Prudential Financial, Inc. - PRU STOCK NEWS

Prudential Financial (NYSE: PRU) has declared a quarterly dividend of $1.30 per share of Common Stock, payable on September 12, 2024, to shareholders of record as of August 20, 2024. The company, a global financial services leader and active investment manager, boasts approximately $1.5 trillion in assets under management as of June 30, 2024. With operations spanning the United States, Asia, Europe, and Latin America, Prudential aims to expand access to investing, insurance, and retirement security. The company's iconic Rock symbol has represented strength, stability, expertise, and innovation for nearly 150 years.

Prudential Financial (NYSE: PRU) reported strong Q2 2024 results, with net income of $1.198 billion ($3.28 per share), up from $511 million in Q2 2023. After-tax adjusted operating income rose to $1.234 billion ($3.39 per share) from $1.142 billion last year. The company saw positive momentum across its businesses, with robust sales in U.S. and International segments, and strong investment performance in PGIM. Assets under management increased to $1.482 trillion, up from $1.415 trillion in Q2 2023. Prudential returned $725 million to shareholders through dividends and share repurchases. The company's CEO, Charles Lowrey, highlighted Prudential's strong fundamentals and market-leading position in addressing customer needs globally.

PGIM Private Capital, the private capital arm of Prudential Financial's PGIM, provided $7.5 billion of senior debt and junior capital to over 130 middle-market companies and projects globally in the first half of 2024. The investments included $5.5 billion in investment-grade, $1.7 billion in below-investment-grade, and over $230 million in mezzanine and private equity investments.

Key highlights include:

• $4.0 billion in Global Corporate Finance investments
• $2.5 billion in real assets sectors
• $1.1 billion in Direct Lending transactions
• 56 new issuers added to the portfolio
• 79 existing borrowers returned for further funding

Prudential Financial, a long-standing client of Medallia, has been awarded Forrester's 'Customer-Obsessed Enterprise Award' for its exceptional customer experience (CX) program. This prestigious recognition highlights Prudential's commitment to placing customers at the center of their operations.

Prudential's CX program, powered by Medallia Experience Cloud, has yielded impressive results, including improved NPS scores, enhanced employee engagement, and increased revenues. The company has implemented a comprehensive strategy to drive customer centricity throughout the organization, including:

• Providing all employees access to real-time customer feedback tools
• Conducting dedicated CX training sessions
• Incorporating CX as a core performance measure
• Creating a network of 300 CX advocates across the company

This customer-focused approach has become integral to Prudential's organizational DNA, reflecting in their strategic pillars and operational success metrics.

PennyMac Mortgage Investment Trust (PMT) has announced a $355 million private offering of secured term notes through its subsidiary PMT Issuer Trust - FMSR. The notes, priced at SOFR + 2.75%, will mature on December 27, 2027. The proceeds will be used to redeem $305 million of previously-issued notes maturing on June 25, 2027, which were priced at SOFR + 4.19%. The majority of these new notes were placed with PGIM Fixed Income, a Prudential Financial company. This transaction aims to leverage Pennymac's strong market relationships and secure more favorable financing terms.

Prudential Financial (NYSE: PRU) will release its second quarter 2024 earnings on August 1, 2024, after market close. Key financial documents will be available on their Investor Relations website.

A conference call is scheduled for August 2, 2024, at 11:00 a.m. ET to discuss the results. The call will be broadcast live on the Investor Relations website, and replays will be available until August 16.

Prudential manages approximately $1.5 trillion in assets as of March 31, 2024, with operations across the US, Asia, Europe, and Latin America. They are known for their strength, stability, and innovation in financial services.

Prudential Financial (NYSE: PRU) has published its 13th annual Sustainability Report, outlining key efforts to promote sustainability and long-term value for stakeholders. Prudential's initiatives include product innovation such as the Sona-Mira platform in Japan, which integrates life insurance, financial products, and health wellness services. Additionally, 91% of U.S. employees engage with the Workday Learning platform for skill development. The Prudential Foundation has disbursed $47.6 million in grants, benefiting over 354,000 individuals and 5,400 small businesses. The company also improved AI governance, holds $39.1 billion in sustainable investments, and has reduced emissions by 69% since 2017. Detailed disclosures are available on prudentialesg.com.

Prudential Financial has elected Carmine Di Sibio to its Board of Directors as an independent director, effective July 1, 2024. Di Sibio, recently retired as global chairman and CEO of EY, brings extensive experience in business strategy and innovation. At EY, he led a global strategy that invested over $10 billion in technology and innovation. Di Sibio will serve on Prudential's Audit Committee. He has also held significant roles at EY including global managing partner for Client Services and chair of the Global Financial Services Markets Executive. Di Sibio is currently on the boards of PayPal and Focusing Capital on the Long Term (FCLT).

PGIM, the investment management arm of Prudential Financial (NYSE: PRU), has launched two new actively managed ETFs: PGIM Ultra Short Municipal Bond ETF (PUSH) and PGIM Municipal Income Opportunities ETF (PMIO). These ETFs aim to provide total return through current income and capital appreciation by investing at least 80% of their portfolios in municipal bonds exempt from federal income taxes. PUSH focuses on short-term, investment-grade muni bonds and has a low 0.15% expense ratio, while PMIO offers more flexibility with credit and duration risk, investing 70% in investment-grade and up to 30% in high-yield muni bonds, with a 0.25% expense ratio.