Prudential Financial Inc. Reports Operating Results (10-K)
Prudential Financial Inc. has a market cap of $30.94 billion; its shares were traded at around $64.01 with a P/E ratio of 9.3 and P/S ratio of 1. The dividend yield of Prudential Financial Inc. stocks is 1.8%.Hedge Fund Gurus that owns PRU: Louis Moore Bacon of Moore Capital Management, LP, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns PRU: Richard Snow of Snow Capital Management, L.P., Diamond Hill Capital of Diamond Hill Capital Management Inc, John Buckingham of Al Frank Asset Management, Inc., RS Investment Management, HOTCHKIS & WILEY of Hotchkis & Wliey Capital Management LLC, Pioneer Investments, Jeremy Grantham of GMO LLC.
Highlight of Business Operations: As of June 30, 2010, the aggregate market value of the registrants Common Stock (par value $0.01) held by non-affiliates of the registrant was $24.92 billion and 464 million shares of the Common Stock were outstanding. As of January 31, 2011, 484 million shares of the registrants Common Stock (par value $0.01) were outstanding. As of June 30, 2010, and January 31, 2011, 2 million shares of the registrants Class B Stock, for which there is no established public trading market, were outstanding and held by non-affiliates of the registrant.
We maintain diversified investment portfolios in our insurance companies to support our liabilities to customers in our Financial Services Businesses and the Closed Block Business, as well as our other general liabilities. Our investment portfolio consists of public and private fixed maturity securities, commercial mortgage and other loans, equity securities and other invested assets. As of December 31, 2010, the general account investment portfolio totaled $209.9 billion for the Financial Services Businesses and $65.6 billion for the Closed Block Business. For additional information on our investment portfolio see Managements Discussion and Analysis of Financial Condition and Results of OperationsGeneral Account Investments and Note 4 to the Consolidated Financial Statements.
On the date of demutualization, the majority of the net proceeds from the issuances of the Class B Stock and the IHC debt was allocated to our Financial Services Businesses. Also, on the date of demutualization, Prudential Holdings, LLC distributed $1.218 billion of the net proceeds of the IHC debt to Prudential Financial to use for general corporate purposes in the Financial Services Businesses. Prudential Holdings, LLC deposited $437 million of the net proceeds of the IHC debt in a debt service coverage account maintained in the Financial Services Businesses that, together with reinvested earnings thereon, constitutes a source of payment and security for the IHC debt. The remainder of the net proceeds, $72 million, was used to purchase a guaranteed investment contract to fund a portion of the bond insurance related to the IHC debt. To the extent we use the debt service coverage account to service payments with respect to the IHC debt or to pay dividends to Prudential Financial for
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