Comerica Securities Inc. Takes Position in Principal Financial Group Inc (PFG)

Comerica Securities Inc. purchased a new stake in shares of Principal Financial Group Inc (NYSE:PFG) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 53,754 shares of the financial services provider’s stock, valued at approximately $2,374,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Redpoint Investment Management Pty Ltd boosted its stake in Principal Financial Group by 149.7% during the 4th quarter. Redpoint Investment Management Pty Ltd now owns 65,803 shares of the financial services provider’s stock valued at $2,907,000 after purchasing an additional 39,454 shares in the last quarter. Transamerica Financial Advisors Inc. boosted its stake in Principal Financial Group by 644.9% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 797 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 690 shares in the last quarter. Alps Advisors Inc. boosted its stake in Principal Financial Group by 7.9% during the 4th quarter. Alps Advisors Inc. now owns 919,466 shares of the financial services provider’s stock valued at $40,613,000 after purchasing an additional 67,513 shares in the last quarter. New Amsterdam Partners LLC NY bought a new position in Principal Financial Group during the 4th quarter valued at $207,000. Finally, IndexIQ Advisors LLC boosted its stake in Principal Financial Group by 57.1% during the 4th quarter. IndexIQ Advisors LLC now owns 115,026 shares of the financial services provider’s stock valued at $5,081,000 after purchasing an additional 41,798 shares in the last quarter. 68.64% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have issued reports on PFG. Zacks Investment Research lowered Principal Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, December 31st. TheStreet lowered Principal Financial Group from a “b-” rating to a “c+” rating in a research note on Thursday, December 20th. 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. UBS Group lowered Principal Financial Group from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $46.00 to $45.00 in a research note on Tuesday, February 5th. Finally, Royal Bank of Canada lowered Principal Financial Group from an “outperform” rating to a “sector perform” rating and set a $49.00 price objective for the company. in a research note on Tuesday, December 11th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. Principal Financial Group has an average rating of “Hold” and a consensus target price of $59.64.

In other Principal Financial Group news, EVP Julia M. Lawler sold 1,000 shares of the firm’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $50.17, for a total transaction of $50,170.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Amy Christine Friedrich sold 900 shares of the firm’s stock in a transaction dated Thursday, January 17th. The shares were sold at an average price of $49.00, for a total value of $44,100.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,900 shares of company stock worth $144,270. Corporate insiders own 1.50% of the company’s stock.

Shares of NYSE:PFG opened at $47.83 on Monday. Principal Financial Group Inc has a 1 year low of $40.42 and a 1 year high of $64.87.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Tuesday, January 29th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.29 by ($0.18). The company had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.66 billion. During the same period last year, the company posted $1.19 EPS.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Monday, March 4th will be issued a dividend of $0.54 per share. The ex-dividend date is Friday, March 1st. This represents a $2.16 annualized dividend and a yield of 4.52%.

Principal Financial Group announced that its Board of Directors has initiated a stock buyback plan on Tuesday, November 27th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

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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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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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