North Star Asset Management Inc. increased its stake in Principal Financial Group Inc (NYSE:PFG) by 3.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 316,906 shares of the financial services provider’s stock after acquiring an additional 9,592 shares during the period. Principal Financial Group comprises about 1.4% of North Star Asset Management Inc.’s holdings, making the stock its 14th largest holding. North Star Asset Management Inc. owned approximately 0.11% of Principal Financial Group worth $16,780,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PFG. Algebris UK Ltd purchased a new stake in Principal Financial Group during the first quarter worth approximately $18,882,000. Wells Fargo & Company MN boosted its stake in shares of Principal Financial Group by 19.3% in the first quarter. Wells Fargo & Company MN now owns 618,202 shares of the financial services provider’s stock valued at $37,654,000 after purchasing an additional 99,960 shares during the period. Rhumbline Advisers boosted its stake in shares of Principal Financial Group by 8.8% in the first quarter. Rhumbline Advisers now owns 560,359 shares of the financial services provider’s stock valued at $34,131,000 after purchasing an additional 45,254 shares during the period. Wedge Capital Management L L P NC boosted its stake in shares of Principal Financial Group by 14.6% in the first quarter. Wedge Capital Management L L P NC now owns 538,446 shares of the financial services provider’s stock valued at $32,797,000 after purchasing an additional 68,494 shares during the period. Finally, Alps Advisors Inc. purchased a new position in shares of Principal Financial Group in the first quarter valued at $1,127,000. 68.64% of the stock is owned by institutional investors.

Several brokerages have recently weighed in on PFG. Zacks Investment Research downgraded shares of Principal Financial Group from a “hold” rating to a “sell” rating in a research note on Wednesday, June 27th. Barclays decreased their target price on shares of Principal Financial Group from $72.00 to $68.00 and set an “overweight” rating for the company in a research note on Monday, July 9th. Credit Suisse Group decreased their target price on shares of Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating for the company in a research note on Friday, August 17th. Morgan Stanley decreased their target price on shares of Principal Financial Group from $70.00 to $69.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 11th. Finally, Wells Fargo & Co set a $66.00 target price on shares of Principal Financial Group and gave the company a “hold” rating in a research note on Wednesday, May 23rd. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Principal Financial Group has a consensus rating of “Hold” and an average price target of $69.64.

PFG opened at $56.17 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.10 and a current ratio of 0.10. Principal Financial Group Inc has a 12-month low of $52.31 and a 12-month high of $75.58.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Thursday, July 26th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.02). The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.58 billion. Principal Financial Group had a net margin of 12.35% and a return on equity of 13.55%. During the same period in the prior year, the company earned $1.31 earnings per share. analysts predict that Principal Financial Group Inc will post 5.22 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Thursday, September 6th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, September 5th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 3.77%.

Principal Financial Group announced that its board has initiated a stock repurchase plan on Monday, May 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 1.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In related news, insider James P. Mccaughan sold 20,000 shares of the company’s stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $52.72, for a total value of $1,054,400.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 60,000 shares of company stock worth $3,289,400 over the last ninety days. 1.50% of the stock is currently owned by corporate insiders.

Principal Financial Group Profile

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. It operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.

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

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