NU Online News Service, Nov. 27, 12:43 p.m. – Principal Financial Group Inc., Des Moines, Iowa, says its board has authorized the repurchase of up to 15.3 million shares of Principal common stock, or 4% of all outstanding common shares, over the next six months.
Principal raised $1.9 billion Oct. 23 by selling 100 million shares at $18.50 each. Goldman, Sachs & Company, New York, and other underwriters ended up with 15 million shares.
Principal is authorizing a possible share buyback to repurchase the stock now in the hands of the underwriters, Principal says.
Principal has kept an option to change or cancel the buyback at any time. At current share prices, the buyback would cost about $345 million.