Rafferty Asset Management LLC cut its holdings in shares of Principal Financial Group Inc (NYSE:PFG) by 18.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,559 shares of the financial services provider’s stock after selling 8,989 shares during the period. Rafferty Asset Management LLC’s holdings in Principal Financial Group were worth $2,535,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of PFG. Jacobi Capital Management LLC increased its position in shares of Principal Financial Group by 291.1% during the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock worth $167,000 after purchasing an additional 2,003 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Principal Financial Group during the first quarter worth $202,000. Blair William & Co. IL acquired a new position in shares of Principal Financial Group during the first quarter worth $205,000. Eagle Global Advisors LLC acquired a new position in shares of Principal Financial Group during the second quarter worth $207,000. Finally, Lowe Brockenbrough & Co. Inc. acquired a new position in shares of Principal Financial Group during the first quarter worth $211,000. 68.20% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider James P. Mccaughan sold 60,814 shares of Principal Financial Group stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $62.10, for a total transaction of $3,776,549.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Gary P. Scholten sold 13,495 shares of Principal Financial Group stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $67.00, for a total transaction of $904,165.00. The disclosure for this sale can be found here. Insiders have sold a total of 256,218 shares of company stock worth $16,542,380 over the last quarter. 1.50% of the stock is owned by company insiders.
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PFG has been the topic of a number of recent analyst reports. Wells Fargo & Company reaffirmed a “buy” rating on shares of Principal Financial Group in a research report on Thursday, June 29th. Barclays PLC boosted their price objective on shares of Principal Financial Group from $61.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, August 11th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $68.00 price objective on shares of Principal Financial Group in a report on Thursday, August 3rd. BidaskClub lowered shares of Principal Financial Group from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Finally, 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. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $61.78.
Shares of Principal Financial Group Inc (NYSE PFG) opened at 63.12 on Thursday. The stock’s 50 day moving average is $63.57 and its 200-day moving average is $63.76. The stock has a market capitalization of $18.24 billion, a price-to-earnings ratio of 14.35 and a beta of 1.66. Principal Financial Group Inc has a one year low of $49.04 and a one year high of $67.73.
Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.09. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period last year, the business earned $1.15 EPS. On average, equities research analysts predict that Principal Financial Group Inc will post $5.19 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.47 per share. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio (DPR) is currently 42.73%.
Principal Financial Group Company 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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