Utah Retirement Systems Sells 200 Shares of Principal Financial Group Inc (PFG)
Utah Retirement Systems decreased its position in shares of Principal Financial Group Inc (NYSE:PFG) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,778 shares of the financial services provider’s stock after selling 200 shares during the period. Utah Retirement Systems’ holdings in Principal Financial Group were worth $3,125,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Principal Financial Group by 18.4% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 72,664 shares of the financial services provider’s stock worth $4,656,000 after buying an additional 11,272 shares during the last quarter. Airain ltd bought a new stake in Principal Financial Group during the second quarter worth $963,000. Robeco Institutional Asset Management B.V. increased its stake in Principal Financial Group by 3.0% in the second quarter. Robeco Institutional Asset Management B.V. now owns 496,328 shares of the financial services provider’s stock worth $31,798,000 after buying an additional 14,586 shares during the last quarter. Blue Chip Partners Inc. increased its stake in Principal Financial Group by 10.5% in the second quarter. Blue Chip Partners Inc. now owns 74,402 shares of the financial services provider’s stock worth $4,767,000 after buying an additional 7,087 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Principal Financial Group by 14.4% in the second quarter. Victory Capital Management Inc. now owns 106,459 shares of the financial services provider’s stock worth $6,821,000 after buying an additional 13,389 shares during the last quarter. 68.18% of the stock is currently owned by institutional investors.
Principal Financial Group Inc (NYSE:PFG) opened at 62.56 on Thursday. Principal Financial Group Inc has a 1-year low of $47.56 and a 1-year high of $67.73. The company has a market cap of $18.08 billion, a PE ratio of 14.22 and a beta of 1.65. The stock has a 50 day moving average of $65.44 and a 200-day moving average of $63.74.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate 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 business 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 EPS. On average, equities research analysts predict that Principal Financial Group Inc will post $5.18 earnings per share for the current year.
Principal Financial Group announced that its Board of Directors 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 reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.47 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.01%. Principal Financial Group’s dividend payout ratio is 41.82%.
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A number of equities research analysts have weighed in on the company. BidaskClub downgraded Principal Financial Group from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Barclays PLC lifted their price objective on Principal Financial Group from $61.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, August 11th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $68.00 target price on shares of Principal Financial Group in a research note on Thursday, August 3rd. Zacks Investment Research upgraded shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Tuesday, August 1st. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $73.00 target price on shares of Principal Financial Group in a research note on Wednesday, July 12th. 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’s stock. The company presently has an average rating of “Hold” and an average target price of $61.67.
In other news, EVP Karen E. Shaff sold 38,105 shares of the company’s stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nora Mary Everett sold 8,700 shares of the company’s stock in a transaction 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. Insiders sold a total of 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.
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