|Bid||66.01 x 900|
|Ask||68.25 x 2200|
|Day's Range||64.14 - 67.99|
|52 Week Range||38.62 - 97.24|
|Beta (5Y Monthly)||1.69|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 03, 2020|
|Forward Dividend & Yield||4.40 (6.81%)|
|Ex-Dividend Date||May 22, 2020|
|1y Target Est||68.17|
Prudential (PRU) Q2 reflects higher policy charges and fee income offset by lower contributions from most of its segments.
Prudential (PRU) delivered earnings and revenue surprises of 7.56% and 1.14%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- Prudential Financial Inc. posted a second-straight quarterly loss and said it expects low interest rates will continue to weigh on results.The life insurer posted a net loss of $2.41 billion, compared with net income of $708 million a year earlier. The loss was driven in part by a decline in the value of its derivatives holdings due to tightening credit spreads. Asset-management unit PGIM was a bright spot.Key InsightsPrudential is looking to weather a low-interest-rate environment by repricing and pivoting to less rate-sensitive products, it said in an earnings statement Tuesday. The company cut its long-term forecast for U.S. interest rates by 50 basis points to 3.25%“We displayed resiliency amidst the effects of the pandemic and economic and market shocks while continuing to execute against our 2020 priorities with urgency,” Chief Executive Officer Charles Lowrey said in a statement. The company is on track to reach its cost-saving target of $140 million this year and is shifting its international business to higher-growth markets, he said.PGIM broke records for adjusted operating income of $324 million, and assets under management, which swelled 9% to $1.39 trillion. The division benefited from investment earnings, lower expenses, higher fees and fixed-income inflows.Prudential joins American International Group Inc. in feeling pain from the pandemic. AIG said on an earnings call earlier Tuesday that it had to pay out more death benefits due to the impact of the virus.Market ReactionShares closed 1.8% lower at $63.28. They’re down 32% this year.Get MoreEarnings per share beat forecasts. After-tax adjusted operating income was $1.85 a share, surpassing the $1.71 median estimate of 12 analysts.Prudential’s statement is here. Its presentation is here.For 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.