Principal Financial Group Inc (PFG) Shares Sold by Mitsubishi UFJ Trust & Banking Corp
Mitsubishi UFJ Trust & Banking Corp reduced its position in shares of Principal Financial Group Inc (NYSE:PFG) by 0.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 575,657 shares of the financial services provider’s stock after selling 2,643 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.20% of Principal Financial Group worth $36,882,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Jacobi Capital Management LLC boosted its position 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 worth $167,000 after buying an additional 2,003 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Principal Financial Group during the first quarter worth $202,000. Blair William & Co. IL purchased a new position in shares of Principal Financial Group during the first quarter worth $205,000. Eagle Global Advisors LLC purchased a new position in shares of Principal Financial Group during the second quarter worth $207,000. Finally, Lowe Brockenbrough & Co. Inc. purchased a new position in shares of Principal Financial Group during the first quarter worth $211,000. Hedge funds and other institutional investors own 68.18% of the company’s stock.
Principal Financial Group Inc (NYSE:PFG) opened at 62.56 on Thursday. The firm has a market cap of $18.08 billion, a PE ratio of 14.22 and a beta of 1.65. The firm’s 50 day moving average price is $65.44 and its 200-day moving average price is $63.74. Principal Financial Group Inc has a 52 week low of $47.56 and a 52 week high of $67.73.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.09. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted $1.15 EPS. On average, analysts forecast that Principal Financial Group Inc will post $5.18 EPS for the current year.
The firm 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. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.88 dividend on an annualized basis and a yield of 3.01%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s payout ratio is currently 41.82%.
Principal Financial Group announced that its board has initiated a share buyback plan on Wednesday, May 17th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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A number of brokerages recently weighed in on PFG. Zacks Investment Research cut Principal Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Royal Bank Of Canada reiterated a “buy” rating and issued a $73.00 target price on shares of Principal Financial Group in a report on Wednesday, July 12th. BidaskClub upgraded Principal Financial Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $68.00 target price on shares of Principal Financial Group in a report on Thursday, August 3rd. Finally, Wells Fargo & Company reiterated a “buy” rating on shares of Principal Financial Group in a report on Thursday, June 29th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $61.67.
In other Principal Financial Group news, EVP Gary P. Scholten sold 13,495 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $67.00, for a total value of $904,165.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James P. Mccaughan sold 65,818 shares of the business’s stock in a transaction dated 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 a total of 345,538 shares of company stock valued at $22,435,450 in the last three months. Insiders own 1.50% of the company’s stock.
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.
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