Bessemer Group Inc. decreased its position in shares of Principal Financial Group Inc (NYSE:PFG) by 32.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,077 shares of the financial services provider’s stock after selling 24,685 shares during the period. Bessemer Group Inc.’s holdings in Principal Financial Group were worth $3,273,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. CENTRAL TRUST Co increased its stake in shares of Principal Financial Group by 2.4% in the first quarter. CENTRAL TRUST Co now owns 2,176 shares of the financial services provider’s stock worth $137,000 after buying an additional 52 shares in the last quarter. 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 in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Principal Financial Group during the first quarter worth $202,000. Eagle Global Advisors LLC acquired a new stake in shares of Principal Financial Group during the second quarter worth $207,000. Finally, Blair William & Co. IL acquired a new stake in shares of Principal Financial Group during the first quarter worth $205,000. 70.45% of the stock is owned by institutional investors and hedge funds.
Shares of Principal Financial Group Inc (NYSE:PFG) opened at 66.51 on Tuesday. Principal Financial Group Inc has a 1-year low of $46.36 and a 1-year high of $67.73. The company’s 50-day moving average is $65.33 and its 200 day moving average is $63.03. The firm has a market capitalization of $19.19 billion, a price-to-earnings ratio of 15.12 and a beta of 1.65.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.09. The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations 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 last year, the company posted $1.15 EPS. On average, analysts expect that Principal Financial Group Inc will post $5.18 EPS for the current fiscal year.
Principal Financial Group announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 17th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.83%. The ex-dividend date is Wednesday, August 30th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s dividend payout ratio (DPR) is presently 41.82%.
A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $68.00 price objective on shares of Principal Financial Group in a research report on Thursday, August 3rd. Zacks Investment Research raised shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Tuesday, August 1st. BidaskClub downgraded shares of Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company restated a “buy” rating on shares of Principal Financial Group in a research report on Thursday, June 29th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $73.00 target price on shares of Principal Financial Group in a research report on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. Principal Financial Group has an average rating of “Hold” and an average target price of $61.22.
In other news, insider James P. Mccaughan sold 65,818 shares of Principal Financial Group stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $63.53, for a total transaction of $4,181,417.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Karen E. Shaff sold 38,105 shares of Principal Financial Group stock in a transaction that occurred 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 295,096 shares of company stock valued at $19,025,927 in the last 90 days. Corporate insiders own 1.50% of the company’s stock.
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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