Principal Financial Group Inc. (PFG) Shares Gap Down to $43.15
Principal Financial Group Inc. (NYSE:PFG) gapped down before the market opened on Thursday . The stock had previously closed at $42.86, but opened at $43.15. Principal Financial Group shares last traded at $44.21, with a volume of 663,967 shares.
PFG has been the subject of several research analyst reports. Evercore ISI initiated coverage on Principal Financial Group in a research note on Wednesday, July 6th. They set a “buy” rating and a $48.00 price target for the company. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Wednesday, April 20th. Deutsche Bank AG decreased their price objective on Principal Financial Group from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Thursday, July 7th. Morgan Stanley reiterated a “hold” rating on shares of Principal Financial Group in a report on Saturday, April 30th. Finally, Bank of America Corp. downgraded Principal Financial Group from a “buy” rating to a “neutral” rating in a report on Wednesday, June 29th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. Principal Financial Group presently has a consensus rating of “Hold” and a consensus price target of $47.23.
The stock has a market cap of $12.78 billion and a price-to-earnings ratio of 11.26. The firm’s 50 day moving average is $42.27 and its 200-day moving average is $40.62.
Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, April 28th. The company reported $0.97 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by $0.03. The company had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.88 billion. During the same period last year, the firm posted $1.09 earnings per share. The company’s revenue was up 14.8% compared to the same quarter last year. Equities analysts anticipate that Principal Financial Group Inc. will post $4.23 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Monday, June 6th were issued a $0.39 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date was Thursday, June 2nd.
In related news, insider James P. Mccaughan sold 10,000 shares of the stock in a transaction dated Thursday, April 21st. The shares were sold at an average price of $43.40, for a total value of $434,000.00. Following the completion of the transaction, the insider now owns 205,598 shares of the company’s stock, valued at approximately $8,922,953.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Gregory Bernard Elming sold 46,770 shares of the stock in a transaction dated Wednesday, June 22nd. The shares were sold at an average price of $43.73, for a total transaction of $2,045,252.10. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Principal Financial Group by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 24,297,072 shares of the company’s stock worth $1,092,882,000 after buying an additional 644,255 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Principal Financial Group by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,299,233 shares of the company’s stock worth $148,410,000 after buying an additional 73,261 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Principal Financial Group by 29.2% in the fourth quarter. Schroder Investment Management Group now owns 2,168,152 shares of the company’s stock worth $97,523,000 after buying an additional 490,584 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Principal Financial Group by 0.4% in the fourth quarter. New York State Common Retirement Fund now owns 784,450 shares of the company’s stock worth $35,285,000 after buying an additional 3,000 shares during the last quarter. Finally, Winton Capital Group Ltd increased its position in shares of Principal Financial Group by 73.1% in the fourth quarter. Winton Capital Group Ltd now owns 764,101 shares of the company’s stock worth $34,369,000 after buying an additional 322,619 shares during the last quarter.
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 services. The Company’s segments include Retirement and Income Solutions; Principal Global Investors, Principal International, and U.S.
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