Principal Financial Group, Inc. - PFG STOCK NEWS

Principal Financial Group (Nasdaq: PFG) will announce its second quarter 2021 financial results after U.S. markets close on July 27, 2021. A conference call, featuring Dan Houston and Deanna Strable, will take place on July 28, 2021, at 10 a.m. ET to discuss these results. Investors can access the earnings release and additional materials on principal.com/investor. The company has over 18,000 employees and serves more than 38 million customers globally.

Principal Financial Group (Nasdaq: PFG) has announced significant changes to its portfolio and capital management strategy, aimed at enhancing profitable growth and shareholder returns. Following a comprehensive review, the company will exit U.S. retail fixed annuities and consumer life insurance markets while focusing on fee-based businesses in retirement and asset management. A new $1.2 billion share repurchase authorization reflects its commitment to return capital to shareholders. These strategic shifts position Principal to strengthen leadership in growth markets and improve return profiles.

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.