BofA Reiterates Overweight on Principal Financial

Bank of America reiterated an overweight rating on Principal Financial Group PFG in a note out today, saying it expects Principal to repurchase $350 million of its own shares this year and pay out $215 million in dividends to shareholders. “Management has indicated that capital deployment in 2011 is a good blueprint for 2012, implying that about half of PFG's targeted capital deployment is currently expected to be returned to shareholders. This indicates to us a balanced and consistent approach to capital management initiatives,” the bank said in the note.
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