Riverhead Capital Management LLC lifted its holdings in Principal Financial Group Inc (NYSE:PFG) by 26.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 85,929 shares of the financial services provider’s stock after purchasing an additional 18,048 shares during the quarter. Riverhead Capital Management LLC’s holdings in Principal Financial Group were worth $5,035,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Honkamp Krueger Financial Services Inc. purchased a new stake in shares of Principal Financial Group during the third quarter worth $152,000. Sowell Financial Services LLC purchased a new stake in shares of Principal Financial Group during the third quarter worth $221,000. Hsbc Holdings PLC increased its position in shares of Principal Financial Group by 1.0% during the third quarter. Hsbc Holdings PLC now owns 330,840 shares of the financial services provider’s stock worth $19,384,000 after acquiring an additional 3,296 shares during the period. Standard Life Aberdeen plc increased its position in shares of Principal Financial Group by 6.4% during the third quarter. Standard Life Aberdeen plc now owns 116,982 shares of the financial services provider’s stock worth $6,854,000 after acquiring an additional 7,037 shares during the period. Finally, Bridgeway Capital Management Inc. increased its position in shares of Principal Financial Group by 47.3% during the third quarter. Bridgeway Capital Management Inc. now owns 959,400 shares of the financial services provider’s stock worth $56,211,000 after acquiring an additional 308,200 shares during the period. Hedge funds and other institutional investors own 68.64% of the company’s stock.

A number of analysts have recently weighed in on PFG shares. UBS Group upped their price objective on Principal Financial Group from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Monday, October 8th. Deutsche Bank started coverage on Principal Financial Group in a research report on Tuesday, October 16th. They set a “hold” rating and a $61.00 price objective on the stock. Credit Suisse Group cut their price objective on Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating on the stock in a research report on Friday, August 17th. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research report on Wednesday, September 26th. Finally, Morgan Stanley cut their price objective on Principal Financial Group from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 13th. Nine research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $64.70.

In related news, insider Amy Christine Friedrich sold 1,700 shares of the stock in a transaction on Friday, October 5th. The stock was sold at an average price of $61.00, for a total value of $103,700.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Daniel Gelatt bought 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was acquired at an average cost of $48.10 per share, for a total transaction of $1,202,500.00. Following the acquisition, the director now directly owns 138,694 shares of the company’s stock, valued at $6,671,181.40. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company’s stock.

NYSE:PFG opened at $45.87 on Thursday. Principal Financial Group Inc has a 12 month low of $45.20 and a 12 month high of $75.58.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, October 25th. The financial services provider reported $1.67 EPS for the quarter, meeting the consensus estimate of $1.67. The business had revenue of $4.35 billion during the quarter, compared to analysts’ expectations of $3.86 billion.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Monday, December 3rd will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 4.71%. The ex-dividend date is Friday, November 30th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.53.

Principal Financial Group declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 27th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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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.

Further Reading: Investing in Growth Stocks

Want to see what other hedge funds are holding PFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Principal Financial Group Inc (NYSE:PFG).

Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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