Bank of New York Mellon Corp Cuts Position in Principal Financial Group Inc (PFG)
Bank of New York Mellon Corp decreased its position in shares of Principal Financial Group Inc (NYSE:PFG) by 3.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,862,594 shares of the financial services provider’s stock after selling 393,016 shares during the period. Bank of New York Mellon Corp’s holdings in Principal Financial Group were worth $631,895,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. CENTRAL TRUST Co increased its stake in Principal Financial Group by 2.4% in the first quarter. CENTRAL TRUST Co now owns 2,176 shares of the financial services provider’s stock worth $137,000 after buying an additional 52 shares during the period. Jacobi Capital Management LLC increased its stake in Principal Financial Group by 291.1% in the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock worth $167,000 after buying an additional 2,003 shares during the period. Oppenheimer & Co. Inc. purchased a new stake in Principal Financial Group during the first quarter worth about $202,000. Eagle Global Advisors LLC purchased a new stake in Principal Financial Group during the second quarter worth about $207,000. Finally, Blair William & Co. IL purchased a new stake in Principal Financial Group during the first quarter worth about $205,000. 70.10% of the stock is owned by hedge funds and other institutional investors.
Shares of Principal Financial Group Inc (NYSE:PFG) opened at 65.00 on Wednesday. The stock has a market cap of $18.78 billion, a P/E ratio of 14.77 and a beta of 1.65. Principal Financial Group Inc has a 12 month low of $46.82 and a 12 month high of $67.73. The stock has a 50 day moving average price of $65.71 and a 200 day moving average price of $63.52.
Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.09. The firm had revenue of $3.27 billion for 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 period in the prior year, the business posted $1.15 earnings per share. Equities analysts anticipate that Principal Financial Group Inc will post $5.18 EPS for the current fiscal year.
The firm 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 annualized dividend and a yield of 2.89%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. The ex-dividend date is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio is presently 41.82%.
Principal Financial Group declared that its board has approved a stock buyback 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 shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of research firms have issued reports on PFG. Keefe, Bruyette & Woods reissued a “hold” rating and set a $68.00 price target on shares of Principal Financial Group in a research report on Thursday, August 3rd. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Tuesday, August 1st. Barclays PLC boosted their price target on Principal Financial Group from $61.00 to $63.00 and gave the company an “equal weight” rating in a research report on Friday, August 11th. BidaskClub downgraded Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Finally, Wells Fargo & Company reissued a “buy” rating on shares of Principal Financial Group in a research report on Thursday, June 29th. 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’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $61.67.
In other Principal Financial Group news, EVP Gary P. Scholten sold 13,495 shares of the stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $67.00, for a total transaction of $904,165.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Nora Mary Everett sold 8,700 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $63.52, for a total transaction of $552,624.00. The disclosure for this sale can be found here. Insiders have sold 345,538 shares of company stock worth $22,435,450 over the last three months. Company insiders own 1.50% of the company’s stock.
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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