Prudential Financial, Inc. - PRU STOCK NEWS

Prudential Financial, Inc. reported a net loss of $565 million ($1.53 per share) for Q2 2022, a significant drop from net income of $2.158 billion ($5.40 per share) in Q2 2021. The current results were impacted by a $1.048 billion after-tax charge and a $1.140 billion gain from the sale of legacy variable annuities. Adjusted operating income fell to $664 million ($1.74 per share) from $1.440 billion ($3.60 per share) year-over-year. Assets under management decreased to $1.410 trillion, while capital returned to shareholders was $832 million. The company aims for cost savings of $750 million.

Prudential Financial's latest Pulse survey reveals that rising inflation and potential recession pose significant financial challenges for Americans, particularly millennials and women.

Key findings include:

• 74% of respondents anticipate a recession in the next two years.
• 79% express concerns about inflation affecting financial security.
• Many are taking proactive steps, such as cutting back on dining out and saving more.
• Social media is a primary source of financial advice for 30% of Americans.

In the first half of 2022, PGIM Private Capital achieved nearly $10.0 billion in senior debt and junior capital origination, a record for the firm. The total includes $8.4 billion in investment-grade and $1.3 billion in below-investment-grade investments. Highlights also featured investments across global markets including $6.8 billion in corporate finance and $2.6 billion in real assets. PGIM Private Capital manages over $20.0 billion in assets, emphasizing strong borrower relationships and portfolio diversification.

On July 7, 2022, TimkenSteel (NYSE: TMST) announced its agreement to purchase a group annuity contract from Prudential for around $250 million, aimed at settling a portion of its $800 million pension obligations. This will secure benefits for approximately 1,900 retirees starting October 1, 2022, with no reduction in their payments. The transaction is expected to reduce TimkenSteel's pension obligations by 25%, resulting in a projected non-cash pension settlement gain of $2 million in Q3 2022, strengthening the company's balance sheet.

Prudential Financial, Inc. (NYSE: PRU) is set to release its second quarter 2022 earnings on August 2, 2022, post market closure. Detailed earnings information will be available at investor.prudential.com. A conference call for investors will occur on August 3, 2022, at 11:00 a.m. ET, where management will discuss the results.

Interested parties can access the call via domestic and international numbers, with a replay available until August 17, 2022.

DJM Capital Partners has successfully acquired the Bridgeside Shopping Center in Alameda, California, in partnership with PGIM. The 105,000 square-foot property is fully occupied and features a diverse mix of tenants including grocery and essential service providers. This acquisition marks the third collaboration between DJM and PGIM, highlighting DJM's strategy to expand its portfolio of lifestyle and grocery-anchored centers in Northern California, aligning with their growth objectives.

PGIM Fixed Income has appointed Daleep Singh as chief global economist and head of global macroeconomic research, effective June 21, 2022. The firm, managing $890 billion in assets, aims to leverage Singh's expertise to enhance its global investment strategy. Previously, Singh served as President Biden's top international economics advisor and held significant roles at the New York Fed and U.S. Department of the Treasury. This appointment is expected to provide valuable insights for portfolio managers amid complex economic conditions.

Equinix (Nasdaq: EQIX) and PGIM Real Estate have inaugurated the SY9x xScale data center in Sydney, marking their first joint venture project in Australia. This follows a US$575 million investment concluded in March 2022. Equinix's total xScale portfolio exceeds US$8 billion and will provide over 720 MW of power capacity at completion. The SY9x facility currently supports 14 MW and will expand to 28 MW. The cloud computing market in Australia is projected to grow by 12.5% to US$14.1 billion by 2025, driven by digital transformation initiatives.