change is at odds with the government, which is still avidly pro-fossil fuel. In February, Prime Minister Scott Morrison’s government said it would fund a study into building a new coal-fired power plant in Queensland despite a growing backlash against the polluting fuel.(Updates with more details of APRA statement in sixth paragraph)To contact the reporter on this story: Emily Cadman in Sydney at firstname.lastname@example.orgTo contact the editors responsible for this story: Marcus Wright at email@example.com, Russell WardFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moore Kuehn, PLLC, a securities law firm located on Wall Street in downtown New York City, is investigating potential claims involving directors and officers regarding possible breaches of fiduciary duties and other violations of law related to whether insiders, as alleged in federal securities lawsuits, caused their companies to make false and/or misleading statements and/or failed to disclose, among other things, that:
(Bloomberg Opinion) -- In the asset-management industry, reputation is everything. A mutual-fund manager might have a fantastic strategy, but without a steady stream of cash flowing in to set up the position, returns may come in weaker than expected. That, in turn, could lead some investors to lose confidence that the concept was ever great in the first place.That, in a nutshell, is what happened to Franklin Resources Inc. over the last several years. The company has been stuck near $700 billion in assets under management for the past 18 months, down from a peak of $921 billion in mid-2014, while its competitors have grown steadily. Moody’s Investors Service downgraded Franklin’s credit rating in mid-2018 and last year “expressed concern that Franklin's reputation for global/international strategies and solid relative investment performance has been undermined.” That’s not quite a death knell, but it’s close. Faced with that grim reality, Franklin made the obvious move: It got bigger in a hurry. On Tuesday, it announced an agreement to acquire asset manager Legg Mason Inc. for almost $4.5 billion. The deal would create a $1.5 trillion behemoth whose size trails only BlackRock Inc., Vanguard Group Inc., Fidelity Investments, Capital Group Cos. and Amundi Asset Management among “independent asset managers,” according to Willis Towers Watson data cited by Franklin. It would leap ahead of Invesco Ltd and T. Rowe Price Group Inc. in this arms race. (The ranking format conspicuously excludes investing giants tied to Wall Street banks like Goldman Sachs Group Inc. and JPMorgan Chase & Co., or those affiliated with insurers, like Allianz Group and Prudential Financial.)At first glance, the takeaway is that the entire asset-management industry is consolidating because of the rise in passive, low-cost index funds, and Franklin’s move is just the latest example. While that’s true, the combination of these two firms in particular suggests that in the current investing landscape, fund companies can either choose to be the biggest, or they can elect to remain small, nimble and specialized, but falling somewhere in the middle is purgatory. Neither firm is accustomed to being viewed as a second- or third-tier money manager. After all, Franklin, which leans into its affiliation with one of America’s iconic founding fathers, started in 1947, while Legg Mason’s precursor firm dates back to the 19th century. And yet, both Legg Mason and Franklin have fallen way behind the top firms, and Franklin in particular was at risk of slipping even further away from the next group of asset managers.Franklin’s website declares it’s “a global leader in asset management with more than seven decades of experience.” At what ranking does being a “global leader” no longer hold up? The company clearly wasn’t interested in finding out.With the purchase, Franklin will strike an almost perfect balance between institutional and retail investors, which may help mitigate volatility in fund flows. Notably, it expects to maintain a nearly identical geographic focus, which is important given that some of its flagship offerings are worldwide in scope. For example, the $26.3 billion Templeton Global Bond Fund holds a large position in Brazil’s bonds, and both Franklin and Legg Mason have a presence in Sao Paulo. Even as active managers grow, they need to retain their identity.The acquisition also braces for an uncertain future. Legg Mason recently made headlines for announcing plans to take a majority stake in Precidian, known for its ActiveShares exchange-traded funds. If successful, the products could upend the mutual-fund industry because they would trade daily and yet require reporting only once a quarter. Analysts have suggested some $7.2 trillion in mutual-fund strategies could work in this format. Franklin took too long to get on the ETF bandwagon years ago and appears eager not to make a similar misjudgment.Now, one big move probably won’t be enough to bring Franklin back to its glory days. But by combining with Legg Mason, it at least has more than a puncher’s chance to reclaim its place as a leader in active management. Traders certainly seem optimistic: Franklin’s shares rose as much as 13.3% on Tuesday to $27.60, the biggest intraday jump since November 2016.The onus is now on Franklin’s fund managers to live up to their reputations. If there were any malaise in the air over in San Mateo, Calfornia, about the company’s future, management has alleviated it for now. Franklin is back in the game.(Corrects the size of the combined entity in the third paragraph. )To contact the author of this story: Brian Chappatta at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Prudential Insurance Company of America (PICA), a business unit of Prudential Financial, Inc. (NYSE: PRU), and a recognized leader in the global pension de-risking market, has announced the closing of its seventh and eighth strategic longevity reinsurance transactions with Rothesay Life Plc, reinsuring a combined $6 billion of pension liabilities associated with two bulk annuity transactions completed in the second half of 2019.
Recognizing the negative impact of household debt on long-term financial security and retirement readiness, Prudential1 (NYSE:PRU) is partnering with national nonprofit GreenPath Financial Wellness to introduce debt management advice and tools to its growing suite of workplace financial wellness solutions.
(Bloomberg Opinion) -- That Jes Staley’s conduct as chief executive officer of Barclays Plc is being probed by British regulators for a second time is remarkable and troubling. More than most businesses, banks depend on the trust of their customers; the conduct of the boss is critical to that.The latest inquiry, by the Financial Conduct Authority and the Prudential Regulation Authority, is looking at Staley’s account of his relationship with the convicted sex offender Jeffrey Epstein. One mustn’t prejudge these things, but concerns about the bank’s future leadership and strategic direction will fester until the supervisors decide whether the 63-year-old American did anything wrong — even if the board is backing him.Staley’s push into investment banking has been paying off for Barclays, but it matters more that the British lender can show it has a sound culture at the top. Any doubts will unsettle clients, staff and investors, hurting day-to-day business and long-term confidence in the company.After reprimanding and fining Staley in 2018 for attempting repeatedly to unmask a whistleblower — a probe that came close to ending his tenure — the regulators are looking now at whether he was fully upfront with the Barclays board about how close he was to Epstein. The regulators had gone to Barclays last summer, when the controversy around Epstein blew up again, to ask about the ties between the two men.Staley says he’s been open with Barclays on Epstein going back to 2015. The bank’s own review of his disclosures concluded that he’d been “sufficiently transparent”; the board unanimously recommended his reelection later this year.For investors — who pushed the bank’s shares down as much as 4% on Thursday — understanding the scope and terms of the board’s review would have been helpful. Who was the external counsel and how was the review handled? What information did counsel have access to? It’s far from ideal that shareholders weren’t told about regulators probing Staley’s representations since at least December. The board, including chairman Nigel Higgins, has questions to answer too. Just how honest Staley has been on his dealings with Epstein is no small distraction, especially when viewed alongside the whistleblower episode. Epstein died in jail in August facing charges of sex-trafficking of minors. For decades, he cultivated ties to international elites that included billionaires and royalty.There’s little doubt that Staley and Epstein were in contact over many years. The two were introduced in 2000, when Staley was asked to run JPMorgan Chase & Co.’s private bank, where Epstein was already a client. Less clear is how the relationship evolved and whether the ties extended beyond what Barclays has defined as “professional.”According to a New York Times report, Staley visited Epstein in Florida when he was serving a prison sentence following a 2008 guilty plea of soliciting prostitutes, including a minor. Staley’s name also appeared as the referee in a 2013 banking application by Epstein, the Times has also reported. (A spokesman told the Times Staley had not been aware). In April 2015, Staley and his wife visited Epstein at his private Caribbean island. While contacts between the two “tapered off” after Staley left JPMorgan in 2012, the relationship didn’t end until late 2015, Staley said on Thursday. “I thought I knew him well and I didn’t,” Staley told reporters. “I deeply regret having had a relationship” with Epstein, he added.It may turn out to be a big regret. Reporting fourth-quarter earnings on Thursday, Barclays signaled 2020 will be challenging amid low interest rates and an uncertain economic outlook, and that it will be difficult to achieve profitability targets. It could do without another Staley controversy. His struggle will be retaining the confidence of those around him.To contact the author of this story: Elisa Martinuzzi at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
SelectQuote has hired investment banks for an initial public offering (IPO) that could value the owner of the eponymous insurance policy comparison website at more than $2 billion, including debt, according to people familiar with the matter. SelectQuote is working with banks that include Morgan Stanley and Credit Suisse Group AG on an IPO that could come in the first half of this year, subject to market conditions, according to the sources, who spoke on condition of anonymity because the information is not public.
PGIM Investments ended 2019 with $12.2 billion in net mutual fund flows and record mutual fund assets under management of $122.5 billion.i The strong flows and record AUM growth were largely driven by demand for its fixed income funds.
The string of solid fourth-quarter earnings from the insurance industry players had a positive impact on the related ETFs that saw smooth trading over the past week.
Readers hoping to buy Prudential Financial, Inc. (NYSE:PRU) for its dividend will need to make their move shortly, as...
Biotech company Gilead Sciences is increasing its quarterly dividend to 68 cents a share, an 8% boost, and Prudential declared a 10% dividend increase.
Investors in Prudential Financial, Inc. (NYSE:PRU) had a good week, as its shares rose 4.7% to close at US$95.33...
Prudential Financial, Inc. (NYSE: PRU) will participate in the BofA Securities 2020 Insurance Conference on Thursday, February 13, 2020. On that day at approximately 10:00 a.m. ET, Charles Lowrey, chairman and CEO, will participate in an analyst-led fireside chat with investors.
PGIM Private Capital provided $13 billion of senior debt and junior capital to 228 middle-market companies and projects globally in 2019. PGIM Private Capital, a leading source of private capital for public and private companies, is the private capital arm of PGIM Inc., the $1.3 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
Prudential's (PRU) Q4 results benefit from solid segmental contributions at Prudential Global Investment Management (PGIM), U.S. Individual Solutions and U.S. Workplace Solutions.
Prudential (PRU) delivered earnings and revenue surprises of 15.92% and 22.63%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
Prudential Financial, Inc. (NYSE:PRU) today reported fourth quarter and year-end 2019 results. For the fourth quarter of 2019, net income attributable to Prudential Financial, Inc. was $1.128 billion ($2.76 per Common share), compared to $842 million ($1.99 per Common share) for the fourth quarter of 2018. After-tax adjusted operating income was $950 million ($2.33 per Common share) for the fourth quarter of 2019, compared to $1.035 billion ($2.44 per Common share) for the fourth quarter of 2018.
Michael Bendok, 16, of Phoenix and Clare Flaherty, 13, of Scottsdale today were named Arizona's top two youth volunteers of 2020 by The Prudential Spirit of Community Awards, a nationwide program honoring young people for outstanding acts of volunteerism. As State Honorees, Michael and Clare each will receive $1,000, an engraved silver medallion and an all-expense-paid trip in early May to Washington, D.C., where they will join the top two honorees from each of the other states and the District of Columbia for four days of national recognition events. During the trip, 10 students will be named America's top youth volunteers of 2020.
Hollis Belger, 15, of Larkspur and Michaela Auyeung, 13, of Los Gatos today were named California's top two youth volunteers of 2020 by The Prudential Spirit of Community Awards, a nationwide program honoring young people for outstanding acts of volunteerism. As State Honorees, Hollis and Michaela each will receive $1,000, an engraved silver medallion and an all-expense-paid trip in early May to Washington, D.C., where they will join the top two honorees from each of the other states and the District of Columbia for four days of national recognition events. During the trip, 10 students will be named America's top youth volunteers of 2020.
Jessica Goldberg, 18, of Farmington Hills and Alex Vanharen, 13, of Oxford today were named Michigan's top two youth volunteers of 2020 by The Prudential Spirit of Community Awards, a nationwide program honoring young people for outstanding acts of volunteerism. As State Honorees, Jessica and Alex each will receive $1,000, an engraved silver medallion and an all-expense-paid trip in early May to Washington, D.C., where they will join the top two honorees from each of the other states and the District of Columbia for four days of national recognition events. During the trip, 10 students will be named America's top youth volunteers of 2020.
Grace Myler, 18, of Shakopee and Addison Loerzel, 14, of Moorhead today were named Minnesota's top two youth volunteers of 2020 by The Prudential Spirit of Community Awards, a nationwide program honoring young people for outstanding acts of volunteerism. As State Honorees, Grace and Addison each will receive $1,000, an engraved silver medallion and an all-expense-paid trip in early May to Washington, D.C., where they will join the top two honorees from each of the other states and the District of Columbia for four days of national recognition events. During the trip, 10 students will be named America's top youth volunteers of 2020.