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PRU

Prudential Financial, Inc.

6/20/2013, 8:06 AM ET

Quote & Headlines Market Currents StockTalk

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Wednesday, June 12, 10:03 AM A NY state regulatory probe of life insurers has identified nearly $48B in potentially troublesome transactions with so-called "captive" reinsurers. Insurance companies use the entities to help meet capital requirements, but regulators are worried they're being used to mask true financial health, and are calling for new nationwide "disclosure requirements." No names are mentioned, but MetLife (MET) is one of the larger users of such entities. Prudential (PRU) partakes as well. Comment! [Financials]
Tuesday, June 11, 5:09 PM Prudential Financial (PRU) says its board has authorized the repurchase of up to $1B of its outstanding stock during the period from July 1, 2013 through June 30, 2014. The board had previously approve a $1B buyback in June, 2012 through June 30, 2013, of which it had repurchased approximately $150M. Comment! [Financials]
Friday, June 7, 11:37 AM Among the strongest performers in a strong market are insurers - particularly life insurers - on hope of a sustained rise in interest rates allowing better income on their investments (current holdings tend to be hedged meaning no losses). MetLife (MET +2%), Prudential (PRU +3%), Hartford (HIG +2.3%), Genworth (GNW +3.3%), Manulife (MFC +1.9%), Lincoln National (LNC +2.8%) Sun Life (SLF +1.4%), ING US (VOYA +2.8%). Insurer ETFs: KIE, though it is more exposed to P&C, IAK, KBWI, KBWP, though totally P&C focused. 1 Comment [Financials, On the Move]
Tuesday, June 4, 2:05 AM As expected, the Financial Stability Oversight Council has proposed to designate AIG (AIG) Prudential Financial (PRU) and GE Capital (GE) as systemically important. Prudential says it is evaluating whether to appeal the determination, although AIG won't. The Fed has yet to finalize its requirements for systemically important non-bank financial companies, but they're expected to include stress tests and higher capital holdings. 6 Comments [Financials, Top Stories]
Friday, May 31, 4:15 AM The Financial Stability Oversight Council could reportedly decide on Monday which non-bank financial companies will be designated as systemically important, and thereby subject to Fed stress tests and higher capital requirements. The top candidates include Prudential (PRU), AIG (AIG) and GE Capital (GE). Investors fear that the classification could make it harder for companies to distribute their cash, although it could also lead to lower borrowing costs. Comment! [Financials, Top Stories]
Saturday, May 18, 8:45 AM Newly public ING U.S. (VOYA) is up 20% since its IPO 2 weeks ago, but only trades at 60% of book value compared to the average life insurer (MET, HIG, PRU) selling for near book, writes Andrew Bary. Not only that, but the company is misunderstood - it's more retirement-services specialist and asset manager (think PFG) than life insurer, and should command an even higher valuation. What's more the seller (ING) was forced by regulators to do so against its will, the ING CEO calling it a "significant destruction of capital." Spinoff & Reorg Profiles - rarely a fan of promoted IPOs - think's it's worth $31. With an easily digestible $6B market cap, it might be worth even more to an acquirer. 3 Comments [Quick Ideas, Financials]
Friday, May 10, 11:11 AM A basket of 27 stocks drawing at least 10% of their revenue from Japan is up 11% YTD, 600 bps shy of the median gain for a S&P 500 stock, according to Goldman, doing the study as the yen devaluation continues. Insurers make up 3 of the 5 deriving the largest portion of revenue from Japan, with Aflac (AFL) a big underperformer, but Hartford (HIG) and Prudential (PRU) beating S&P gains. 1 Comment [Financials]
Tuesday, May 7, 3:56 PM More on Goldman's AIG downgrade (earlier): Better bets are Travelers (TRV) and Allstate (ALL) - like AIG, set to benefit from improving insurance margins, but also able to return capital without the regulatory risk. Prudential (PRU) and MetLife (MET) might also be better ideas - like AIG, they do face regulatory risk over capital returns, but both have more muted expectations and trade at lower valuations. 3 Comments [Financials]
Thursday, May 2, 10:22 AM Prudential Financial (PRU +7.1%) soars following last night's earnings, with RBC's Eric Berg calling it maybe the company's best quarter ever as he reaffirms the stock as a top pick. Key to Berg is a 47% jump in international unit operating income to $877M. "Rapidly expanding Japan business ... is providing a ballast to the company's earnings growth." Comment! [Financials, On the Move]
Wednesday, May 1, 4:25 PM More from Prudential's (PRU) Q1 report: Results include Jan. 2 acquisition of The Hartfords. GAAP book value for financial-services business at $81.96/common share, up 3.5% from Q4; BV excluding total accumulated other comprehensive income is $55.94/share. Net loss for financial-services business attributable to PRU was $721M ($1.55/common share). Shares now +0.6% AH. Comment! [Earnings, Financials]
Wednesday, May 1, 4:17 PM Prudential Financial (PRU): Q1 after-tax adjusted operating income of $2.28 may not be comparable to estimates of $1.88. Revenue of $11.83B (+13% Y/Y) misses by $0.8B. (PR) Comment! [Earnings, Breaking News, Financials]
Wednesday, May 1, 7:00 AM The two men in charge of ING's U.S. unit - IPOing today and set to be renamed Voya Financial (VOYA) - are "the unsung heroes" of AIG, according to the former exec in charge of restructuring at the insurer. Voya CEO Rod Martin and COO Alain Karaoglan both oversaw AIG units as they were sold to raise capital. At the midpoint of the $21-$24 IPO price range, Voya would be selling for about 40% of book, a lower valuation than competitors MET, PFG, PRU, and LNC. 2 Comments [Financials]
Wednesday, May 1, 12:10 AM Notable earnings after Wednesday’ s close: ALL, ARI, ARR, ATML, ATO, ATW, AXLL, AXTI, BKD, BMR, CACI, CAR, CBS, CJES, CNQR, CSOD, CVD, CVI, CVRR, CWT, CXO, DVR, DX, DXCM, DXPE, EDMC, ESS, EXPD, EXXI, FB, FNF, FRT, G, GLUU, GNK, GTAT, HNSN, HR, IPI, IPXL, IVR, JDSU, KIM, LNC, LOCK, LVS, MAC, MAR, MET, MUR, NAVB, NGD, NLY, NTRI, PHH, POL, PRU, PSE, PXD, QUIK, ROVI, SAM, SFLY, SGMO, SLTM, SNCR, STX, TEG, TGI, TPC, TSO, TTEK, UAN, UNM, V, VVC, WES, WLT, YELP Comment! [Earnings]
Tuesday, April 30, 5:35 PM Notable earnings after Wednesday’ s close: ALL, ARI, ARR, ATML, ATO, ATW, AXLL, AXTI, BKD, BMR, CACI, CAR, CBS, CJES, CNQR, CSOD, CVD, CVI, CVRR, CWT, CXO, DVR, DX, DXCM, DXPE, EDMC, ESS, EXPD, EXXI, FB, FNF, FRT, G, GLUU, GNK, GTAT, HNSN, HR, IPI, IPXL, IVR, JDSU, KIM, LNC, LOCK, LVS, MAC, MAR, MET, MUR, NAVB, NGD, NLY, NTRI, PHH, POL, PRU, PSE, PXD, QUIK, ROVI, SAM, SFLY, SGMO, SLTM, SNCR, STX, TEG, TGI, TPC, TSO, TTEK, UAN, UNM, V, VVC, WES, WLT, YELP 2 Comments [Earnings]
Tuesday, April 23, 11:05 AM The insurance sector is broadly higher following the MetLife dividend hike. Worth remembering - Met (MET) is a special case, until recently under the Fed's regulatory thumb due to its banking operations (now divested). PRU +2.8%, HIG +2.4%. Maybe most interesting is AIG +4.1% as investors ponder the capital return possibilities. 4 Comments [Financials, On the Move]
Friday, April 12, 3:36 PM Envestment (ENV) purchases Wealth Management Solutions from Prudential Financial (PRU) in a deal worth up to $33M. The unit administers $22B on behalf of institutional clients. SA Pro's Alan Brochstein 3 months and 33% ago spotted a good entry point in the fast-growing firm. (PR) Comment! [Financials]

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