Seven Eight Capital LP Takes Position in Principal Financial Group Inc (PFG)
Seven Eight Capital LP purchased a new position in Principal Financial Group Inc (NYSE:PFG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,546 shares of the financial services provider’s stock, valued at approximately $291,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Jacobi Capital Management LLC grew its holdings in shares of Principal Financial Group by 291.1% in the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock worth $167,000 after purchasing an additional 2,003 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Principal Financial Group in the first quarter worth about $202,000. Blair William & Co. IL bought a new position in shares of Principal Financial Group in the first quarter worth about $205,000. Eagle Global Advisors LLC bought a new position in shares of Principal Financial Group in the second quarter worth about $207,000. Finally, Lowe Brockenbrough & Co. Inc. bought a new position in shares of Principal Financial Group in the first quarter worth about $211,000. Hedge funds and other institutional investors own 68.20% of the company’s stock.
A number of research firms have recently commented on PFG. Zacks Investment Research cut shares of Principal Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Royal Bank Of Canada reiterated a “buy” rating and set a $74.00 target price on shares of Principal Financial Group in a report on Wednesday, September 6th. BidaskClub cut shares of Principal Financial Group from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $68.00 target price on shares of Principal Financial Group in a report on Thursday, August 3rd. Finally, Barclays PLC increased 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, August 11th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Principal Financial Group has an average rating of “Hold” and an average target price of $61.78.
In other news, EVP Karen E. Shaff sold 30,500 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $65.00, for a total transaction of $1,982,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James P. Mccaughan sold 6,193 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $62.33, for a total value of $386,009.69. The disclosure for this sale can be found here. Over the last three months, insiders have sold 286,925 shares of company stock valued at $18,513,769. Corporate insiders own 1.50% of the company’s stock.
Principal Financial Group Inc (NYSE PFG) opened at 62.42 on Tuesday. The company has a market capitalization of $18.04 billion, a PE ratio of 14.19 and a beta of 1.66. Principal Financial Group Inc has a one year low of $48.81 and a one year high of $67.73. The firm’s 50-day moving average is $63.68 and its 200 day moving average is $63.76.
Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.09. Principal Financial Group had a return on equity of 13.57% and a net margin of 10.15%. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the company posted $1.15 earnings per share. On average, equities analysts expect that Principal Financial Group Inc will post $5.19 EPS for the current fiscal year.
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 dividend of $0.47 per share. The ex-dividend date is Wednesday, August 30th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.01%. Principal Financial Group’s payout ratio is currently 42.73%.
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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