Avantax Advisory Services Inc. purchased a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) during the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 2,998 shares of the company’s stock, valued at approximately $220,000.
Several other hedge funds have also made changes to their positions in PFG. Riverview Trust Co acquired a new stake in Principal Financial Group in the first quarter valued at approximately $29,000. Clarius Group LLC raised its holdings in Principal Financial Group by 6.4% in the fourth quarter. Clarius Group LLC now owns 4,040 shares of the company’s stock valued at $292,000 after acquiring an additional 242 shares in the last quarter. City State Bank acquired a new stake in Principal Financial Group in the fourth quarter valued at approximately $639,000. Hilltop Holdings Inc. raised its holdings in Principal Financial Group by 22.1% in the fourth quarter. Hilltop Holdings Inc. now owns 5,426 shares of the company’s stock valued at $392,000 after acquiring an additional 982 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in Principal Financial Group by 13.2% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 116,323 shares of the company’s stock valued at $8,516,000 after acquiring an additional 13,532 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.
Analyst Ratings Changes
A number of analysts have weighed in on the stock. Citigroup assumed coverage on shares of Principal Financial Group in a report on Monday, May 23rd. They set a “sell” rating and a $63.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on shares of Principal Financial Group from $72.00 to $69.00 in a report on Monday, July 11th. Evercore ISI cut their price objective on shares of Principal Financial Group from $78.00 to $72.00 and set an “in-line” rating on the stock in a report on Wednesday, July 6th. Morgan Stanley cut their price objective on shares of Principal Financial Group from $72.00 to $65.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 6th. Finally, Royal Bank of Canada cut their price objective on shares of Principal Financial Group from $79.00 to $70.00 in a report on Monday, July 11th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $69.40.
Insider Activity at Principal Financial Group
In other Principal Financial Group news, EVP Wee Yee Cheong sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $71.00, for a total transaction of $710,000.00. Following the sale, the executive vice president now directly owns 37,093 shares in the company, valued at approximately $2,633,603. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.17% of the stock is currently owned by insiders.Principal Financial Group Stock Performance
NASDAQ:PFG opened at $64.67 on Friday. The firm’s fifty day moving average price is $67.75 and its 200 day moving average price is $70.72. Principal Financial Group, Inc. has a 1-year low of $60.61 and a 1-year high of $80.36. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.10 and a quick ratio of 0.10. The firm has a market cap of $16.34 billion, a price-to-earnings ratio of 11.09, a price-to-earnings-growth ratio of 2.17 and a beta of 1.43.
Principal Financial Group (NASDAQ:PFG – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.12. Principal Financial Group had a net margin of 11.08% and a return on equity of 12.25%. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period last year, the firm posted $1.53 EPS. On average, sell-side analysts expect that Principal Financial Group, Inc. will post 6.11 EPS for the current year.
Principal Financial Group Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Thursday, June 2nd were given a $0.64 dividend. The ex-dividend date was Wednesday, June 1st. This represents a $2.56 dividend on an annualized basis and a yield of 3.96%. Principal Financial Group’s dividend payout ratio (DPR) is 43.91%.
About Principal Financial Group
Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
See Also
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Avantax Advisory Services Inc. Invests $220000 in Principal Financial Group, Inc. (NASDAQ:PFG) - Defense World
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