WBI Investments Inc. decreased its position in Principal Financial Group Inc (NYSE:PFG) by 24.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 45,847 shares of the financial services provider’s stock after selling 15,093 shares during the quarter. WBI Investments Inc.’s holdings in Principal Financial Group were worth $2,937,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of PFG. Canada Pension Plan Investment Board lifted its holdings in Principal Financial Group by 172.4% in the first quarter. Canada Pension Plan Investment Board now owns 33,491 shares of the financial services provider’s stock valued at $2,114,000 after acquiring an additional 21,197 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in Principal Financial Group by 123.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 21,404 shares of the financial services provider’s stock valued at $1,406,000 after acquiring an additional 11,810 shares during the period. Suntrust Banks Inc. lifted its holdings in Principal Financial Group by 20.3% in the first quarter. Suntrust Banks Inc. now owns 5,537 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 933 shares during the period. World Asset Management Inc lifted its holdings in Principal Financial Group by 10.2% in the first quarter. World Asset Management Inc now owns 27,694 shares of the financial services provider’s stock valued at $1,748,000 after acquiring an additional 2,555 shares during the period. Finally, UBS Asset Management Americas Inc. lifted its holdings in Principal Financial Group by 10.0% in the first quarter. UBS Asset Management Americas Inc. now owns 869,621 shares of the financial services provider’s stock valued at $54,882,000 after acquiring an additional 79,107 shares during the period. 68.19% of the stock is currently owned by institutional investors.
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Shares of Principal Financial Group Inc (NYSE:PFG) traded down 0.16% during mid-day trading on Wednesday, reaching $62.37. The company’s stock had a trading volume of 50,313 shares. Principal Financial Group Inc has a 12-month low of $47.71 and a 12-month high of $67.73. The firm’s 50-day moving average price is $64.32 and its 200 day moving average price is $63.78. The firm has a market cap of $18.02 billion, a P/E ratio of 14.17 and a beta of 1.66.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.09. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.16 billion. Principal Financial Group had a return on equity of 13.57% and a net margin of 10.15%. During the same quarter in the previous year, the business earned $1.15 EPS. On average, analysts expect that Principal Financial Group Inc will post $5.18 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.01%. The ex-dividend date is Wednesday, August 30th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s payout ratio is presently 42.73%.
Principal Financial Group declared that its Board of Directors has initiated a stock buyback plan on Wednesday, May 17th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other Principal Financial Group news, EVP Gary P. Scholten sold 21,950 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $65.04, for a total transaction of $1,427,628.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Nora Mary Everett sold 14,630 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $64.60, for a total value of $945,098.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 308,875 shares of company stock worth $19,941,397. Company insiders own 1.50% of the company’s stock.
A number of research analysts have weighed in on PFG shares. Royal Bank Of Canada reissued a “buy” rating and issued a $74.00 target price on shares of Principal Financial Group in a report on Wednesday, September 6th. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Tuesday, August 1st. BidaskClub raised Principal Financial Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Wells Fargo & Company reissued a “buy” rating on shares of Principal Financial Group in a report on Thursday, June 29th. Finally, Barclays PLC increased their target price on Principal Financial Group from $61.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, August 11th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $61.78.
About Principal Financial Group
Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.
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