Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of Principal Financial Group Inc (NYSE:PFG) by 0.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,214,593 shares of the financial services provider’s stock after selling 881 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Principal Financial Group were worth $50,454,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. CX Institutional grew its position in shares of Principal Financial Group by 414.4% in the 1st quarter. CX Institutional now owns 787 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 634 shares during the period. Westside Investment Management Inc. grew its position in shares of Principal Financial Group by 133.3% in the 2nd quarter. Westside Investment Management Inc. now owns 700 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 400 shares during the period. Capital Square LLC acquired a new position in shares of Principal Financial Group in the 1st quarter valued at approximately $31,000. Ellevest Inc. grew its position in shares of Principal Financial Group by 621.4% in the 2nd quarter. Ellevest Inc. now owns 743 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 640 shares during the period. Finally, Pearl River Capital LLC acquired a new position in shares of Principal Financial Group in the 1st quarter valued at approximately $44,000. Institutional investors own 68.64% of the company’s stock.
In related news, Director Daniel Gelatt acquired 28,148 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were bought at an average price of $35.52 per share, for a total transaction of $999,816.96. Following the purchase, the director now directly owns 187,741 shares in the company, valued at approximately $6,668,560.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company’s stock.
PFG has been the subject of several research analyst reports. Morgan Stanley boosted their price objective on Principal Financial Group from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 28th. UBS Group boosted their price objective on Principal Financial Group from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Friday, May 15th. Bank of America initiated coverage on Principal Financial Group in a research note on Monday, June 1st. They issued a “buy” rating on the stock. Royal Bank of Canada restated a “hold” rating and issued a $45.00 target price on shares of Principal Financial Group in a research note on Thursday. Finally, Goldman Sachs Group cut Principal Financial Group from a “neutral” rating to a “sell” rating and set a $38.00 target price on the stock. in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $45.50.
NYSE PFG opened at $42.43 on Friday. The stock’s 50 day moving average price is $42.29 and its two-hundred day moving average price is $41.63. Principal Financial Group Inc has a 52 week low of $23.31 and a 52 week high of $59.34.
Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.16. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the company earned $1.52 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 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 5.28%. The ex-dividend date is Monday, August 31st.
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.
Further Reading: What is Cost of Goods Sold (COGS)?
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