Courtesy of Benzinga.
Principal Financial Group, Inc. (NYSE: PFG) announced that its Board of Directors has approved an authorization for the repurchase of up to $100 million worth of the company’s outstanding common stock. The new program is in addition to the $450 million in share repurchases that have been completed year to date.
“This action reflects our continued confidence in the strength and financial flexibility of our business model,” says Larry D. Zimpleman, chairman, president and chief executive officer of The Principal. “We continue to generate free cash and deploy it opportunistically. This $100 million authorization is part of our overall 2011 capital deployment plan and brings our year-to-date total spent on acquisitions and share repurchase to $900 million. Additionally, in October we announced an annual common stock dividend of $0.70 per share, a 27 percent increase over 2010, further demonstrating our commitment to increasing long-term shareholder value.”
The repurchases will be made in the open market or through privately-negotiated transactions, from time to time, 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. has 305.1 million shares of common stock outstanding as of Sept. 30, 2011.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
