Prudential’s Fourth-Quarter Results Are in Line With Our Expectations; We Maintain Our $105 FVE

No-moat-rated Prudential Financial reported fourth-quarter results that were mostly in line with our expectations. The company reported after-tax adjusted operating income of $907 million or $2.42 per share in the fourth quarter versus $1.23 billion or $3.18 per share in the fourth quarter of the previous year. The company has authorized share repurchases of up to $1 billion in 2023 and a 4% increase in the quarterly dividend to $1.25 per share. We are maintaining our $105 fair value estimate for Prudential after incorporating the fourth-quarter results.