Shares of Principal Financial Group closed sharply lower Friday in the first trading session after the investment and benefits company reported first-quarter results that fell well short of analysts' expectations.
The stock dropped $1.50, or 5.1 percent, to end the week at $27.69. Trading Friday was nearly three times normal volume.
Des Moines, Iowa-based Principal said late Thursday that its net income in the three months ended March 31 rose to $201.5 million, or 66 cents per share. That compared with $182 million, or 56 cents per share, in the same period a year earlier.
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