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Dear Fellow Investor,
Company: Prudential Financial (SYM: PRU)
With a yield of about 4.6%, Prudential Financial is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries
With regards to its dividend, the company just raised it to $1.35 from $1.30, and is payable on March 13 to shareholders of record as of February 18. This also marks the company’s 17th consecutive year of dividend increases.
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Even better, in its most recent quarter, the company returned $720 million to shareholders through dividends ($470 million) and buybacks ($250 million). That’s up from the $708 million returned to shareholders a year earlier. Plus, the company’s Board just approved a new buyback program of $1 billion.
With numbers like that, we don’t have to worry about growth here.
Recent earnings weren’t too shabby either.
Prudential Financial just reported year-end and fourth quarter numbers.
For the full-year, the company’s net income of $2.727 billion, or $7.50 per share was well above the $2.488 billion, or $6.74 per share reported year over year. Full-year after-tax adjusted operating income was $4.588 billion, or $12.62 per share, as compared to the $4.38 billion, or $11.88 per share reported a year earlier.
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With regards to the fourth quarter, the company did post a net loss of $57 million, as compared to expectations for a profit of $1.1 billion. However, assets under management grew to $1.512 trillion from $1.45 trillion year over year.
"Our 2024 results reflect strong sales across our retirement and insurance businesses and significant positive net flows in PGIM," added Chairman and CEO Charles Lowrey in a company press release. "We also made substantial progress to become a higher growth, more capital efficient company."
With a healthy yield of 4.6%, Prudential Financial is a powerhouse. With strong earnings growth, and its dedication to returning capital to shareholders, Prudential Financial remains attractive for the long haul.
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