New York State Teachers Retirement System cut its stake in shares of Principal Financial Group Inc (NYSE:PFG) by 3.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 491,116 shares of the financial services provider’s stock after selling 18,912 shares during the period. New York State Teachers Retirement System’s holdings in Principal Financial Group were worth $30,994,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new stake in Principal Financial Group during the fourth quarter valued at $14,020,000. Pitcairn Co. bought a new stake in Principal Financial Group during the fourth quarter valued at $247,000. Commerzbank Aktiengesellschaft FI boosted its stake in Principal Financial Group by 19.4% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 8,406 shares of the financial services provider’s stock valued at $486,000 after buying an additional 1,365 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in Principal Financial Group by 7.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 38,844 shares of the financial services provider’s stock valued at $2,247,000 after buying an additional 2,768 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Principal Financial Group by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,337 shares of the financial services provider’s stock valued at $887,000 after buying an additional 61 shares during the period. Institutional investors and hedge funds own 70.54% of the company’s stock.
Shares of Principal Financial Group Inc (NYSE PFG) traded up 0.069% during mid-day trading on Friday, hitting $65.245. 887,919 shares of the stock were exchanged. Principal Financial Group Inc has a 12 month low of $38.04 and a 12 month high of $65.86. The firm has a market cap of $18.80 billion, a P/E ratio of 14.698 and a beta of 1.65. The stock’s 50 day moving average is $63.53 and its 200 day moving average is $61.46.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, April 27th. The financial services provider reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.08. Principal Financial Group had a return on equity of 13.35% and a net margin of 10.37%. The company had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter last year, the company earned $0.97 earnings per share. Analysts expect that Principal Financial Group Inc will post $5.04 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Monday, June 5th will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, June 1st. This represents a $1.84 dividend on an annualized basis and a yield of 2.82%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.45. Principal Financial Group’s dividend payout ratio (DPR) is presently 41.44%.
Several analysts recently weighed in on PFG shares. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $64.00 price target on shares of Principal Financial Group in a report on Tuesday, March 21st. J P Morgan Chase & Co lifted their price target on shares of Principal Financial Group from $53.00 to $56.00 and gave the company an “underweight” rating in a report on Monday, April 3rd. Zacks Investment Research cut shares of Principal Financial Group from a “buy” rating to a “hold” rating in a report on Tuesday, April 4th. Finally, Deutsche Bank AG lifted their price target on shares of Principal Financial Group from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, April 19th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $57.82.
In related news, insider James P. Mccaughan sold 5,000 shares of the firm’s stock in a transaction dated Thursday, April 6th. The stock was sold at an average price of $62.65, for a total transaction of $313,250.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Luis E. Valdes sold 60,911 shares of the firm’s stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $63.00, for a total value of $3,837,393.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 262,109 shares of company stock worth $16,755,415. 1.50% of the stock is owned by corporate 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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