Pinnacle Associates Ltd. increased its position in shares of Principal Financial Group Inc (NYSE:PFG) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,632 shares of the financial services provider’s stock after buying an additional 1,963 shares during the period. Pinnacle Associates Ltd.’s holdings in Principal Financial Group were worth $9,138,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PFG. Henderson Group PLC raised its position in shares of Principal Financial Group by 1.8% in the first quarter. Henderson Group PLC now owns 44,709 shares of the financial services provider’s stock worth $2,822,000 after buying an additional 793 shares during the period. Girard Partners LTD. raised its position in shares of Principal Financial Group by 37.0% in the first quarter. Girard Partners LTD. now owns 7,054 shares of the financial services provider’s stock worth $445,000 after buying an additional 1,906 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of Principal Financial Group by 123.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 21,404 shares of the financial services provider’s stock worth $1,406,000 after buying an additional 11,810 shares during the period. Flinton Capital Management LLC raised its position in shares of Principal Financial Group by 125.9% in the first quarter. Flinton Capital Management LLC now owns 67,760 shares of the financial services provider’s stock worth $4,276,000 after buying an additional 37,760 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Principal Financial Group by 5.6% in the first quarter. First Trust Advisors LP now owns 458,077 shares of the financial services provider’s stock worth $28,909,000 after buying an additional 24,247 shares during the period. Institutional investors and hedge funds own 68.18% of the company’s stock.

Shares of Principal Financial Group Inc (PFG) opened at 63.31 on Friday. The company has a market cap of $18.29 billion, a P/E ratio of 14.39 and a beta of 1.66. The firm has a 50-day moving average of $65.10 and a 200-day moving average of $63.82. Principal Financial Group Inc has a 12-month low of $47.56 and a 12-month 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, topping 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 business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter last year, the company posted $1.15 earnings per share. Analysts predict that Principal Financial Group Inc will post $5.18 EPS for the current year.

The firm also recently announced 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 an increase from Principal Financial Group’s previous quarterly dividend of $0.46. The ex-dividend date is Wednesday, August 30th. This represents a $1.88 annualized dividend and a dividend yield of 2.97%. Principal Financial Group’s dividend payout ratio (DPR) is presently 42.73%.

Principal Financial Group declared that its board has authorized a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

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A number of brokerages recently commented on PFG. BidaskClub lowered shares of Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Zacks Investment Research upgraded shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Tuesday, August 1st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $68.00 price target on shares of Principal Financial Group in a research note on Thursday, August 3rd. Royal Bank Of Canada reiterated a “buy” rating and issued a $73.00 price target on shares of Principal Financial Group in a research note on Wednesday, July 12th. Finally, Wells Fargo & Company reiterated a “buy” rating on shares of Principal Financial Group in a research note on Thursday, June 29th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $61.67.

In other news, EVP Gary P. Scholten sold 13,495 shares of Principal Financial Group 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 hyperlink. Also, insider Nora Mary Everett sold 14,630 shares of Principal Financial Group stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $64.60, for a total transaction of $945,098.00. The disclosure for this sale can be found here. Insiders sold 336,838 shares of company stock valued at $21,882,826 in the last quarter. Corporate insiders own 1.50% of the company’s stock.

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.

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

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