Fmr LLC Trims Stake in Principal Financial Group Inc (PFG)
Fmr LLC cut its stake in shares of Principal Financial Group Inc (NYSE:PFG) by 39.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,559,116 shares of the financial services provider’s stock after selling 1,691,559 shares during the quarter. Fmr LLC owned 0.89% of Principal Financial Group worth $163,963,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PFG. Jacobi Capital Management LLC boosted its stake in shares of Principal Financial Group by 291.1% during the 1st quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock worth $167,000 after acquiring an additional 2,003 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Principal Financial Group during the 1st quarter worth $202,000. Blair William & Co. IL bought a new stake in shares of Principal Financial Group during the 1st quarter worth $205,000. Eagle Global Advisors LLC bought a new stake in shares of Principal Financial Group during the 2nd quarter worth $207,000. Finally, Lowe Brockenbrough & Co. Inc. bought a new stake in shares of Principal Financial Group during the 1st quarter worth $211,000. 68.26% of the stock is owned by institutional investors and hedge funds.
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In related news, EVP Gary P. Scholten sold 13,495 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $67.00, for a total value of $904,165.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James P. Mccaughan sold 60,817 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $66.98, for a total transaction of $4,073,522.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 180,772 shares of company stock valued at $11,678,907. 1.50% of the stock is owned by corporate insiders.
PFG has been the subject of several research reports. Royal Bank Of Canada reissued a “buy” rating and set a $73.00 price objective on shares of Principal Financial Group in a research note on Wednesday, July 12th. BidaskClub lowered Principal Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Zacks Investment Research lowered Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Friday, July 7th. Wells Fargo & Company reissued a “buy” rating on shares of Principal Financial Group in a research note on Thursday, June 29th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $68.00 price objective on shares of Principal Financial Group in a research note on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $63.63.
Shares of Principal Financial Group Inc (NYSE PFG) opened at 65.82 on Thursday. Principal Financial Group Inc has a 12 month low of $51.25 and a 12 month high of $67.73. The firm has a market cap of $19.02 billion, a PE ratio of 14.96 and a beta of 1.67. The stock has a 50 day moving average price of $63.01 and a 200 day moving average price of $63.81.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.09. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. The business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the prior year, the company earned $1.15 EPS. On average, equities research analysts expect that Principal Financial Group Inc will post $5.19 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were given a $0.47 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.86%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s dividend payout ratio is currently 42.73%.
Principal Financial Group Company Profile
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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