Principal Financial Group Inc (PFG) Stake Lowered by Wells Fargo & Company MN
Wells Fargo & Company MN lowered its holdings in Principal Financial Group Inc (NYSE:PFG) by 19.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 499,097 shares of the financial services provider’s stock after selling 119,105 shares during the period. Wells Fargo & Company MN owned 0.17% of Principal Financial Group worth $26,427,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in PFG. JPMorgan Chase & Co. grew its position in shares of Principal Financial Group by 331.3% in the first quarter. JPMorgan Chase & Co. now owns 1,780,869 shares of the financial services provider’s stock valued at $108,473,000 after purchasing an additional 1,367,946 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of Principal Financial Group by 284.0% in the first quarter. BNP Paribas Arbitrage SA now owns 597,294 shares of the financial services provider’s stock valued at $36,381,000 after purchasing an additional 441,736 shares during the period. MUFG Securities EMEA plc purchased a new stake in shares of Principal Financial Group in the first quarter valued at $20,344,000. Algebris UK Ltd purchased a new stake in shares of Principal Financial Group in the first quarter valued at $18,882,000. Finally, W.E. Donoghue & Co. LLC purchased a new stake in shares of Principal Financial Group in the second quarter valued at $15,232,000. 68.64% of the stock is owned by institutional investors and hedge funds.
In other Principal Financial Group news, insider James P. Mccaughan sold 20,000 shares of the business’s stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $52.72, for a total transaction of $1,054,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 60,000 shares of company stock valued at $3,289,400. 1.50% of the stock is owned by company insiders.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Thursday, July 26th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.37 by ($0.02). Principal Financial Group had a net margin of 12.35% and a return on equity of 13.55%. The firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.58 billion. During the same period last year, the firm posted $1.31 EPS. equities research analysts forecast that Principal Financial Group Inc will post 5.22 EPS for the current fiscal year.
Principal Financial Group announced that its Board of Directors has authorized a stock buyback program on Monday, May 7th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 1.7% of its shares through open market purchases. Shares repurchase programs are usually 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, September 28th. Shareholders of record on Thursday, September 6th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Wednesday, September 5th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.52.
PFG has been the subject of a number of recent analyst reports. Morgan Stanley lowered their price objective on Principal Financial Group from $77.00 to $74.00 and set an “equal weight” rating for the company in a research report on Friday, April 27th. Zacks Investment Research raised Principal Financial Group from a “sell” rating to a “hold” rating in a research report on Wednesday, June 6th. Wells Fargo & Co set a $66.00 price objective on Principal Financial Group and gave the company a “hold” rating in a research report on Wednesday, May 23rd. Credit Suisse Group lowered their price objective on Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating for the company in a research report on Friday, August 17th. Finally, Barclays lowered their price target on Principal Financial Group from $72.00 to $68.00 and set an “overweight” rating for the company in a research report on Monday, July 9th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $69.64.
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.
Featured Story: Marijuana Stocks Investing Considerations
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).
Receive News & Ratings for Principal Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principal Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.