New York State Common Retirement Fund lessened its stake in Principal Financial Group Inc (NYSE:PFG) by 0.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 700,850 shares of the financial services provider’s stock after selling 6,358 shares during the quarter. New York State Common Retirement Fund owned approximately 0.24% of Principal Financial Group worth $45,093,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Sun Life Financial INC raised its stake in shares of Principal Financial Group by 21,822.2% in the 2nd quarter. Sun Life Financial INC now owns 1,973 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,964 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of Principal Financial Group in the 2nd quarter valued at about $210,000. Honkamp Krueger Financial Services Inc. acquired a new stake in shares of Principal Financial Group in the 3rd quarter valued at about $226,000. ETRADE Capital Management LLC bought a new stake in shares of Principal Financial Group during the 2nd quarter valued at about $269,000. Finally, HL Financial Services LLC grew its position in shares of Principal Financial Group by 27.8% during the 2nd quarter. HL Financial Services LLC now owns 4,254 shares of the financial services provider’s stock valued at $273,000 after buying an additional 925 shares during the last quarter. Institutional investors and hedge funds own 68.81% of the company’s stock.
In other Principal Financial Group news, insider James P. Mccaughan sold 6,193 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $62.33, for a total value of $386,009.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nora Mary Everett sold 17,290 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $70.16, for a total transaction of $1,213,066.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 197,606 shares of company stock valued at $13,630,935. 1.50% of the stock is owned by insiders.
Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, October 26th. The financial services provider reported $1.28 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.02). Principal Financial Group had a return on equity of 13.55% and a net margin of 12.35%. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the company posted $1.15 EPS. equities research analysts anticipate that Principal Financial Group Inc will post 5.22 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Monday, December 4th will be given a $0.49 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Friday, December 1st. This represents a $1.96 annualized dividend and a yield of 2.77%. Principal Financial Group’s dividend payout ratio is 32.13%.
A number of brokerages recently weighed in on PFG. Wells Fargo & Company set a $76.00 price objective on shares of Principal Financial Group and gave the company a “buy” rating in a research report on Wednesday, October 18th. Goldman Sachs Group began coverage on shares of Principal Financial Group in a research report on Wednesday, October 18th. They set a “neutral” rating and a $70.00 price objective for the company. Zacks Investment Research downgraded shares of Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Morgan Stanley boosted their price objective on shares of Principal Financial Group from $67.00 to $72.00 and gave the company an “equal weight” rating in a research report on Thursday, October 5th. Finally, BidaskClub downgraded shares of Principal Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $67.40.
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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