Principal Financial Group Inc (PFG) Stake Lowered by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale trimmed its position in shares of Principal Financial Group Inc (NYSE:PFG) by 17.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,517 shares of the financial services provider’s stock after selling 14,371 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Principal Financial Group were worth $3,804,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Janney Montgomery Scott LLC raised its position in shares of Principal Financial Group by 4.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 24,806 shares of the financial services provider’s stock valued at $1,453,000 after purchasing an additional 1,095 shares during the period. BB&T Securities LLC raised its position in shares of Principal Financial Group by 21.1% during the 2nd quarter. BB&T Securities LLC now owns 6,390 shares of the financial services provider’s stock valued at $338,000 after purchasing an additional 1,112 shares during the period. Commonwealth Equity Services LLC raised its position in shares of Principal Financial Group by 2.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 45,875 shares of the financial services provider’s stock valued at $2,429,000 after purchasing an additional 1,166 shares during the period. Nissay Asset Management Corp Japan ADV raised its position in shares of Principal Financial Group by 6.7% during the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 20,094 shares of the financial services provider’s stock valued at $1,064,000 after purchasing an additional 1,269 shares during the period. Finally, Homrich & Berg raised its position in shares of Principal Financial Group by 11.1% during the 2nd quarter. Homrich & Berg now owns 13,555 shares of the financial services provider’s stock valued at $718,000 after purchasing an additional 1,359 shares during the period. Hedge funds and other institutional investors own 68.64% of the company’s stock.

In other Principal Financial Group news, insider Amy Christine Friedrich sold 1,700 shares of Principal Financial Group stock in a transaction on Friday, October 5th. The shares were sold at an average price of $61.00, for a total value of $103,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel Gelatt acquired 25,000 shares of the company’s stock in a transaction on Monday, November 5th. The stock was acquired at an average cost of $48.10 per share, with a total value of $1,202,500.00. Following the completion of the purchase, the director now directly owns 138,694 shares in the company, valued at $6,671,181.40. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company’s stock.

Several brokerages have recently commented on PFG. Credit Suisse Group decreased their price objective on shares of Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating on the stock in a research report on Friday, August 17th. Morgan Stanley cut their target price 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. Deutsche Bank initiated coverage on shares of Principal Financial Group in a research note on Tuesday, October 16th. They set a “hold” rating and a $61.00 target price for the company. Zacks Investment Research reaffirmed a “hold” rating on shares of Principal Financial Group in a research note on Wednesday, November 14th. Finally, UBS Group raised their target price on shares of Principal Financial Group from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Monday, October 8th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the company. Principal Financial Group has a consensus rating of “Hold” and a consensus target price of $64.70.

PFG opened at $49.32 on Friday. Principal Financial Group Inc has a fifty-two week low of $45.20 and a fifty-two week high of $75.58.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, October 25th. The financial services provider reported $1.67 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.67. The company had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $3.86 billion.

Principal Financial Group declared that its Board of Directors has approved a share repurchase program on Tuesday, November 27th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Monday, December 3rd will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 4.38%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 30th.

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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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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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