Tickers: May 20
The share price of Principal Financial Group Inc. increased yesterday when two analysts upgraded their ratings on the company after it completed its second capital raise, the Associated Press reported. Earlier Tuesday, Principal said it priced an offering of $750 million in senior notes. A portion of that capital will be used to cover $441 million in other notes maturing on Aug. 15. Principal shares rose 29 cents to $20.86 in midday trading. Shares of the Des Moines-based firm have traded between $5.41 and $56.78 during the past year.
EMC Insurance Group Inc.’s board of directors has declared a quarterly dividend of 18 cents per share payable June 8 to shareholders on record as of June 1. This is the 110th consecutive quarterly dividend the company has declared since it became a publicly held company in February 1982.
The second annual Jobs Expo will be held Thursday, May 28, from 10 a.m. to 4 p.m. at Sheraton West Des Moines. Nearly 40 area business will be at the event, which will also feature four on-site professional development seminars. The seminars include resume writing, social media tools for job searching, how to secure that job and how to analyze your benefits package. The expo is free and pre-registration is not required. For more information, go to www.wdmdev.com.
Prairie Meadows Racetrack and Casino’s Racing Committee will host its second public hearing Saturday, May 23, from 8 to 10 a.m. at the Meadows Event Center to discuss the committee’s recommendations concerning a strategic plan for live racing at the track. For additional information regarding this public hearing, contact Tom Whitney, chair of the racing committee, at (515) 245-3866.
Bank of America Corp. has raised $13.47 billion by issuing 1.25 billion shares at an average price of $10.77 a share. Federal regulators had determined that Bank of America would need $33.9 billion in additional capital to protect against losses if the economy worsened. Last week, BofA announced it had sold part of its stake in China Construction Bank to Asian investors for about $7.3 billion. The two moves mean that the bank is now more than halfway to reaching its capital raising goals.
Principal Financial Group Inc. today announced that Larry Zimpleman, president and CEO, has been elected chairman of the board by the company’s board of directors, effective May 19. Zimpleman succeeds J. Barry Griswell, who had served as chairman since 2002. Griswell continues to serve on the board.
Congress passed the Helping Families Save their Homes Act of 2009 (S. 896), which increases the Federal Deposit Insurance Corp.’s (FDIC) borrowing authority with the Treasury Department from $30 billion to $100 billion, with emergency funding up to $500 billion. It also extends the temporary deposit insurance coverage hike to $250,000 until the end of 2013. The legislation paves the way for the FDIC to reduce the proposed special assessment that would have impeded community banks’ ability to lend. Click here to read a related story at www.businessrecord.com.