Principal Financial Group Inc (NYSE:PFG) insider Amy Christine Friedrich sold 900 shares of the stock in a transaction that occurred on Thursday, January 17th. The stock was sold at an average price of $49.00, for a total value of $44,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
NYSE:PFG traded down $0.13 during trading hours on Friday, reaching $47.83. 1,659,156 shares of the stock were exchanged, compared to its average volume of 1,844,224. Principal Financial Group Inc has a twelve month low of $40.42 and a twelve month high of $64.87.
Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Tuesday, January 29th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.18). The firm had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.66 billion. During the same quarter in the prior year, the firm posted $1.19 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Monday, March 4th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 4.52%. The ex-dividend date is Friday, March 1st.
Principal Financial Group announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 27th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in shares of Principal Financial Group by 8.2% in the third quarter. The Manufacturers Life Insurance Company now owns 271,170 shares of the financial services provider’s stock valued at $15,888,000 after acquiring an additional 20,557 shares in the last quarter. Gulf International Bank UK Ltd raised its stake in Principal Financial Group by 3.4% in the third quarter. Gulf International Bank UK Ltd now owns 96,902 shares of the financial services provider’s stock valued at $5,677,000 after buying an additional 3,200 shares in the last quarter. Conning Inc. raised its stake in Principal Financial Group by 10.1% in the third quarter. Conning Inc. now owns 790,207 shares of the financial services provider’s stock valued at $46,298,000 after buying an additional 72,347 shares in the last quarter. Iowa State Bank raised its stake in Principal Financial Group by 2.2% in the third quarter. Iowa State Bank now owns 92,714 shares of the financial services provider’s stock valued at $5,432,000 after buying an additional 1,997 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in Principal Financial Group by 4.8% in the fourth quarter. Wedge Capital Management L L P NC now owns 587,573 shares of the financial services provider’s stock valued at $25,953,000 after buying an additional 27,010 shares in the last quarter. Institutional investors and hedge funds own 68.64% of the company’s stock.
Several research analysts recently weighed in on the company. Zacks Investment Research lowered Principal Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, December 31st. TheStreet cut Principal Financial Group from a “b-” rating to a “c+” rating in a research note on Thursday, December 20th. Morgan Stanley decreased 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. UBS Group cut Principal Financial Group from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 5th. Finally, Royal Bank of Canada cut Principal Financial Group from an “outperform” rating to a “sector perform” rating and set a $49.00 price target on the stock. in a research note on Tuesday, December 11th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $59.64.
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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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