Cornerstone Wealth Management LLC Raises Stake in Principal Financial Group Inc (PFG)

Cornerstone Wealth Management LLC increased its position in shares of Principal Financial Group Inc (NYSE:PFG) by 90.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,641 shares of the financial services provider’s stock after acquiring an additional 38,194 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Principal Financial Group were worth $1,211,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of Principal Financial Group by 0.5% during the second quarter. BlackRock Inc. now owns 19,878,914 shares of the financial services provider’s stock valued at $1,052,588,000 after acquiring an additional 102,234 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in Principal Financial Group by 2.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,688,015 shares of the financial services provider’s stock valued at $89,381,000 after buying an additional 45,100 shares during the period. Schroder Investment Management Group lifted its stake in Principal Financial Group by 10.1% in the second quarter. Schroder Investment Management Group now owns 1,515,254 shares of the financial services provider’s stock valued at $80,263,000 after buying an additional 138,878 shares during the period. Morgan Stanley lifted its stake in Principal Financial Group by 41.3% in the second quarter. Morgan Stanley now owns 1,253,735 shares of the financial services provider’s stock valued at $66,386,000 after buying an additional 366,362 shares during the period. Finally, Swiss National Bank lifted its stake in Principal Financial Group by 3.1% in the second quarter. Swiss National Bank now owns 955,363 shares of the financial services provider’s stock valued at $50,577,000 after buying an additional 29,000 shares during the period. 68.64% of the stock is currently owned by institutional investors and hedge funds.

In other Principal Financial Group news, insider James P. Mccaughan sold 20,000 shares of the stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $55.42, for a total value of $1,108,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Amy Christine Friedrich sold 1,700 shares of the 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 corporate insiders.

PFG has been the topic of several analyst reports. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Wednesday, September 26th. Morgan Stanley cut their target price on Principal Financial Group from $70.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 11th. Deutsche Bank initiated coverage on Principal Financial Group in a research note on Tuesday, October 16th. They issued a “hold” rating and a $61.00 target price on the stock. UBS Group increased their target price on Principal Financial Group from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Monday, October 8th. Finally, Credit Suisse Group cut their target price on Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating on the stock in a research note on Friday, August 17th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $65.50.

Shares of Principal Financial Group stock opened at $47.07 on Thursday. Principal Financial Group Inc has a 1 year low of $45.20 and a 1 year high of $75.58. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.10 and a current ratio of 0.10.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $1.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.67. Principal Financial Group had a return on equity of 13.55% and a net margin of 12.35%. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $3.86 billion. Analysts predict that Principal Financial Group Inc will post 5.22 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 3rd will be issued a $0.54 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.53. This represents a $2.16 annualized dividend and a dividend yield of 4.59%. The ex-dividend date of this dividend is Friday, November 30th.

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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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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