Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Prudential Financial Inc    PRU

PRUDENTIAL FINANCIAL INC

(PRU)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Prudential Financial : Pays $32.6 Million to Settle Probe of Mutual-Fund Business

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/16/2019 | 04:29pm EDT

By Dave Michaels

WASHINGTON -- Prudential Financial Inc. agreed to pay $32.6 million to settle claims that it didn't disclose how a reorganization of its mutual-fund business would cost the funds millions in lost interest income.

The Securities and Exchange Commission on Monday said the 2006 reorganization -- intended to engineer tax benefits for Prudential -- created a conflict of interest because the company benefited while the funds lost income from securities lending. They also paid higher taxes in certain foreign jurisdictions. In addition to paying the fines, Prudential reimbursed over $155 million to the funds, the SEC said in a settlement announcement.

Prudential neither admitted nor denied the claims. A company spokesman didn't immediately respond to a request for comment.

"Investment advisers must be vigilant in monitoring for conflicts related to actions taken by affiliates, and must act consistently with their representations to their clients," said Dabney O'Riordan, co-chief of the SEC's asset-management unit in its enforcement division. Prudential's subsidiaries "acted to benefit their parent company despite the costs those acts imposed on their clients."

Write to Dave Michaels at dave.michaels@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
PRUDENTIAL FINANCIAL INC 1.40% 90.76 Delayed Quote.9.55%
PRUDENTIAL PLC 0.58% 1476 Delayed Quote.4.67%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PRUDENTIAL FINANCIAL INC
10/11Financials Up On Trade, Brexit Deal Prospects -- Financials Roundup
DJ
10/10PRUDENTIAL FINANCIAL INC : Regulation FD Disclosure, Other Events, Financial Sta..
AQ
10/10PRUDENTIAL FINANCIAL : completes acquisition of Assurance IQ, Inc.
BU
10/09PRUDENTIAL FINANCIAL : UA Local 22 Annuity Fund and Sendik's Food Market choose ..
PU
10/03PRUDENTIAL FINANCIAL : to Announce Third Quarter 2019 Earnings; Schedules Confer..
BU
10/02QUINCY KROSBY'S Q4 2019 COMMENTARY : All of the Above
PU
09/24PRUDENTIAL FINANCIAL : American workers putting more thought into choosing annua..
BU
09/23PRUDENTIAL FINANCIAL : Terrafina Announces Changes in its Technical Committee
AQ
09/23PRUDENTIAL FINANCIAL : PGIM enhances European operations
PU
09/20Financials Down Amid Wave Of Volatility - Financials Roundup
DJ
More news
Financials (USD)
Sales 2019 56 791 M
EBIT 2019 8 074 M
Net income 2019 4 255 M
Debt 2019 13 608 M
Yield 2019 4,48%
P/E ratio 2019 8,81x
P/E ratio 2020 7,11x
EV / Sales2019 0,88x
EV / Sales2020 0,86x
Capitalization 36 556 M
Chart PRUDENTIAL FINANCIAL INC
Duration : Period :
Prudential Financial Inc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PRUDENTIAL FINANCIAL INC
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 100,25  $
Last Close Price 89,34  $
Spread / Highest target 28,7%
Spread / Average Target 12,2%
Spread / Lowest Target -4,86%
EPS Revisions
Managers
NameTitle
Charlie F. Lowrey Chairman, President & Chief Executive Officer
Kenneth Yutaka Tanji Chief Financial Officer & Executive Vice President
K. Andrew Crighton Chief Medical Officer
Stacey Goodman Chief Information Officer & Executive VP
Karl J. Krapek Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PRUDENTIAL FINANCIAL INC9.55%36 556
AXA24.59%61 764
PRUDENTIAL PLC4.67%47 775
METLIFE, INC.11.42%42 842
AFLAC15.25%38 878
MANULIFE FINANCIAL CORPORATION23.90%35 410