Press release
Principal Announces New $900 Million Share Repurchase Authorization
DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group® (Nasdaq: PFG) today announced its board of directors approved a new authorization for the
About this update from Principal Financial Group Inc
[{"type":"text","content":" DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® (Nasdaq: PFG) today announced its board of directors approved a new authorization for the repurchase of up to $900 million of the company’s outstanding common stock. As of December 31, 2019, approximately $168 million remained under the company’s prior authorization.\n\n\nThe repurchases will be made in the open market or through privately negotiated transactions, from time to time and depending on market conditions. The stock repurchase program may be modified, extended or terminated at any time by the board of directors. Principal Financial Group, Inc. had approximately 274.7 million shares of common stock outstanding as of January 31, 2020, per the company’s annual report on Form 10-K for the year ended December 31, 2019.\n\n\n“This authorization supports our continued balanced and disciplined approach to capital deployment to create long-term value for our shareholders – through common stock dividends, share repurchases, and strategic acquisitions,” said Dan Houston, chairman, president and CEO of Principal®. “As previously announced, we expect to externally deploy $1.2 billion to $1.7 billion of capital in 2020. This action reflects our continued confidence in the underlying strength of our diversified business model.”\n\n\nForward looking and cautionary statements\n\n\nCertain statements made by the company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to non-GAAP operating earnings, net income attributable to PFG, net cash flows, realized and unrealized gains and losses, capital and liquidity positions, sales and earnings trends, and management’s beliefs, expectations, goals and opinions. The company does not undertake to update these statements, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their effects on the company may not be those anticipated, and actual results may differ materially from the results anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute to such material differences are discussed in the company’s annual report on Form 10-K for the year ended Dec. 31, 2019, filed by the company with the U.S. Securities and Exchange...