Candriam S.C.A. lowered its stake in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) by 83.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,177 shares of the company's stock after selling 69,862 shares during the quarter. Candriam S.C.A.'s holdings in Principal Financial Group were worth $1,277,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in PFG. Blue Trust Inc. raised its position in Principal Financial Group by 14.8% in the first quarter. Blue Trust Inc. now owns 921 shares of the company's stock worth $83,000 after acquiring an additional 119 shares during the period. Parallel Advisors LLC grew its position in shares of Principal Financial Group by 7.6% during the fourth quarter. Parallel Advisors LLC now owns 1,686 shares of the company's stock worth $149,000 after purchasing an additional 119 shares in the last quarter. Beacon Financial Group raised its position in shares of Principal Financial Group by 2.8% during the first quarter. Beacon Financial Group now owns 4,451 shares of the company's stock valued at $401,000 after buying an additional 120 shares during the last quarter. Fifth Third Bancorp increased its holdings in Principal Financial Group by 1.4% in the 4th quarter. Fifth Third Bancorp now owns 9,130 shares of the company's stock valued at $805,000 after acquiring an additional 127 shares during the last quarter. Finally, Mutual Advisors LLC grew its holdings in Principal Financial Group by 4.6% during the 4th quarter. Mutual Advisors LLC now owns 2,908 shares of the company's stock valued at $257,000 after buying an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 75.08% of the company's stock.
Insider Transactions at Principal Financial Group
In related news, insider Wee Yee Cheong sold 7,534 shares of the company's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $103.16, for a total value of $777,207.44. Following the completion of the transaction, the insider owned 66,443 shares of the company's stock, valued at approximately $6,854,259.88. This represents a 10.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel George Djurasovic sold 2,571 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total value of $259,233.93. Following the transaction, the general counsel owned 21,906 shares in the company, valued at $2,208,781.98. This trade represents a 10.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,317 shares of company stock worth $2,884,902 over the last 90 days. Insiders own 1.13% of the company's stock.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of Principal Financial Group from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, May 1st. Morgan Stanley raised their price target on shares of Principal Financial Group from $107.00 to $112.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Jefferies Financial Group upped their target price on Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a report on Friday. Piper Sandler lifted their price objective on shares of Principal Financial Group from $113.00 to $125.00 and gave the company an "overweight" rating in a report on Wednesday, June 24th. Finally, Bank of America reiterated an "underperform" rating and issued a $95.00 target price (down from $98.00) on shares of Principal Financial Group in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Principal Financial Group presently has a consensus rating of "Hold" and an average target price of $105.82.
Check Out Our Latest Stock Report on Principal Financial Group
Principal Financial Group Stock Performance
PFG opened at $112.92 on Wednesday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average of $106.50 and a two-hundred day moving average of $97.21. Principal Financial Group, Inc. has a 12-month low of $75.00 and a 12-month high of $114.90. The firm has a market capitalization of $24.39 billion, a PE ratio of 16.15, a P/E/G ratio of 1.13 and a beta of 0.88.
Principal Financial Group (NASDAQ:PFG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 EPS for the quarter, beating the consensus estimate of $2.01 by $0.06. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same period in the prior year, the company earned $1.81 earnings per share. On average, analysts anticipate that Principal Financial Group, Inc. will post 9.38 EPS for the current year.
Principal Financial Group Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Monday, June 1st were given a dividend of $0.82 per share. This is a boost from Principal Financial Group's previous quarterly dividend of $0.80. This represents a $3.28 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, June 1st. Principal Financial Group's dividend payout ratio (DPR) is 46.92%.
Principal Financial Group Company Profile
(
Free Report)
Principal Financial Group NASDAQ: PFG is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm's business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.
Principal's product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.
Read More
Want to see what other hedge funds are holding PFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Principal Financial Group, Inc. (NASDAQ:PFG - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Principal Financial Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Principal Financial Group wasn't on the list.
While Principal Financial Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Get This Free Report
