Principal Financial Group Inc (NYSE:PFG) Director Daniel Gelatt acquired 28,148 shares of Principal Financial Group stock in a transaction on Friday, June 26th. The shares were bought at an average cost of $35.52 per share, with a total value of $999,816.96. Following the completion of the transaction, the director now owns 187,741 shares of the company's stock, valued at $6,668,560.32. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.
PFG stock traded up $1.19 during midday trading on Tuesday, reaching $41.54. The company had a trading volume of 2,154,409 shares, compared to its average volume of 1,896,703. The stock has a 50 day moving average price of $40.03 and a 200-day moving average price of $43.50. Principal Financial Group Inc has a 1-year low of $23.31 and a 1-year high of $60.81.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.15 EPS for the quarter, beating the Zacks' consensus estimate of $1.13 by $0.02. The company had revenue of $4.43 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the firm earned $1.43 EPS.
The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Monday, June 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 5.39%. The ex-dividend date was Friday, May 29th.
PFG has been the subject of a number of research analyst reports. Piper Sandler reduced their price objective on shares of Principal Financial Group from $48.00 to $43.00 and set an "overweight" rating for the company in a research report on Friday, April 3rd. Morgan Stanley reduced their target price on shares of Principal Financial Group from $57.00 to $37.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 17th. Bank of America started coverage on shares of Principal Financial Group in a research report on Monday, June 1st. They issued a "buy" rating for the company. Goldman Sachs Group cut shares of Principal Financial Group from a "neutral" rating to a "sell" rating and set a $38.00 target price for the company. in a research report on Thursday, June 18th. Finally, UBS Group boosted their target price on shares of Principal Financial Group from $35.00 to $36.00 and gave the company a "neutral" rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Principal Financial Group has a consensus rating of "Hold" and a consensus price target of $44.86.
Hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in Principal Financial Group during the fourth quarter worth about $160,377,000. Prudential PLC acquired a new position in Principal Financial Group during the first quarter worth about $50,645,000. Capital Research Global Investors raised its stake in Principal Financial Group by 4.8% during the fourth quarter. Capital Research Global Investors now owns 14,274,750 shares of the financial services provider's stock worth $785,111,000 after acquiring an additional 658,772 shares in the last quarter. Squarepoint Ops LLC raised its stake in Principal Financial Group by 1,041.8% during the first quarter. Squarepoint Ops LLC now owns 499,995 shares of the financial services provider's stock worth $15,670,000 after acquiring an additional 456,206 shares in the last quarter. Finally, Prana Capital Management LP acquired a new position in Principal Financial Group during the fourth quarter worth about $20,937,000. 68.64% of the stock is owned by institutional investors and hedge funds.
Principal Financial Group Company Profile
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.
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5 Oil Stocks That May Not Survive the Current Crisis
What would you think of the long-term prospects of a business that paid you to buy their products? That’s an oversimplification of what occurred to the May futures contract for oil on April 20. The price for that contract sold for a negative price for the first time in history.
The crisis befalling the oil companies at this time can best be described as “only the strongest survive.” There’s just no way the oil companies can possibly handle month after month of rock-bottom oil prices.
The problem is almost comically simple to understand. There is a massively reduced demand for oil as millions of Americans are following mitigation orders ranging from social distancing guidelines to more restrictive shelter in place orders. At the same time, the market is trying to absorb the oversupply of oil that came from Russia and Saudi Arabia.
However, when the year started, things looked like it might be business as usual for oil producers. The U.S. economy was humming along and there was talk that the second half of the year might finally bring the boost to oil prices that many companies badly needed.
However, since the middle of February, the bottom has dropped out of the market in general, and oil prices have been one of the main sectors to feel the impact.
Initially, investors tried to remain optimistic. A month ago, investors thought that the economy might be reopening sooner rather than later. However, the exact timing of the reopening is about as fluid as a barrel of oil. And with it looking more likely that there will be more demand destruction at least through May, there’s very little to prop up the stock of any oil companies.
And that means that, in all likelihood, there will not be room left for some oil companies. We’ve highlighted five oil stocks that have a strong probability of not surviving the chaos surrounding the coronavirus and our nation’s response.
View the "5 Oil Stocks That May Not Survive the Current Crisis".