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Prudential Finance Raises Dividend by 4.5% as It Looks To Return $10 Billion To Shareholders

Prudential Financial Inc. (PRU) provides a variety of financial products and services to customers around the world, including life insurance, annuities, retirement-related services, mutual funds and investment management.

The company generated 40% of its operating income from U.S. businesses, 40% from international businesses and 20% from its investment management business during the fourth quarter of 2020.

Within its U.S. business, the company generated 55% of its operating income from Workplace Solutions and 45% from Individual Solutions.

Returning Capital to Shareholders

Prudential Finance announced plans to return about $10 billion in capital to shareholders through a combination of dividends and share repurchases over the next three years. In addition, the company continued with its $750 million cost savings plan to reinvest in high-growth businesses and reduce its market sensitivity.

During the fourth quarter, the company reported non-GAAP earnings of $2.93 per share, which beat consensus estimates by 36 cents per share. The company also raised its quarterly dividend by 4.5% to $1.15 per share, which represents a 5.5% forward yield, and it authorized the repurchase of up to $1.5 billion of its outstanding common stock in 2021.

The company’s upcoming dividend is payable on March 11, 2021, to shareholders on record as of February 16, 2021.

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