Hsbc Holdings PLC lifted its stake in Principal Financial Group Inc (NYSE:PFG) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 330,840 shares of the financial services provider’s stock after purchasing an additional 3,296 shares during the period. Hsbc Holdings PLC owned 0.12% of Principal Financial Group worth $19,384,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Itau Unibanco Holding S.A. purchased a new stake in shares of Principal Financial Group in the 2nd quarter worth about $100,000. Dupont Capital Management Corp lifted its position in shares of Principal Financial Group by 140.2% in the 2nd quarter. Dupont Capital Management Corp now owns 2,356 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 1,375 shares during the period. Focused Wealth Management Inc lifted its position in shares of Principal Financial Group by 2,090.9% in the 2nd quarter. Focused Wealth Management Inc now owns 2,410 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 2,300 shares during the period. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of Principal Financial Group in the 3rd quarter worth about $208,000. Finally, Lourd Capital LLC purchased a new stake in shares of Principal Financial Group in the 3rd quarter worth about $211,000. 68.64% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently commented on PFG. UBS Group raised their target price on shares of Principal Financial Group from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Monday, October 8th. Zacks Investment Research upgraded shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Wednesday, September 26th. Credit Suisse Group decreased their price target on shares of Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating for the company in a research note on Friday, August 17th. Deutsche Bank assumed coverage on shares of Principal Financial Group in a research note on Tuesday, October 16th. They issued a “hold” rating and a $61.00 price target for the company. Finally, Morgan Stanley decreased their price target on shares of Principal Financial Group from $64.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 13th. Nine analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Principal Financial Group currently has a consensus rating of “Hold” and an average target price of $64.70.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Thursday, October 25th. The financial services provider reported $1.67 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.67. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $3.86 billion.
The company also recently disclosed 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 positive change from Principal Financial Group’s previous quarterly dividend of $0.53. This represents a $2.16 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date is Friday, November 30th.
Principal Financial Group announced that its board has authorized a share repurchase plan on Tuesday, November 27th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
In other news, Director Daniel Gelatt acquired 25,000 shares of Principal Financial Group stock in a transaction on Monday, November 5th. The stock was acquired at an average cost of $48.10 per share, for a total transaction of $1,202,500.00. Following the purchase, the director now owns 138,694 shares in the company, valued at $6,671,181.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Amy Christine Friedrich sold 1,700 shares of the firm’s stock in a transaction dated Friday, October 5th. The shares were sold at an average price of $61.00, for a total transaction of $103,700.00. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
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About Principal Financial Group
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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