Xact Kapitalforvaltning AB lifted its position in shares of Principal Financial Group Inc (NYSE:PFG) by 1.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,133 shares of the financial services provider’s stock after buying an additional 1,434 shares during the period. Xact Kapitalforvaltning AB’s holdings in Principal Financial Group were worth $4,942,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Assetmark Inc. raised its holdings in shares of Principal Financial Group by 14.1% during the 1st quarter. Assetmark Inc. now owns 183,706 shares of the financial services provider’s stock valued at $11,190,000 after buying an additional 22,738 shares in the last quarter. Point72 Asia Hong Kong Ltd purchased a new position in Principal Financial Group in the 1st quarter worth approximately $113,000. Guggenheim Capital LLC increased its stake in Principal Financial Group by 19.6% in the 1st quarter. Guggenheim Capital LLC now owns 984,290 shares of the financial services provider’s stock worth $59,954,000 after purchasing an additional 161,119 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its stake in Principal Financial Group by 9.9% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 21,927 shares of the financial services provider’s stock worth $1,335,000 after purchasing an additional 1,984 shares during the period. Finally, Element Capital Management LLC purchased a new position in Principal Financial Group in the 1st quarter worth approximately $307,000. 68.64% of the stock is currently owned by institutional investors.
Principal Financial Group opened at $55.64 on Friday, 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 $54.88 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.
Principal Financial Group declared that its board has initiated a stock buyback plan on Monday, May 7th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 1.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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 3.74%.
In other news, insider James P. Mccaughan sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $56.31, for a total transaction of $1,126,200.00. 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.
A number of equities analysts have commented on PFG shares. Morgan Stanley decreased their price target on Principal Financial Group from $79.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 5th. Wells Fargo & Co 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. Credit Suisse Group started coverage on Principal Financial Group in a research note on Wednesday, April 25th. They issued a “neutral” rating and a $62.00 price target on the stock. Zacks Investment Research raised Principal Financial Group from a “sell” rating to a “hold” rating in a research note on Thursday, May 31st. Finally, Bank of America started coverage on Principal Financial Group in a research note on Monday, March 26th. They issued a “neutral” rating and a $65.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. Principal Financial Group currently has an average rating of “Hold” and an average target price of $71.00.
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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