Nuveen Asset Management LLC reduced its position in Principal Financial Group Inc (NYSE:PFG) by 71.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,094 shares of the financial services provider’s stock after selling 34,531 shares during the period. Nuveen Asset Management LLC’s holdings in Principal Financial Group were worth $889,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PFG. Vanguard Group Inc. raised its position in shares of Principal Financial Group by 6.7% in the first quarter. Vanguard Group Inc. now owns 29,649,875 shares of the financial services provider’s stock worth $1,871,204,000 after buying an additional 1,862,125 shares during the last quarter. BlackRock Inc. raised its position in shares of Principal Financial Group by 2,276.3% in the first quarter. BlackRock Inc. now owns 17,714,618 shares of the financial services provider’s stock worth $1,117,969,000 after buying an additional 16,969,140 shares during the last quarter. State Street Corp raised its position in shares of Principal Financial Group by 0.9% in the first quarter. State Street Corp now owns 13,622,890 shares of the financial services provider’s stock worth $859,745,000 after buying an additional 123,961 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Principal Financial Group by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,734,915 shares of the financial services provider’s stock worth $235,703,000 after buying an additional 84,575 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Principal Financial Group by 9.8% in the first quarter. Geode Capital Management LLC now owns 2,704,133 shares of the financial services provider’s stock worth $170,420,000 after buying an additional 240,899 shares during the last quarter. Institutional investors own 70.10% of the company’s stock.

Principal Financial Group Inc (NYSE:PFG) remained flat at $62.93 during midday trading on Friday. The company’s stock had a trading volume of 1,204,709 shares. Principal Financial Group Inc has a 1-year low of $46.83 and a 1-year high of $67.73. The firm’s 50-day moving average price is $65.66 and its 200-day moving average price is $63.56. The company has a market cap of $18.18 billion, a price-to-earnings ratio of 14.30 and a beta of 1.65.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.09. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the previous year, the company earned $1.15 earnings per share. On average, equities research analysts expect that Principal Financial Group Inc will post $5.18 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.47 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. The ex-dividend date is Wednesday, August 30th. This represents a $1.88 dividend on an annualized basis and a yield of 2.99%. Principal Financial Group’s payout ratio is presently 41.82%.

Principal Financial Group announced that its board has approved a share repurchase program on Wednesday, May 17th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

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A number of brokerages have weighed in on PFG. Zacks Investment Research lowered shares of Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd. Royal Bank Of Canada reiterated a “buy” rating and set a $73.00 target price on shares of Principal Financial Group in a research note on Wednesday, July 12th. BidaskClub upgraded shares of Principal Financial Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $68.00 target price on shares of Principal Financial Group in a research note on Thursday, August 3rd. Finally, Wells Fargo & Company reiterated a “buy” rating on shares of Principal Financial Group in a research note on Thursday, June 29th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $61.67.

In other Principal Financial Group news, SVP Gregory Bernard Elming sold 30,707 shares of Principal Financial Group stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $64.20, for a total value of $1,971,389.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James P. Mccaughan sold 65,818 shares of Principal Financial Group stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $63.53, for a total transaction of $4,181,417.54. The disclosure for this sale can be found here. Insiders sold 345,538 shares of company stock valued at $22,435,450 in the last ninety days. 1.50% of the stock is owned by corporate insiders.

Principal Financial Group Company Profile

Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.

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

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