American National Registered Investment Advisor Inc. cut its position in Principal Financial Group Inc (NYSE:PFG) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,763 shares of the financial services provider’s stock after selling 25 shares during the period. American National Registered Investment Advisor Inc.’s holdings in Principal Financial Group were worth $1,715,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the company. CENTRAL TRUST Co increased its position in Principal Financial Group by 2.4% in the first quarter. CENTRAL TRUST Co now owns 2,176 shares of the financial services provider’s stock worth $137,000 after buying an additional 52 shares in the last quarter. Jacobi Capital Management LLC boosted its stake in shares of Principal Financial Group by 291.1% in the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock worth $167,000 after buying an additional 2,003 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Principal Financial Group during the first quarter worth about $202,000. Blair William & Co. IL bought a new stake in shares of Principal Financial Group during the first quarter worth about $205,000. Finally, Washington Trust Bank boosted its stake in shares of Principal Financial Group by 29.3% in the first quarter. Washington Trust Bank now owns 3,336 shares of the financial services provider’s stock worth $211,000 after buying an additional 755 shares during the last quarter. Hedge funds and other institutional investors own 70.45% of the company’s stock.
Principal Financial Group Inc (PFG) opened at 64.32 on Friday. The company has a 50-day moving average price of $65.58 and a 200 day moving average price of $63.36. The company has a market cap of $18.59 billion, a PE ratio of 14.62 and a beta of 1.65. Principal Financial Group Inc has a 12-month low of $46.78 and a 12-month high of $67.73.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.09. The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations 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 prior year, the firm posted $1.15 earnings per share. On average, analysts forecast that Principal Financial Group Inc will post $5.18 EPS for the current fiscal year.
Principal Financial Group announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 17th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.47 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.88 annualized dividend and a dividend yield of 2.92%. Principal Financial Group’s dividend payout ratio is presently 41.82%.
A number of equities research analysts have issued reports on PFG shares. Barclays PLC upped their target price on Principal Financial Group from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Friday. Wells Fargo & Company reissued a “buy” rating on shares of Principal Financial Group in a research report on Thursday, June 29th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $68.00 price objective on shares of Principal Financial Group in a research report on Thursday, August 3rd. BidaskClub cut Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Finally, Deutsche Bank AG raised their target price on Principal Financial Group from $60.00 to $62.00 and gave the stock a “hold” rating in a research report on Wednesday, April 19th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. Principal Financial Group presently has a consensus rating of “Hold” and a consensus target price of $61.67.
In related news, EVP Gary P. Scholten sold 21,950 shares of the company’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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nora Mary Everett sold 8,700 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $63.52, for a total value of $552,624.00. The disclosure for this sale can be found here. In the last three months, insiders sold 355,913 shares of company stock valued at $23,099,450. Insiders own 1.50% of the company’s stock.
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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