Thrivent Financial for Lutherans reduced its stake in Principal Financial Group Inc (NYSE:PFG) by 8.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 226,570 shares of the financial services provider’s stock after selling 20,720 shares during the period. Thrivent Financial for Lutherans’ holdings in Principal Financial Group were worth $13,800,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in PFG. Bank of Montreal Can increased its stake in Principal Financial Group by 4.1% in the 4th quarter. Bank of Montreal Can now owns 521,937 shares of the financial services provider’s stock worth $36,828,000 after purchasing an additional 20,742 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Principal Financial Group by 5.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,384,166 shares of the financial services provider’s stock worth $97,667,000 after purchasing an additional 71,076 shares during the period. Acadian Asset Management LLC increased its stake in Principal Financial Group by 215.0% in the 4th quarter. Acadian Asset Management LLC now owns 2,611 shares of the financial services provider’s stock worth $184,000 after purchasing an additional 1,782 shares during the period. State of Alaska Department of Revenue increased its stake in Principal Financial Group by 35.9% in the 4th quarter. State of Alaska Department of Revenue now owns 57,411 shares of the financial services provider’s stock worth $4,049,000 after purchasing an additional 15,160 shares during the period. Finally, First Quadrant L P CA increased its stake in Principal Financial Group by 168.0% in the 4th quarter. First Quadrant L P CA now owns 255,563 shares of the financial services provider’s stock worth $18,033,000 after purchasing an additional 160,215 shares during the period. 68.64% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on PFG shares. Morgan Stanley decreased their price target on Principal Financial Group from $80.00 to $79.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 30th. Wells Fargo reaffirmed a “hold” rating and issued a $68.00 price target on shares of Principal Financial Group in a research note on Thursday, April 26th. Zacks Investment Research cut Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Monday, January 22nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $76.00 price target on shares of Principal Financial Group in a research note on Wednesday, January 31st. Finally, JPMorgan Chase raised Principal Financial Group from an “underweight” rating to a “neutral” rating and set a $70.00 price target on the stock in a research note on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. Principal Financial Group presently has a consensus rating of “Hold” and a consensus target price of $71.18.
In other news, insider Luis E. Valdes sold 27,662 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $64.02, for a total transaction of $1,770,921.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.50% of the stock is currently owned by insiders.
Principal Financial Group opened at $58.80 on Monday, according to MarketBeat.com. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.26. Principal Financial Group Inc has a 52-week low of $54.89 and a 52-week high of $75.58.
Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, April 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.05. Principal Financial Group had a return on equity of 13.55% and a net margin of 12.35%. The firm had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same period in the previous year, the firm earned $1.27 earnings per share. equities analysts forecast that Principal Financial Group Inc will post 5.22 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Monday, June 4th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, June 1st. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 3.54%.
Principal Financial Group announced that its Board of Directors has authorized a stock buyback program on Monday, May 7th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 1.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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