Advisors Asset Management Inc. cut its stake in shares of Principal Financial Group Inc (NYSE:PFG) by 7.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,132 shares of the financial services provider’s stock after selling 6,500 shares during the period. Advisors Asset Management Inc.’s holdings in Principal Financial Group were worth $5,262,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PFG. Jacobi Capital Management LLC increased its position in 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 valued at $167,000 after buying an additional 2,003 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in Principal Financial Group during the first quarter valued at approximately $202,000. Eagle Global Advisors LLC purchased a new position in Principal Financial Group during the second quarter valued at approximately $207,000. Blair William & Co. IL purchased a new position in Principal Financial Group during the first quarter valued at approximately $205,000. Finally, Washington Trust Bank increased its position in 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 valued at $211,000 after buying an additional 755 shares in the last quarter. 70.10% of the stock is owned by hedge funds and other institutional investors.
Principal Financial Group Inc (NYSE:PFG) opened at 62.93 on Friday. The stock has a market capitalization of $18.18 billion, a PE ratio of 14.30 and a beta of 1.65. Principal Financial Group Inc has a 12-month low of $46.82 and a 12-month high of $67.73. The stock’s 50 day moving average price is $65.71 and its 200-day moving average price is $63.53.
Principal Financial Group (NYSE:PFG) last released its earnings results on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.09. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $1.15 earnings per share. Analysts expect that Principal Financial Group Inc will post $5.18 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a $0.47 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a yield of 2.99%. The ex-dividend date is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio is presently 41.82%.
Principal Financial Group declared that its board has approved a stock buyback plan on Wednesday, May 17th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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Several research firms recently commented on PFG. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Tuesday, August 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $68.00 target price on shares of Principal Financial Group in a research note on Thursday, August 3rd. Barclays PLC raised their target price on Principal Financial Group from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Friday, August 11th. BidaskClub downgraded Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of Principal Financial Group in a research note on Thursday, June 29th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Principal Financial Group has a consensus rating of “Hold” and an average price target of $61.67.
In related news, EVP Gary P. Scholten sold 13,495 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $67.00, for a total value of $904,165.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nora Mary Everett sold 8,700 shares of the company’s stock in a transaction on 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. Insiders sold 345,538 shares of company stock valued at $22,435,450 over the last quarter. 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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