Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Principal Financial Group Inc (NYSE:PFG) by 9.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 961,374 shares of the financial services provider’s stock after buying an additional 81,084 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.33% of Principal Financial Group worth $61,855,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. Rhumbline Advisers lifted its position in Principal Financial Group by 5.5% during the third quarter. Rhumbline Advisers now owns 509,717 shares of the financial services provider’s stock worth $32,795,000 after buying an additional 26,519 shares in the last quarter. Advisor Group Inc. increased its stake in Principal Financial Group by 6.0% during the third quarter. Advisor Group Inc. now owns 44,738 shares of the financial services provider’s stock worth $2,879,000 after acquiring an additional 2,514 shares during the last quarter. Sei Investments Co. increased its stake in Principal Financial Group by 19.0% during the third quarter. Sei Investments Co. now owns 68,538 shares of the financial services provider’s stock worth $4,409,000 after acquiring an additional 10,940 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Principal Financial Group by 34.6% during the third quarter. BNP Paribas Arbitrage SA now owns 329,362 shares of the financial services provider’s stock worth $21,191,000 after acquiring an additional 84,587 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. increased its stake in Principal Financial Group by 3.6% during the third quarter. Candriam Luxembourg S.C.A. now owns 41,493 shares of the financial services provider’s stock worth $2,670,000 after acquiring an additional 1,423 shares during the last quarter. Hedge funds and other institutional investors own 68.01% of the company’s stock.
Several equities research analysts have issued reports on PFG shares. Zacks Investment Research raised Principal Financial Group from a “sell” rating to a “hold” rating and set a $73.00 target price for the company in a research note on Monday, October 2nd. Wells Fargo & Company set a $76.00 target price on Principal Financial Group and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Goldman Sachs Group, Inc. (The) started coverage on Principal Financial Group in a research note on Wednesday, October 18th. They set a “neutral” rating and a $70.00 target price for the company. Morgan Stanley raised their target price on Principal Financial Group from $67.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 5th. Finally, Barclays PLC raised their target price on 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $67.40.
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In related news, insider James P. Mccaughan sold 60,814 shares of the business’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $62.10, for a total transaction of $3,776,549.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Daniel Joseph Houston sold 38,097 shares of the business’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $68.00, for a total value of $2,590,596.00. The disclosure for this sale can be found here. Insiders have sold a total of 143,537 shares of company stock valued at $9,313,955 over the last three months. 1.50% of the stock is currently owned by insiders.
Shares of Principal Financial Group Inc (PFG) opened at $68.64 on Friday. Principal Financial Group Inc has a one year low of $56.12 and a one year high of $69.95. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $19,820.14, a price-to-earnings ratio of 13.38, a PEG ratio of 1.32 and a beta of 1.71.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $1.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.30 by ($0.02). Principal Financial Group had a net margin of 12.35% and a return on equity of 13.55%. The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the firm posted $1.15 earnings per share. sell-side analysts predict that Principal Financial Group Inc will post 5.22 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Monday, December 4th will be paid a $0.49 dividend. The ex-dividend date of this dividend is Friday, December 1st. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.47. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.86%. Principal Financial Group’s payout ratio is presently 30.82%.
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.
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