WEALTHFRONT Corp boosted its position in shares of Principal Financial Group Inc (NYSE:PFG) by 63.5% in the third quarter, Holdings Channel reports. The firm owned 19,907 shares of the financial services provider’s stock after purchasing an additional 7,731 shares during the period. WEALTHFRONT Corp’s holdings in Principal Financial Group were worth $1,166,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PFG. Janney Montgomery Scott LLC boosted its holdings in shares of Principal Financial Group by 4.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 24,806 shares of the financial services provider’s stock worth $1,453,000 after acquiring an additional 1,095 shares in the last quarter. BB&T Securities LLC lifted its stake in shares of Principal Financial Group by 21.1% in the 2nd quarter. BB&T Securities LLC now owns 6,390 shares of the financial services provider’s stock valued at $338,000 after purchasing an additional 1,112 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Principal Financial Group by 2.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 45,875 shares of the financial services provider’s stock valued at $2,429,000 after purchasing an additional 1,166 shares during the period. Nissay Asset Management Corp Japan ADV lifted its stake in shares of Principal Financial Group by 6.7% in the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 20,094 shares of the financial services provider’s stock valued at $1,064,000 after purchasing an additional 1,269 shares during the period. Finally, Homrich & Berg lifted its stake in shares of Principal Financial Group by 9.4% in the 3rd quarter. Homrich & Berg now owns 14,835 shares of the financial services provider’s stock valued at $869,000 after purchasing an additional 1,280 shares during the period. 68.64% of the stock is owned by hedge funds and other institutional investors.
PFG has been the topic of a number of analyst reports. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Wednesday, September 26th. Morgan Stanley cut their price target on Principal Financial Group from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 13th. Deutsche Bank initiated coverage on Principal Financial Group in a research note on Tuesday, October 16th. They issued a “hold” rating and a $61.00 price target on the stock. UBS Group increased their price target on Principal Financial Group from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Monday, October 8th. Finally, Credit Suisse Group cut their price target on Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating on the stock in a research note on Friday, August 17th. Nine research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $64.70.
PFG opened at $44.40 on Friday. Principal Financial Group Inc has a 12 month low of $43.77 and a 12 month high of $75.58.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $1.67 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.67. The firm had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $3.86 billion.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Monday, December 3rd will be given a $0.54 dividend. The ex-dividend date is Friday, November 30th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.86%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.53.
Principal Financial Group declared that its board has initiated a share buyback program on Tuesday, November 27th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In other Principal Financial Group news, insider Amy Christine Friedrich sold 1,700 shares of the stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $61.00, for a total transaction of $103,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel Gelatt bought 25,000 shares of the stock in a transaction on Monday, November 5th. The shares were purchased at an average price of $48.10 per share, with a total value of $1,202,500.00. Following the acquisition, the director now owns 138,694 shares in the company, valued at approximately $6,671,181.40. The disclosure for this purchase can be found here. 1.50% of the stock is owned by corporate insiders.
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About Principal Financial Group
Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. It operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
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