Citizens Financial Group Inc RI decreased its position in shares of Principal Financial Group Inc (NYSE:PFG) by 9.0% during the first quarter, Holdings Channel reports. The institutional investor owned 3,576 shares of the financial services provider’s stock after selling 355 shares during the period. Citizens Financial Group Inc RI’s holdings in Principal Financial Group were worth $113,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. WBI Investments Inc. purchased a new position in shares of Principal Financial Group during the 1st quarter valued at $253,000. Swiss National Bank lifted its stake in shares of Principal Financial Group by 22.6% during the 1st quarter. Swiss National Bank now owns 1,077,814 shares of the financial services provider’s stock valued at $33,779,000 after buying an additional 198,700 shares in the last quarter. Lucia Wealth Services LLC purchased a new position in shares of Principal Financial Group during the 1st quarter valued at $584,000. Aigen Investment Management LP purchased a new position in shares of Principal Financial Group during the 1st quarter valued at $483,000. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Principal Financial Group by 7.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 24,120 shares of the financial services provider’s stock valued at $756,000 after buying an additional 1,631 shares in the last quarter. Institutional investors own 68.64% of the company’s stock.
Principal Financial Group stock opened at $36.93 on Friday. The company’s 50-day moving average price is $32.36 and its 200-day moving average price is $46.03. Principal Financial Group Inc has a twelve month low of $23.31 and a twelve month high of $60.81.
Principal Financial Group (NYSE:PFG) last posted its earnings results on Monday, April 27th. The financial services provider reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. The business had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter last year, the firm earned $1.43 earnings per share.
Principal Financial Group announced that its board has authorized a share repurchase program on Tuesday, February 25th that allows the company to repurchase $900.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Monday, June 1st will be issued a $0.56 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.07%.
A number of brokerages have issued reports on PFG. Morgan Stanley reduced their price target on shares of Principal Financial Group from $57.00 to $37.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 17th. UBS Group lifted their price target on shares of Principal Financial Group from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Friday, May 15th. Royal Bank of Canada reiterated a “hold” rating and issued a $32.00 price target on shares of Principal Financial Group in a report on Monday, April 27th. Finally, Piper Sandler reduced their price target on shares of Principal Financial Group from $48.00 to $43.00 and set an “overweight” rating on the stock in a report on Friday, April 3rd. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $46.00.
Principal Financial Group Profile
Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
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