Twin Capital Management Inc. Sells 3,300 Shares of Principal Financial Group Inc (PFG)
Twin Capital Management Inc. reduced its stake in shares of Principal Financial Group Inc (NYSE:PFG) by 4.4% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 71,060 shares of the financial services provider’s stock after selling 3,300 shares during the period. Twin Capital Management Inc.’s holdings in Principal Financial Group were worth $4,553,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of PFG. Jacobi Capital Management LLC boosted its stake in shares of Principal Financial Group by 291.1% in the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock valued at $167,000 after buying an additional 2,003 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Principal Financial Group during the first quarter valued at $202,000. Blair William & Co. IL bought a new stake in shares of Principal Financial Group during the first quarter valued at $205,000. Eagle Global Advisors LLC bought a new stake in shares of Principal Financial Group during the second quarter valued at $207,000. Finally, Lowe Brockenbrough & Co. Inc. bought a new stake in shares of Principal Financial Group during the first quarter valued at $211,000. 70.10% of the stock is owned by institutional investors.
Principal Financial Group Inc (PFG) opened at 62.97 on Thursday. The company has a market cap of $18.20 billion, a price-to-earnings ratio of 14.31 and a beta of 1.65. Principal Financial Group Inc has a one year low of $47.51 and a one year high of $67.73. The firm has a 50-day moving average price of $65.50 and a 200 day moving average price of $63.71.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.09. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.16 billion. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. During the same period last year, the company posted $1.15 earnings per share. Equities analysts expect that Principal Financial Group Inc will post $5.18 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.99%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio (DPR) is 41.82%.
Principal Financial Group declared that its board has initiated a share repurchase plan on Wednesday, May 17th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Several brokerages recently commented on PFG. Zacks Investment Research upgraded Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Tuesday, August 1st. Royal Bank Of Canada restated a “buy” rating and set a $73.00 target price on shares of Principal Financial Group in a research report on Wednesday, July 12th. BidaskClub upgraded Principal Financial Group from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Wells Fargo & Company restated a “buy” rating on shares of Principal Financial Group in a research report on Thursday, June 29th. Finally, Barclays PLC upped their target price on Principal Financial Group from $61.00 to $63.00 and gave the company an “equal weight” rating in a research report on Friday, August 11th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Principal Financial Group currently has a consensus rating of “Hold” and an average target price of $61.67.
In other Principal Financial Group news, EVP Karen E. Shaff sold 38,105 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $65.05, for a total value of $2,478,730.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nora Mary Everett sold 8,700 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $63.52, for a total transaction of $552,624.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 345,538 shares of company stock valued at $22,435,450. 1.50% of the stock is owned by insiders.
About Principal Financial Group
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.
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