Kestra Private Wealth Services LLC Reduces Stock Holdings in Principal Financial Group, Inc. $PFG

Kestra Private Wealth Services LLC cut its stake in shares of Principal Financial Group, Inc. (NASDAQ:PFG) by 46.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 7,685 shares of the company’s stock after selling 6,617 shares during the period. Kestra Private Wealth Services LLC’s holdings in Principal Financial Group were worth $693,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PFG. DV Equities LLC acquired a new stake in Principal Financial Group in the fourth quarter valued at approximately $25,000. Hilton Head Capital Partners LLC acquired a new position in shares of Principal Financial Group during the fourth quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Principal Financial Group during the fourth quarter worth $26,000. MBM Wealth Consultants LLC purchased a new position in shares of Principal Financial Group in the first quarter valued at $28,000. Finally, Quest 10 Wealth Builders Inc. boosted its stake in shares of Principal Financial Group by 343.6% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 346 shares of the company’s stock valued at $30,000 after purchasing an additional 268 shares during the period. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Up 1.8%

PFG stock opened at $110.87 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.33. The firm has a 50 day simple moving average of $104.45 and a 200-day simple moving average of $95.93. The company has a market capitalization of $23.95 billion, a P/E ratio of 15.86, a PEG ratio of 1.09 and a beta of 0.88. Principal Financial Group, Inc. has a twelve month low of $75.00 and a twelve month high of $112.45.

Principal Financial Group (NASDAQ:PFG) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.06. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. The firm had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $4.11 billion. During the same period in the prior year, the company posted $1.81 earnings per share. On average, equities research analysts predict that Principal Financial Group, Inc. will post 9.37 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Monday, June 1st were given a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, June 1st. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.80. Principal Financial Group’s payout ratio is presently 46.92%.

Insider Transactions at Principal Financial Group

In other news, General Counsel George Djurasovic sold 2,571 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total value of $259,233.93. Following the sale, the general counsel owned 21,906 shares in the company, valued at approximately $2,208,781.98. This represents a 10.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Wee Yee Cheong sold 7,534 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $103.16, for a total transaction of $777,207.44. Following the transaction, the insider directly owned 66,443 shares in the company, valued at $6,854,259.88. The trade was a 10.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 28,317 shares of company stock worth $2,884,902. Company insiders own 1.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PFG. Citigroup lowered shares of Principal Financial Group from a “sell” rating to an “underperform” rating in a report on Wednesday, June 24th. Bank of America reissued an “underperform” rating and issued a $95.00 price objective (down from $98.00) on shares of Principal Financial Group in a research report on Wednesday, June 24th. Wells Fargo & Company lowered their target price on Principal Financial Group from $91.00 to $87.00 and set an “equal weight” rating for the company in a research note on Friday, April 10th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $92.00 target price on shares of Principal Financial Group in a research report on Thursday, March 26th. Finally, Weiss Ratings lowered Principal Financial Group from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Principal Financial Group currently has an average rating of “Hold” and an average price target of $100.90.

About Principal Financial Group

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.