Avantax Advisory Services Inc. bought a new stock position in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) during Q1, Holdings Channel.com reports. The institutional investor purchased 2,998 shares of the company, valued at around $220,000.
Several other hedge funds also changed 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 increased its stake in Principal Financial Group by 6.4% in the fourth quarter. Clarius Group LLC now owns 4,040 shares of the company valued at $292,000 after acquiring 242 additional shares in the last quarter. City State Bank acquired a new stake in Principal Financial Group in the fourth quarter worth approximately $639,000. Hilltop Holdings Inc. increased its holdings in Principal Financial Group by 22.1% in the fourth quarter. Hilltop Holdings Inc. now owns 5,426 shares of the company valued at $392,000 after acquiring 982 additional shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased 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 valued at $8,516,000 after acquiring an additional 13,532 shares last quarter. Institutional investors and hedge funds hold 77.69% of the company’s shares.
Changes to analyst ratings
A number of analysts have weighed in on the stock. Citigroup assumed coverage for Principal Financial Group shares in a Monday, May 23, report. They set a rating of “sell” and a price target of $63.00 on the stock. JPMorgan Chase & Co. cut its price target on Principal Financial Group shares from $72.00 to $69.00 in a Monday, July 11 report. Evercore ISI cut its price target on Principal Financial Group shares from $78.00 to $72.00 and set an “in-line” rating on the stock in a Wednesday, July 6 report. Morgan Stanley cut its price target on shares of Principal Financial Group from $72.00 to $65.00 and set an “equal weight” rating on the stock in a Wednesday, July 6 report. Finally, Royal Bank of Canada cut its price target on shares of Principal Financial Group from $79.00 to $70.00 in a Monday, July 11 report. Three investment analysts gave the stock a sell rating, five gave the stock a hold rating and one gave the stock a buy rating. 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, Executive Vice President Wee Yee Cheong sold 10,000 shares of the company in a trade on Wednesday, May 25. 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 of the company, valued at approximately $2,633,603. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. 1.17% of the shares are currently held by insiders.
Performance of shares of the main financial group
NASDAQ:PFG opened at $64.67 on Friday. The company’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 ratio of 0.36, a current ratio of 0.10 and a quick ratio of 0.10. The company has a market cap of $16.34 billion, a price-to-earnings ratio of 11.09, a growth price-to-earnings ratio of 2.17, and a beta of 1.43.
Principal Financial Group (NASDAQ:PFG – Get Rating) last released its quarterly earnings data on Thursday, April 28. The company reported earnings per share of $1.63 for the quarter, beating consensus analyst estimates of $1.51 by $0.12. Principal Financial Group posted a net margin of 11.08% and a return on equity of 12.25%. The company posted revenue of $3.27 billion for the quarter, versus analyst estimates of $3.57 billion. During the same period last year, the company posted EPS of $1.53. On average, sell-side analysts expect Principal Financial Group, Inc. to post 6.11 EPS for the current year.
Announcement of dividends from the main financial group
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 24. Investors of record on Thursday, June 2 received a dividend of $0.64. The ex-dividend date was Wednesday, June 1. This represents a dividend of $2.56 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
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Principal Financial Group, Inc provides retirement, asset management and insurance products and services to corporate, individual and institutional clients worldwide. The Company operates through Retirement and Income Solutions, Principal Global Investors, Principal International and US Insurance Solutions segments.
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