Citizens Financial Group Inc RI trimmed its holdings in shares of Principal Financial Group Inc (NYSE:PFG) by 9.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,576 shares of the financial services provider’s stock after selling 355 shares during the period. Citizens Financial Group Inc RI’s holdings in Principal Financial Group were worth $113,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. WBI Investments Inc. purchased a new stake in Principal Financial Group during the first quarter valued at about $253,000. Swiss National Bank boosted its holdings in shares of Principal Financial Group by 22.6% during the first quarter. Swiss National Bank now owns 1,077,814 shares of the financial services provider’s stock worth $33,779,000 after purchasing an additional 198,700 shares during the period. Lucia Wealth Services LLC purchased a new stake in shares of Principal Financial Group during the first quarter worth about $584,000. Aigen Investment Management LP purchased a new stake in shares of Principal Financial Group during the first quarter worth about $483,000. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Principal Financial Group by 7.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 24,120 shares of the financial services provider’s stock worth $756,000 after purchasing an additional 1,631 shares during the period. Institutional investors and hedge funds own 68.64% of the company’s stock.
PFG has been the subject of a number of analyst reports. Piper Sandler dropped their target price on shares of Principal Financial Group from $48.00 to $43.00 and set an “overweight” rating for the company in a report on Friday, April 3rd. Royal Bank of Canada reiterated a “hold” rating and set a $32.00 target price on shares of Principal Financial Group in a report on Monday, April 27th. UBS Group increased their target price on shares of Principal Financial Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Finally, Morgan Stanley dropped 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 report on Tuesday, March 17th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $46.00.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.02. The company had revenue of $4.43 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter last year, the business earned $1.43 earnings per share.
Principal Financial Group declared that its Board of Directors has authorized a share buyback plan on Tuesday, February 25th that allows the company to buyback $900.00 million in shares. This buyback authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Monday, June 1st will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.07%. The ex-dividend date of this dividend is Friday, May 29th.
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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