Wedge Capital Management L L P NC lessened its position in shares of Principal Financial Group Inc (NYSE:PFG) by 6.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 469,952 shares of the financial services provider’s stock after selling 31,079 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Principal Financial Group were worth $33,160,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in PFG. Resources Investment Advisors Inc. lifted its holdings in Principal Financial Group by 268.6% during the 4th quarter. Resources Investment Advisors Inc. now owns 2,997 shares of the financial services provider’s stock worth $155,000 after buying an additional 2,184 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Principal Financial Group by 215.0% during the 4th quarter. Acadian Asset Management LLC now owns 2,611 shares of the financial services provider’s stock worth $184,000 after buying an additional 1,782 shares during the last quarter. Koch Industries Inc. bought a new position in Principal Financial Group during the 2nd quarter worth approximately $210,000. First Heartland Consultants Inc. bought a new position in Principal Financial Group during the 3rd quarter worth approximately $224,000. Finally, Honkamp Krueger Financial Services Inc. bought a new position in Principal Financial Group during the 3rd quarter worth approximately $226,000. 68.64% of the stock is currently owned by institutional investors.
In other news, EVP Karen E. Shaff sold 50,561 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $69.51, for a total transaction of $3,514,495.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel Joseph Houston sold 37,080 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $70.05, for a total value of $2,597,454.00. The disclosure for this sale can be found here. Insiders have sold a total of 301,958 shares of company stock worth $21,343,156 over the last quarter. Insiders own 1.50% of the company’s stock.
Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Monday, January 29th. The financial services provider reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.18). The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.32 billion. Principal Financial Group had a return on equity of 13.55% and a net margin of 12.35%. During the same quarter in the previous year, the company posted $1.27 earnings per share. research analysts predict that Principal Financial Group Inc will post 5.22 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Monday, March 5th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.07%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Friday, March 2nd. Principal Financial Group’s dividend payout ratio is presently 32.13%.
A number of research firms have commented on PFG. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $76.00 target price on shares of Principal Financial Group in a report on Wednesday. Morgan Stanley reduced their target price on Principal Financial Group from $80.00 to $79.00 and set an “equal weight” rating on the stock in a report on Tuesday. Zacks Investment Research downgraded Principal Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Goldman Sachs Group began coverage on Principal Financial Group in a report on Wednesday, October 18th. They set a “neutral” rating and a $70.00 target price on the stock. Finally, Wells Fargo & Co downgraded Principal Financial Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. Principal Financial Group has a consensus rating of “Hold” and an average price target of $71.00.
Principal Financial Group Profile
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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