Wright Investors Service Inc. acquired a new position in shares of Principal Financial Group Inc (NYSE:PFG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,506 shares of the financial services provider’s stock, valued at approximately $319,000.
A number of other large investors have also recently bought and sold shares of PFG. FTB Advisors Inc. lifted its holdings in Principal Financial Group by 377.3% during the 1st quarter. FTB Advisors Inc. now owns 525 shares of the financial services provider’s stock worth $26,000 after buying an additional 415 shares in the last quarter. Thor Advisors LLC acquired a new position in Principal Financial Group during the 1st quarter worth $38,000. Pittenger & Anderson Inc. acquired a new position in Principal Financial Group during the 1st quarter worth $40,000. Tompkins Financial Corp acquired a new position in Principal Financial Group during the 1st quarter worth $42,000. Finally, Bremer Bank National Association acquired a new position in Principal Financial Group during the 1st quarter worth $48,000. 68.64% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have issued reports on PFG. Royal Bank of Canada upped their price objective on Principal Financial Group to $55.00 and gave the stock a “market perform” rating in a report on Monday, April 29th. Morgan Stanley upped their price objective on Principal Financial Group from $58.00 to $59.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. UBS Group reduced their price objective on Principal Financial Group from $51.00 to $50.00 and set a “sell” rating on the stock in a report on Tuesday, May 7th. Barclays set a $66.00 price objective on Principal Financial Group and gave the stock a “buy” rating in a report on Monday. Finally, Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $57.38.
Shares of PFG stock traded up $1.18 during trading hours on Friday, reaching $53.36. The company had a trading volume of 1,000,293 shares, compared to its average volume of 1,507,084. The company has a 50 day moving average of $57.58 and a 200 day moving average of $54.35. Principal Financial Group Inc has a 1-year low of $40.42 and a 1-year high of $61.12.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.12. The company had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the company earned $1.35 EPS.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 5th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.12%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.54.
About Principal Financial Group
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.
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 (NYSE:PFG).
Receive News & Ratings for Principal Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principal Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.