Assetmark Inc. increased its holdings in shares of Principal Financial Group Inc (NYSE:PFG) by 6.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 201,030 shares of the financial services provider’s stock after purchasing an additional 12,057 shares during the quarter. Assetmark Inc. owned approximately 0.07% of Principal Financial Group worth $11,778,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Itau Unibanco Holding S.A. purchased a new stake in Principal Financial Group during the second quarter worth approximately $100,000. Dupont Capital Management Corp lifted its stake in Principal Financial Group by 140.2% during the second 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 last quarter. Focused Wealth Management Inc lifted its stake in Principal Financial Group by 2,090.9% during the second 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 last quarter. Honkamp Krueger Financial Services Inc. purchased a new stake in Principal Financial Group during the third quarter worth approximately $152,000. Finally, Pinnacle Wealth Management Advisory Group LLC purchased a new stake in Principal Financial Group during the third quarter worth approximately $208,000. Hedge funds and other institutional investors own 68.64% of the company’s stock.
Several equities research analysts recently weighed in on the company. Zacks Investment Research restated a “hold” rating on shares of Principal Financial Group in a research note on Wednesday, November 14th. Morgan Stanley reduced their price objective on 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 assumed coverage on Principal Financial Group in a research note on Tuesday, October 16th. They issued a “hold” rating and a $61.00 price objective for the company. UBS Group boosted their price objective on Principal Financial Group from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Monday, October 8th. Finally, Credit Suisse Group reduced their price objective on 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. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $64.70.
Shares of NYSE PFG opened at $44.40 on Friday. Principal Financial Group Inc has a twelve month low of $43.77 and a twelve month high of $75.58.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, October 25th. The financial services provider reported $1.67 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.67. The firm had revenue of $4.35 billion during the quarter, compared to analysts’ expectations 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 $0.54 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.16 dividend on an annualized basis and a yield of 4.86%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.53.
Principal Financial Group declared that its board has initiated a share buyback plan on Tuesday, November 27th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In related news, Director Daniel Gelatt bought 25,000 shares of the company’s stock in a transaction dated Monday, November 5th. The shares were acquired at an average price of $48.10 per share, with a total value of $1,202,500.00. Following the completion of the acquisition, the director now owns 138,694 shares in the company, valued at approximately $6,671,181.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Amy Christine Friedrich sold 1,700 shares of the business’s stock in a transaction that occurred on Friday, October 5th. The shares were sold at an average price of $61.00, for a total value of $103,700.00. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by 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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