Tredje AP fonden grew its position in Principal Financial Group Inc (NYSE:PFG) by 77.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,050 shares of the financial services provider’s stock after buying an additional 3,510 shares during the quarter. Tredje AP fonden’s holdings in Principal Financial Group were worth $490,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of PFG. Schwab Charles Investment Management Inc. lifted its holdings in shares of Principal Financial Group by 5.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,384,166 shares of the financial services provider’s stock worth $97,667,000 after buying an additional 71,076 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Principal Financial Group by 215.0% in the 4th quarter. Acadian Asset Management LLC now owns 2,611 shares of the financial services provider’s stock worth $184,000 after buying an additional 1,782 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Principal Financial Group by 31.9% in the 4th quarter. SG Americas Securities LLC now owns 55,473 shares of the financial services provider’s stock worth $3,914,000 after buying an additional 13,428 shares during the period. APG Asset Management N.V. lifted its holdings in shares of Principal Financial Group by 2.0% in the 4th quarter. APG Asset Management N.V. now owns 88,828 shares of the financial services provider’s stock worth $5,220,000 after buying an additional 1,700 shares during the period. Finally, Lourd Capital LLC purchased a new stake in shares of Principal Financial Group in the 4th quarter worth $262,000. Institutional investors and hedge funds own 68.64% of the company’s stock.
Shares of Principal Financial Group opened at $58.57 on Friday, according to MarketBeat.com. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.10 and a quick ratio of 0.10. Principal Financial Group Inc has a 1-year low of $54.89 and a 1-year high of $75.58.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, April 26th. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.05. The firm had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $3.54 billion. Principal Financial Group had a return on equity of 13.55% and a net margin of 12.35%. During the same period in the prior year, the business posted $1.27 EPS. sell-side analysts forecast that Principal Financial Group Inc will post 5.22 EPS for the current year.
Principal Financial Group announced that its board has approved a share repurchase plan on Monday, May 7th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 1.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Monday, June 4th will be paid a dividend of $0.52 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date is Friday, June 1st.
In related news, insider Luis E. Valdes sold 27,662 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $64.02, for a total transaction of $1,770,921.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.50% of the company’s stock.
PFG has been the subject of several research reports. Morgan Stanley lowered their target price on Principal Financial Group from $79.00 to $77.00 and set an “equal weight” rating for the company in a report on Thursday, April 5th. Wells Fargo & Co reiterated a “hold” rating and issued a $68.00 target price on shares of Principal Financial Group in a report on Thursday, April 26th. Credit Suisse Group initiated coverage on Principal Financial Group in a report on Wednesday, April 25th. They issued a “neutral” rating and a $62.00 target price for the company. Bank of America initiated coverage on Principal Financial Group in a report on Monday, March 26th. They issued a “neutral” rating and a $65.00 target price for the company. Finally, UBS initiated coverage on Principal Financial Group in a report on Friday, March 2nd. They issued a “neutral” rating and a $69.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $71.00.
About Principal Financial Group
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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