Principal Authorizes $300 Million Share Repurchase

NU Online News Service, Nov. 26, 5:43 p.m. – The Principal Financial Group Inc., Des Moines, Iowa, says its board has authorized the repurchase of up to $300 million of the company's common stock.

The company's shares are now selling for about $29 apiece, and the total value of the outstanding stock, or market capitalization, is $9.8 billion.

Principal, which once was a policyholder-owned mutual insurer, converted to a publicly traded stock company in September 2001.