Principal Financial Group Inc (PFG) Position Trimmed by Keybank National Association OH
Keybank National Association OH decreased its position in shares of Principal Financial Group Inc (NYSE:PFG) by 62.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,101 shares of the financial services provider’s stock after selling 8,540 shares during the quarter. Keybank National Association OH’s holdings in Principal Financial Group were worth $327,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. OMERS ADMINISTRATION Corp bought a new position in Principal Financial Group during the 2nd quarter worth approximately $2,210,000. Mason Street Advisors LLC boosted its stake in Principal Financial Group by 0.9% during the 1st quarter. Mason Street Advisors LLC now owns 36,946 shares of the financial services provider’s stock worth $2,332,000 after acquiring an additional 347 shares during the last quarter. Gotham Asset Management LLC bought a new position in Principal Financial Group during the 1st quarter worth approximately $1,000,000. Blue Chip Partners Inc. boosted its stake in Principal Financial Group by 6.4% during the 1st quarter. Blue Chip Partners Inc. now owns 67,315 shares of the financial services provider’s stock worth $4,248,000 after acquiring an additional 4,037 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Principal Financial Group by 172.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 33,491 shares of the financial services provider’s stock worth $2,114,000 after acquiring an additional 21,197 shares during the last quarter. 68.19% of the stock is currently owned by institutional investors and hedge funds.
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Several research analysts recently weighed in on the stock. Royal Bank Of Canada reissued a “buy” rating and set a $74.00 price objective on shares of Principal Financial Group in a research note on Wednesday, September 6th. BidaskClub lowered shares of Principal Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Barclays PLC lifted their price objective on shares of Principal Financial Group from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Friday, August 11th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $68.00 price objective on shares of Principal Financial Group in a research note on Thursday, August 3rd. Finally, Zacks Investment Research raised 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 note on Tuesday, August 1st. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $61.78.
Principal Financial Group Inc (NYSE PFG) opened at 62.25 on Thursday. The firm has a 50-day moving average of $64.21 and a 200-day moving average of $63.78. The company has a market cap of $17.99 billion, a price-to-earnings ratio of 14.15 and a beta of 1.66. Principal Financial Group Inc has a 52 week low of $47.87 and a 52 week high of $67.73.
Principal Financial Group (NYSE:PFG) last released its earnings results on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.09. The business 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 prior year, the firm posted $1.15 EPS. Equities analysts forecast that Principal Financial Group Inc will post $5.18 earnings per share for the current 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 given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Wednesday, August 30th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s dividend payout ratio is currently 42.73%.
Principal Financial Group declared that its board has initiated a share repurchase program on Wednesday, May 17th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other Principal Financial Group news, SVP Gregory Bernard Elming sold 30,707 shares of the stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $64.20, for a total transaction of $1,971,389.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James P. Mccaughan sold 6,193 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $62.33, for a total transaction of $386,009.69. The disclosure for this sale can be found here. Insiders have sold a total of 286,925 shares of company stock valued at $18,513,769 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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