Flinton Capital Management LLC reduced its stake in shares of Principal Financial Group Inc (NYSE:PFG) by 55.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,576 shares of the financial services provider’s stock after selling 27,616 shares during the period. Flinton Capital Management LLC’s holdings in Principal Financial Group were worth $1,593,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in PFG. Resources Investment Advisors Inc. grew its holdings in Principal Financial Group by 268.6% during the 4th quarter. Resources Investment Advisors Inc. now owns 2,997 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 2,184 shares in the last quarter. Avestar Capital LLC acquired a new position in Principal Financial Group during the 4th quarter worth $169,000. Tower Research Capital LLC TRC acquired a new position in Principal Financial Group during the 4th quarter worth $174,000. Acadian Asset Management LLC grew its holdings in Principal Financial Group by 215.0% during the 4th quarter. Acadian Asset Management LLC now owns 2,611 shares of the financial services provider’s stock worth $184,000 after acquiring an additional 1,782 shares in the last quarter. Finally, Synovus Financial Corp acquired a new position in Principal Financial Group during the 4th quarter worth $214,000. 68.64% of the stock is owned by institutional investors.
In related news, Chairman Daniel Joseph Houston sold 19,856 shares of Principal Financial Group stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $72.02, for a total value of $1,430,029.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Gary P. Scholten sold 24,310 shares of Principal Financial Group stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $71.59, for a total transaction of $1,740,352.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,828 shares of company stock worth $4,941,303. 1.50% of the stock is currently owned by insiders.
Several brokerages have weighed in on PFG. UBS began coverage on shares of Principal Financial Group in a report on Friday, March 2nd. They set a “neutral” rating and a $69.00 price objective for the company. Zacks Investment Research lowered shares of Principal Financial Group from a “hold” rating to a “sell” rating in a report on Monday, March 12th. Barclays upgraded shares of Principal Financial Group from an “equal weight” rating to an “overweight” rating and set a $72.00 price target on the stock in a research report on Monday, February 12th. JPMorgan Chase upgraded shares of Principal Financial Group from an “underweight” rating to a “neutral” rating and set a $70.00 price target on the stock in a research report on Monday, February 12th. Finally, Morgan Stanley reduced their price target on shares of Principal Financial Group from $80.00 to $79.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. Principal Financial Group presently has an average rating of “Hold” and an average target price of $71.45.
Shares of Principal Financial Group stock traded down $1.70 during trading hours on Friday, reaching $59.61. The company’s stock had a trading volume of 2,293,118 shares, compared to its average volume of 1,658,885. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.10 and a current ratio of 0.10. Principal Financial Group Inc has a one year low of $57.62 and a one year high of $75.58.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Monday, January 29th. The financial services provider reported $1.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.37 by ($0.18). The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.32 billion. Principal Financial Group had a net margin of 12.35% and a return on equity of 13.55%. During the same quarter in the prior year, the business earned $1.27 earnings per share. equities research analysts forecast that Principal Financial Group Inc will post 5.22 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Monday, March 5th were given a $0.51 dividend. The ex-dividend date was Friday, March 2nd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.49. This represents a $2.04 annualized dividend and a yield of 3.42%.
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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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