Old Mutual Global Investors UK Ltd. Has $36.98 Million Holdings in Principal Financial Group Inc (PFG)
Old Mutual Global Investors UK Ltd. raised its position in shares of Principal Financial Group Inc (NYSE:PFG) by 306.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 577,254 shares of the financial services provider’s stock after acquiring an additional 435,064 shares during the period. Old Mutual Global Investors UK Ltd. owned approximately 0.20% of Principal Financial Group worth $36,984,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. Jacobi Capital Management LLC increased its position in Principal Financial Group by 291.1% during the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock valued at $167,000 after acquiring an additional 2,003 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in Principal Financial Group during the first quarter valued at $202,000. Blair William & Co. IL bought a new position in Principal Financial Group during the first quarter valued at $205,000. Eagle Global Advisors LLC bought a new position in Principal Financial Group during the second quarter valued at $207,000. Finally, Lowe Brockenbrough & Co. Inc. bought a new position in Principal Financial Group during the first quarter valued at $211,000. Institutional investors and hedge funds own 68.19% of the company’s stock.
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Shares of Principal Financial Group Inc (PFG) opened at 61.07 on Thursday. The stock has a market capitalization of $17.65 billion, a price-to-earnings ratio of 13.88 and a beta of 1.66. Principal Financial Group Inc has a 52 week low of $47.56 and a 52 week high of $67.73. The stock’s 50 day moving average is $64.80 and its 200-day moving average is $63.83.
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. Principal Financial Group had a return on equity of 13.57% and a net margin of 10.15%. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the prior year, the business earned $1.15 earnings per share. On average, analysts anticipate that Principal Financial Group Inc will post $5.18 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.47 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio is currently 42.73%.
Principal Financial Group declared that its board has approved a stock 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
PFG has been the topic of a number of analyst reports. Barclays PLC boosted their price objective on shares of 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. Wells Fargo & Company reiterated a “buy” rating on shares of Principal Financial Group in a research report on Thursday, June 29th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $68.00 price objective on shares of Principal Financial Group in a research report on Thursday, August 3rd. BidaskClub cut shares of Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Finally, Zacks Investment Research upgraded shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Tuesday, August 1st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Principal Financial Group has an average rating of “Hold” and a consensus target price of $61.78.
In other news, EVP Gary P. Scholten sold 13,495 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $67.00, for a total value of $904,165.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Gregory Bernard Elming sold 30,707 shares of the company’s 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 disclosure for this sale can be found here. Insiders sold 331,834 shares of company stock worth $21,477,958 over the last 90 days. Company insiders own 1.50% of the company’s stock.
Principal Financial Group 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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