Allianz Asset Management GmbH grew its position in Principal Financial Group Inc (NYSE:PFG) by 29.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,607,888 shares of the financial services provider’s stock after purchasing an additional 365,068 shares during the period. Allianz Asset Management GmbH owned approximately 0.56% of Principal Financial Group worth $103,451,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. NGAM Advisors L.P. raised its holdings in Principal Financial Group by 4.1% during the second quarter. NGAM Advisors L.P. now owns 15,925 shares of the financial services provider’s stock worth $1,020,000 after acquiring an additional 623 shares in the last quarter. Eagle Global Advisors LLC bought a new stake in Principal Financial Group during the second quarter worth about $207,000. CIBC Asset Management Inc raised its holdings in Principal Financial Group by 0.4% during the second quarter. CIBC Asset Management Inc now owns 25,495 shares of the financial services provider’s stock worth $1,633,000 after acquiring an additional 93 shares in the last quarter. Candriam Luxembourg S.C.A. raised its holdings in Principal Financial Group by 12.5% during the second quarter. Candriam Luxembourg S.C.A. now owns 40,070 shares of the financial services provider’s stock worth $2,567,000 after acquiring an additional 4,465 shares in the last quarter. Finally, Korea Investment CORP raised its holdings in Principal Financial Group by 0.9% during the second quarter. Korea Investment CORP now owns 154,370 shares of the financial services provider’s stock worth $9,890,000 after acquiring an additional 1,367 shares in the last quarter. Institutional investors own 68.81% of the company’s stock.
In other Principal Financial Group news, insider James P. Mccaughan sold 6,193 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $62.33, for a total transaction of $386,009.69. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Nora Mary Everett sold 12,398 shares of the company’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $68.00, for a total value of $843,064.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,606 shares of company stock worth $13,630,935. Company insiders own 1.50% of the company’s stock.
Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, October 26th. The financial services provider reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.02). The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.12 billion. Principal Financial Group had a return on equity of 13.55% and a net margin of 12.35%. During the same period last year, the firm earned $1.15 EPS. equities analysts forecast that Principal Financial Group Inc will post 5.22 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Monday, December 4th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Friday, December 1st. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.47. Principal Financial Group’s payout ratio is 32.13%.
PFG has been the topic of several analyst reports. Zacks Investment Research upgraded Principal Financial Group from a “sell” rating to a “hold” rating and set a $73.00 target price on the stock in a report on Monday, October 2nd. Wells Fargo & Company set a $76.00 target price on Principal Financial Group and gave the stock a “buy” rating in a report on Wednesday, October 18th. Goldman Sachs Group initiated coverage on Principal Financial Group in a report on Wednesday, October 18th. They set a “neutral” rating and a $70.00 target price on the stock. Morgan Stanley upped their target price on Principal Financial Group from $67.00 to $72.00 and gave the stock an “equal weight” rating in a report on Thursday, October 5th. Finally, Barclays upped their target price on Principal Financial Group from $61.00 to $63.00 and gave the stock an “equal weight” rating in a report on Friday, August 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $67.40.
Principal Financial Group Profile
Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.
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