Close Close

Portfolio > Alternative Investments > Private Equity

Pru Announces Dividend

Your article was successfully shared with the contacts you provided.

Prudential Financial Inc. says it will continue to pay an annual dividend this year.

Prudential, Newark, N.J., will reduce the dividend to 58 cents per common share, from $1.15.

Prudential will pay the dividend Dec. 19 to shareholders who hold its stock when the business day ends Nov. 24.

Making the dividend cut “was a prudent move given uncertain and difficult equity/credit market conditions,” Andrew Kligerman, an analyst at UBS Investment Research, New York, writes in a comment.

The cut will save Prudential about $240 million in cash this year, Kligerman says.

Kligerman notes that Prudential has solid liquidity and is eligible for federal bailout money because it is a savings and loan holding company.