Daiwa Securities Group Inc. cut its stake in Principal Financial Group Inc (NYSE:PFG) by 42.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,400 shares of the financial services provider’s stock after selling 10,450 shares during the period. Daiwa Securities Group Inc.’s holdings in Principal Financial Group were worth $923,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Principal Financial Group by 6.7% in the first quarter. Vanguard Group Inc. now owns 29,649,875 shares of the financial services provider’s stock valued at $1,871,204,000 after buying an additional 1,862,125 shares during the period. BlackRock Inc. increased its position in shares of Principal Financial Group by 2,276.3% in the first quarter. BlackRock Inc. now owns 17,714,618 shares of the financial services provider’s stock valued at $1,117,969,000 after buying an additional 16,969,140 shares during the period. State Street Corp increased its position in shares of Principal Financial Group by 0.9% in the first quarter. State Street Corp now owns 13,622,890 shares of the financial services provider’s stock valued at $859,745,000 after buying an additional 123,961 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Principal Financial Group by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,734,915 shares of the financial services provider’s stock valued at $235,703,000 after buying an additional 84,575 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Principal Financial Group by 9.8% in the first quarter. Geode Capital Management LLC now owns 2,704,133 shares of the financial services provider’s stock valued at $170,420,000 after buying an additional 240,899 shares during the period. Hedge funds and other institutional investors own 70.45% of the company’s stock.

Principal Financial Group Inc (NYSE:PFG) opened at 64.32 on Friday. Principal Financial Group Inc has a 12-month low of $46.78 and a 12-month high of $67.73. The stock’s 50 day moving average is $65.58 and its 200 day moving average is $63.36. The company has a market cap of $18.59 billion, a P/E ratio of 14.62 and a beta of 1.65.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.09. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.16 billion. Principal Financial Group had a net margin of 9.86% and a return on equity of 11.40%. During the same period in the prior year, the firm earned $1.15 earnings per share. On average, equities analysts forecast that Principal Financial Group Inc will post $5.18 earnings per share for the current year.

Principal Financial Group declared that its board has approved a share repurchase 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 usually an indication that the company’s board believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.47 dividend. The ex-dividend date is Wednesday, August 30th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a dividend yield of 2.92%. Principal Financial Group’s dividend payout ratio is presently 41.82%.

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Several research analysts recently commented on PFG shares. Barclays PLC lifted their target price on shares of Principal Financial Group from $61.00 to $63.00 and gave the stock an “equal weight” rating in a report on Friday. Wells Fargo & Company reiterated a “buy” rating on shares of Principal Financial Group in a report on Thursday, June 29th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $68.00 target price on shares of Principal Financial Group in a report on Thursday, August 3rd. BidaskClub downgraded shares of Principal Financial Group from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Finally, Deutsche Bank AG lifted their target price on shares of Principal Financial Group from $60.00 to $62.00 and gave the stock a “hold” rating in a report on Wednesday, April 19th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $61.67.

In other news, EVP Karen E. Shaff sold 38,105 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $65.05, for a total value of $2,478,730.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nora Mary Everett sold 8,700 shares of the stock in a transaction dated Friday, June 2nd. The shares were 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 sold 355,913 shares of company stock worth $23,099,450 over the last three months. 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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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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