Cigna Investments Inc. New increased its stake in Principal Financial Group Inc (NYSE:PFG) by 41.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,557 shares of the financial services provider’s stock after buying an additional 5,445 shares during the quarter. Cigna Investments Inc. New’s holdings in Principal Financial Group were worth $1,130,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. New Mexico Educational Retirement Board lifted its position in Principal Financial Group by 3.6% in the fourth quarter. New Mexico Educational Retirement Board now owns 25,804 shares of the financial services provider’s stock worth $1,821,000 after buying an additional 900 shares during the last quarter. Goelzer Investment Management Inc. lifted its position in Principal Financial Group by 0.5% in the fourth quarter. Goelzer Investment Management Inc. now owns 184,495 shares of the financial services provider’s stock worth $13,018,000 after buying an additional 957 shares during the last quarter. Citizens Financial Group Inc RI lifted its position in shares of Principal Financial Group by 0.7% during the fourth quarter. Citizens Financial Group Inc RI now owns 157,190 shares of the financial services provider’s stock worth $11,092,000 after purchasing an additional 1,020 shares during the last quarter. Everence Capital Management Inc. lifted its position in shares of Principal Financial Group by 16.8% during the fourth quarter. Everence Capital Management Inc. now owns 7,591 shares of the financial services provider’s stock worth $536,000 after purchasing an additional 1,091 shares during the last quarter. Finally, Advisor Group Inc. lifted its position in shares of Principal Financial Group by 2.6% during the fourth quarter. Advisor Group Inc. now owns 45,893 shares of the financial services provider’s stock worth $3,239,000 after purchasing an additional 1,155 shares during the last quarter. Institutional investors own 68.64% of the company’s stock.
In other Principal Financial Group news, insider Luis E. Valdes sold 27,662 shares of Principal Financial Group stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $64.02, for a total value of $1,770,921.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.50% of the stock is owned by insiders.
PFG has been the subject of several research analyst reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $76.00 target price on shares of Principal Financial Group in a research report on Wednesday, January 31st. Credit Suisse Group initiated coverage on Principal Financial Group in a research report on Wednesday, April 25th. They set a “neutral” rating and a $62.00 target price for the company. Wells Fargo reiterated a “hold” rating and set a $68.00 target price on shares of Principal Financial Group in a research report on Thursday, April 26th. Morgan Stanley decreased their target price on Principal Financial Group from $79.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday, April 5th. Finally, Zacks Investment Research lowered Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Monday, January 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. Principal Financial Group presently has a consensus rating of “Hold” and an average price target of $71.18.
Principal Financial Group opened at $59.18 on Tuesday, according to Marketbeat. Principal Financial Group Inc has a 1 year low of $54.89 and a 1 year high of $75.58. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.10 and a current ratio of 0.10.
Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, April 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.05. Principal Financial Group had a return on equity of 13.55% and a net margin of 12.35%. The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same quarter in the previous year, the firm earned $1.27 earnings per share. equities research analysts predict that Principal Financial Group Inc will post 5.22 earnings per share for the current year.
Principal Financial Group declared that its board has initiated a stock repurchase plan on Monday, May 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 1.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Monday, June 4th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Friday, June 1st. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.51.
Principal Financial Group Company 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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