DekaBank Deutsche Girozentrale raised its position in shares of Principal Financial Group Inc (NYSE:PFG) by 31.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,156 shares of the financial services provider’s stock after buying an additional 6,752 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Principal Financial Group were worth $1,897,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of PFG. Jacobi Capital Management LLC increased its stake 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 buying an additional 2,003 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Principal Financial Group during the first quarter worth approximately $202,000. Blair William & Co. IL acquired a new stake in shares of Principal Financial Group during the first quarter worth approximately $205,000. Eagle Global Advisors LLC acquired a new stake in shares of Principal Financial Group during the second quarter worth approximately $207,000. Finally, Lowe Brockenbrough & Co. Inc. acquired a new stake in shares of Principal Financial Group during the first quarter worth approximately $211,000. 70.10% of the stock is owned by institutional investors.
Principal Financial Group Inc (NYSE:PFG) opened at 62.93 on Monday. Principal Financial Group Inc has a 12-month low of $46.82 and a 12-month high of $67.73. The company has a market capitalization of $18.18 billion, a price-to-earnings ratio of 14.30 and a beta of 1.65. The stock has a 50 day moving average price of $65.66 and a 200-day moving average price of $63.56.
Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.09. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.16 billion. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. During the same quarter in the prior year, the firm posted $1.15 EPS. Equities analysts predict that Principal Financial Group Inc will post $5.18 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.47 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $1.88 annualized dividend and a yield of 2.99%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s dividend payout ratio is currently 41.82%.
Principal Financial Group declared that its Board of Directors has authorized a stock repurchase program on Wednesday, May 17th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
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Several equities analysts have weighed in on PFG shares. Zacks Investment Research lowered Principal Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Royal Bank Of Canada reissued a “buy” rating and set a $73.00 price objective on shares of Principal Financial Group in a report on Wednesday, July 12th. Wells Fargo & Company reissued a “buy” rating on shares of Principal Financial Group in a report on Thursday, June 29th. BidaskClub raised Principal Financial Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Barclays PLC increased their price objective on Principal Financial Group from $61.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, August 11th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $61.67.
In related news, insider Nora Mary Everett sold 8,700 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $63.52, for a total value of $552,624.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Karen E. Shaff sold 38,105 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $65.05, for a total transaction of $2,478,730.25. The disclosure for this sale can be found here. Insiders sold a total of 345,538 shares of company stock valued at $22,435,450 in the last ninety days. 1.50% of the stock is currently owned by insiders.
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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