Palisade Asset Management LLC increased its stake in shares of Principal Financial Group Inc (NYSE:PFG) by 4.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 118,356 shares of the financial services provider’s stock after acquiring an additional 5,220 shares during the quarter. Palisade Asset Management LLC’s holdings in Principal Financial Group were worth $6,763,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in PFG. Advisor Partners LLC increased its holdings in Principal Financial Group by 9.5% in the 3rd quarter. Advisor Partners LLC now owns 11,521 shares of the financial services provider’s stock valued at $658,000 after buying an additional 1,004 shares during the period. Strategic Blueprint LLC bought a new stake in Principal Financial Group in the 3rd quarter valued at $26,000. Edmp Inc. increased its holdings in Principal Financial Group by 48.3% in the 3rd quarter. Edmp Inc. now owns 39,518 shares of the financial services provider’s stock valued at $2,206,000 after buying an additional 12,878 shares during the period. Assenagon Asset Management S.A. bought a new stake in Principal Financial Group in the 3rd quarter valued at $626,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Principal Financial Group by 15.1% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,988 shares of the financial services provider’s stock valued at $970,000 after buying an additional 2,224 shares during the period. 68.64% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a report on Tuesday, July 2nd. Barclays set a $66.00 target price on shares of Principal Financial Group and gave the company a “buy” rating in a research note on Monday, August 12th. Morgan Stanley reduced their target price on shares of Principal Financial Group from $59.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 20th. Finally, UBS Group reduced their target price on shares of Principal Financial Group from $49.00 to $48.00 and set a “sell” rating on the stock in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Principal Financial Group has a consensus rating of “Hold” and an average target price of $56.33.
Shares of NYSE:PFG traded up $0.25 on Thursday, hitting $55.65. The stock had a trading volume of 11,420 shares, compared to its average volume of 1,397,824. Principal Financial Group Inc has a twelve month low of $40.42 and a twelve month high of $60.81. The firm’s 50 day moving average price is $55.30 and its 200-day moving average price is $55.59.
Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, July 25th. The financial services provider reported $1.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.12. The firm had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same quarter in the prior year, the firm posted $1.35 EPS.
The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Thursday, September 5th were given a dividend of $0.55 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.54. The ex-dividend date was Wednesday, September 4th. This represents a $2.20 annualized dividend and a yield of 3.95%.
In related news, EVP Julia M. Lawler sold 1,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $57.99, for a total transaction of $57,990.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 3,000 shares of company stock worth $168,500. 1.50% of the stock is owned by corporate insiders.
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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