Principal Financial Group Inc (PFG) Shares Bought by AMP Capital Investors Ltd
AMP Capital Investors Ltd increased its holdings in Principal Financial Group Inc (NYSE:PFG) by 12.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,097 shares of the financial services provider’s stock after acquiring an additional 16,022 shares during the period. AMP Capital Investors Ltd’s holdings in Principal Financial Group were worth $8,272,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. BlackRock Inc. lifted its stake in Principal Financial Group by 0.5% in the 2nd quarter. BlackRock Inc. now owns 19,878,914 shares of the financial services provider’s stock worth $1,052,588,000 after acquiring an additional 102,234 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Principal Financial Group by 1,897,023.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,981,413 shares of the financial services provider’s stock worth $409,041,000 after acquiring an additional 6,981,045 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Principal Financial Group by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,698,571 shares of the financial services provider’s stock worth $216,698,000 after acquiring an additional 66,748 shares in the last quarter. FMR LLC lifted its stake in Principal Financial Group by 0.5% in the 3rd quarter. FMR LLC now owns 2,489,298 shares of the financial services provider’s stock worth $145,848,000 after acquiring an additional 13,075 shares in the last quarter. Finally, Schroder Investment Management Group lifted its stake in Principal Financial Group by 37.8% in the 3rd quarter. Schroder Investment Management Group now owns 2,088,392 shares of the financial services provider’s stock worth $122,359,000 after acquiring an additional 573,138 shares in the last quarter. 68.64% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Daniel Gelatt purchased 25,000 shares of the business’s stock in a transaction dated Monday, November 5th. The stock was bought at an average cost of $48.10 per share, with a total value of $1,202,500.00. Following the purchase, the director now directly owns 138,694 shares of the company’s stock, valued at $6,671,181.40. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Amy Christine Friedrich sold 1,700 shares of the firm’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $61.00, for a total value of $103,700.00. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Thursday, October 25th. The financial services provider reported $1.67 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.67. The firm had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $3.86 billion.
Principal Financial Group announced that its board has authorized a share buyback program on Tuesday, November 27th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Monday, December 3rd will be paid a dividend of $0.54 per share. The ex-dividend date is Friday, November 30th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.53. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.80%.
Several equities research analysts recently issued reports on the company. UBS Group increased their price objective on Principal Financial Group from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Monday, October 8th. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Wednesday, September 26th. Credit Suisse Group reduced their price objective on Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating for the company in a research note on Friday, August 17th. Deutsche Bank assumed coverage on Principal Financial Group in a research note on Tuesday, October 16th. They issued a “hold” rating and a $61.00 price objective for the company. Finally, Morgan Stanley reduced their price objective on Principal Financial Group from $64.00 to $61.00 and set an “equal weight” rating for the company in a research note 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. The stock currently has a consensus rating of “Hold” and an average price target of $64.70.
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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.
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