Sound Income Strategies LLC reduced its position in Principal Financial Group Inc (NYSE:PFG) by 9.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,432 shares of the financial services provider’s stock after selling 2,040 shares during the quarter. Sound Income Strategies LLC’s holdings in Principal Financial Group were worth $858,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Itau Unibanco Holding S.A. purchased a new position in shares of Principal Financial Group in the 2nd quarter worth about $100,000. Focused Wealth Management Inc boosted its holdings in Principal Financial Group by 2,090.9% during the 2nd quarter. Focused Wealth Management Inc now owns 2,410 shares of the financial services provider’s stock valued at $128,000 after acquiring an additional 2,300 shares during the period. Honkamp Krueger Financial Services Inc. purchased a new stake in Principal Financial Group during the 3rd quarter valued at about $152,000. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in Principal Financial Group during the 3rd quarter valued at about $208,000. Finally, Lourd Capital LLC purchased a new stake in Principal Financial Group during the 3rd quarter valued at about $211,000. Hedge funds and other institutional investors own 68.64% of the company’s stock.
Several equities research analysts recently weighed in on PFG shares. Deutsche Bank started coverage on Principal Financial Group in a report on Tuesday, October 16th. They set a “hold” rating and a $61.00 target price for the company. UBS Group increased their target price on Principal Financial Group from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Monday, October 8th. Goldman Sachs Group cut Principal Financial Group from a “buy” rating to a “neutral” rating and set a $50.00 target price for the company. in a report on Tuesday. Royal Bank of Canada cut Principal Financial Group from an “outperform” rating to a “sector perform” rating and set a $49.00 target price for the company. in a report on Tuesday, December 11th. Finally, Zacks Investment Research restated a “hold” rating on shares of Principal Financial Group in a report on Wednesday, November 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $62.17.
PFG traded up $0.07 during midday trading on Friday, reaching $45.99. 96,355 shares of the company’s stock traded hands, compared to its average volume of 1,642,514. Principal Financial Group Inc has a 52 week low of $40.42 and a 52 week high of $75.58.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, October 25th. The financial services provider reported $1.67 EPS for the quarter, meeting analysts’ consensus estimates of $1.67. The business had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $3.86 billion.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 28th. Shareholders of record on Monday, December 3rd were given a dividend of $0.54 per share. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Friday, November 30th. This represents a $2.16 dividend on an annualized basis and a yield of 4.70%.
Principal Financial Group declared that its board has approved a share repurchase plan on Tuesday, November 27th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Principal Financial Group news, Director Daniel Gelatt purchased 25,000 shares of the stock in a transaction on Monday, November 5th. The stock was acquired at an average price of $48.10 per share, with a total value of $1,202,500.00. Following the transaction, the director now directly owns 138,694 shares of the company’s stock, valued at approximately $6,671,181.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.50% of the company’s stock.
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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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