UPDATE: Sterne Agee Reiterates Prudential Financial at Buy with $78 PT Post Hartford Purchase
Sterne Agee commented, "PRU announced the much anticipated purchase of Hartford's (HIG, $19.30, Buy) individual life business, though the company provided little detail beyond the $615m ceding commission it will pay to acquire the business through a reinsurance transaction. We expect the deal to be modestly accretive to PRU's 2013E EPS (~3-4% depending on size of cost saves)."
Prudential Financial closed at $54.82 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.