Zacks Analyst Blog Highlights: Prudential, Hartford Financial Services Group, Allstate, Lincoln National Corp. and Principal Financial Group. – Press Releases
Source: http://www.zacks.com/stock/news/20657/Zacks+Analyst+Blog+Highlights%3A+Prudential%2C+Hartford+Financial+Services+Group%2C+Allstate%2C+Lincoln+National+Corp.+and+Principal+Financial+Group.+-+Press+ReleasesPosted on Tuesday, June 2nd, 2009 | In Market Commentary, Stocks to Watch
For Immediate Release
Chicago, IL – June 2, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Prudential (PRU), Hartford Financial Services Group (HIG), Allstate (ALL), Lincoln National Corp. (LNC) and Principal Financial Group (PFG).
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Here are highlights from Monday’s Analyst Blog:
Prudential Chooses to Go It Alone
Last month, under the Treasury Department’s Troubled Asset Relief Program (TARP) the major insurers, including Prudential (PRU), Hartford Financial Services Group (HIG), Allstate (ALL), Lincoln National Corp. (LNC) and Principal Financial Group (PFG) were permitted to tap into the program for additional capital.
As of Friday, only ALL and AMP had declined to accept the government’s offer of funds. However, earlier today PRU stated that it would not be taking funds from the government’s financial rescue program. Instead, the company plans to raise $1.25 billion on its own through a common stock offering in order to beef-up its reserves.
Any additional funds will be used for general corporate purposes (including adding capital to its insurance subsidiaries for the repayment of short-term debt or for potential strategic initiatives). In addition, the underwriters of the offering have been granted a 30-day option to purchase an additional $188 million in shares.
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