Ontario Teachers Pension Plan Board lowered its position in shares of Principal Financial Group Inc (NYSE:PFG) by 54.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,315 shares of the financial services provider’s stock after selling 15,928 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Principal Financial Group were worth $780,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in PFG. Itau Unibanco Holding S.A. acquired a new stake in shares of Principal Financial Group in the second quarter valued at approximately $100,000. Dupont Capital Management Corp increased its holdings in shares of Principal Financial Group by 140.2% in the second quarter. Dupont Capital Management Corp now owns 2,356 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 1,375 shares during the last quarter. Focused Wealth Management Inc increased its holdings in shares of Principal Financial Group by 2,090.9% in the second quarter. Focused Wealth Management Inc now owns 2,410 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 2,300 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Principal Financial Group in the third quarter valued at approximately $208,000. Finally, Lourd Capital LLC acquired a new stake in shares of Principal Financial Group in the third quarter valued at approximately $211,000. 68.64% of the stock is owned by institutional investors and hedge funds.
PFG stock opened at $49.32 on Friday. Principal Financial Group Inc has a 52-week low of $45.20 and a 52-week high of $75.58.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 3rd will be paid a dividend of $0.54 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.16 annualized dividend and a yield of 4.38%.
Principal Financial Group announced that its board has initiated a stock repurchase program on Tuesday, November 27th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Several equities research analysts recently commented on PFG shares. Credit Suisse Group cut their price target on Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating for the company in a report on Friday, August 17th. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Wednesday, September 26th. UBS Group increased their price target on Principal Financial Group from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Monday, October 8th. Deutsche Bank started coverage on Principal Financial Group in a report on Tuesday, October 16th. They issued a “hold” rating and a $61.00 price target for the company. Finally, Morgan Stanley cut their price target on Principal Financial Group from $64.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, November 13th. Nine research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $64.70.
In other Principal Financial Group news, insider James P. Mccaughan sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $55.42, for a total transaction of $1,108,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel Gelatt bought 25,000 shares of the business’s stock in a transaction on Monday, November 5th. The shares were acquired at an average cost of $48.10 per share, with a total value of $1,202,500.00. Following the purchase, the director now owns 138,694 shares of the company’s stock, valued at $6,671,181.40. The disclosure for this purchase can be found here. 1.50% of the stock is owned by company insiders.
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Principal Financial Group Company Profile
Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. It operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
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