Principal Financial Stock Price, News & Analysis

Principal announced the renaming of its Principal Active Income ETF (YLD) to the Principal Active High Yield ETF, effective September 1, 2021, as part of a routine review. A 2-for-1 stock split will occur, with shares trading on a split-adjusted basis starting September 2, 2021. This split does not change the total dollar value of shareholder investments. Shareholders are not required to take any action. The ETF's ticker and CUSIP remain unchanged.

Principal Financial Group is enhancing its model portfolio strategy with the appointment of Michael Casciano as a new portfolio strategist. The firm is launching three new adaptive multi-factor ETFs—U.S. Large Cap, U.S. Small Cap, and International—designed to adjust risk exposure based on equity market signals. These initiatives aim to meet rising client demand and establish a solid foundation for growth in the model portfolio sector, further integrating these ETFs into Principal's offerings.

Principal Financial Group has announced the appointment of May Tong as a portfolio manager for its Global Asset Allocation team, which manages $150 billion in assets. Tong, with nearly 20 years of experience, will enhance the company’s commitment to delivering outcome-oriented portfolio solutions. Principal aims to meet rising client demand for holistic investment strategies, backed by a team with over 100 years of collective experience. Principal Global Investors currently manages approximately $550.6 billion in assets globally.

Principal Financial Group launched new model portfolios in collaboration with Wilshire, featuring iShares ETFs and BlackRock bond funds. This offering includes 25 portfolios across three series: Global Hybrid, U.S. Hybrid, and ETF only. Currently, 24 of these portfolios are available on the Envestnet platform, with one launching in June. The strategic initiative aims to enhance relationships with Registered Investment Advisors, providing diversified investment strategies that seek to deliver alpha and cater to varying risk tolerances.

Principal Financial Group (Nasdaq: PFG) announced the election of Claudio Muruzábal to its Board of Directors, effective July 1, 2021. With over 25 years of experience in technology and leadership roles at SAP, Muruzábal is expected to contribute valuable insights into customer solutions. His appointment aligns with an agreement with Elliott Investment Management to enhance business strategies. Principal will reveal more about its strategic review during its Investor Day on June 29, 2021.

Principal Financial Group (Nasdaq: PFG) reported a strong first quarter 2021, with net income of $517.1 million, up from $288.9 million year-over-year. Earnings per diluted share increased to $1.87 from $1.04. Non-GAAP operating earnings rose to $423.5 million, compared to $319.6 million in Q1 2020. Total assets under management reached a record $820.3 billion, boosted by $8.2 billion in net cash flow. The Board approved a quarterly dividend of $0.61 per share, a 3% increase from the previous year. Strong performance in Retirement and Income Solutions and Principal Global Investors contributed to this growth.

Principal Financial Group announced its multi-year corporate responsibility commitments aimed at employee empowerment, financial inclusion, and sustainability, as detailed in its 2020 CSR report. CEO Dan Houston emphasized the importance of these commitments in driving outcomes for a sustainable future. Key commitments include achieving an 80% score in the Inclusion Index, doubling support for diverse businesses, and reducing carbon emissions by 40% by 2035. The report highlights a 40% reduction in greenhouse gases over the past decade and $25 million for COVID-19 relief.