Goelzer Investment Management Inc. Sells 1,283 Shares of Principal Financial Group Inc (PFG)
Goelzer Investment Management Inc. decreased its position in shares of Principal Financial Group Inc (NYSE:PFG) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 184,574 shares of the financial services provider’s stock after selling 1,283 shares during the period. Principal Financial Group comprises approximately 1.4% of Goelzer Investment Management Inc.’s investment portfolio, making the stock its 9th largest position. Goelzer Investment Management Inc.’s holdings in Principal Financial Group were worth $11,826,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the stock. CENTRAL TRUST Co raised its stake in shares of Principal Financial Group by 2.4% in the first quarter. CENTRAL TRUST Co now owns 2,176 shares of the financial services provider’s stock worth $137,000 after buying an additional 52 shares in the last quarter. Jacobi Capital Management LLC raised its stake in shares of Principal Financial Group by 291.1% in the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock worth $167,000 after buying an additional 2,003 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Principal Financial Group during the first quarter worth $202,000. Blair William & Co. IL bought a new stake in shares of Principal Financial Group during the first quarter worth $205,000. Finally, Eagle Global Advisors LLC bought a new stake in shares of Principal Financial Group during the second quarter worth $207,000. Institutional investors and hedge funds own 70.45% of the company’s stock.
Shares of Principal Financial Group Inc (NYSE:PFG) opened at 67.04 on Monday. The stock has a 50 day moving average price of $65.33 and a 200 day moving average price of $63.03. The stock has a market capitalization of $19.35 billion, a price-to-earnings ratio of 15.24 and a beta of 1.65. Principal Financial Group Inc has a 1-year low of $46.36 and a 1-year high of $67.73.
Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, July 27th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.09. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter last year, the company posted $1.15 earnings per share. Equities research analysts anticipate that Principal Financial Group Inc will post $5.18 EPS for the current year.
Principal Financial Group declared that its board has authorized a share repurchase plan on Wednesday, May 17th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 1.4% of its shares through open market purchases. Shares repurchase 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, September 29th. Investors of record on Friday, September 1st will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s dividend payout ratio (DPR) is 41.82%.
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A number of equities research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd. Royal Bank Of Canada reiterated a “buy” rating and set a $73.00 target price on shares of Principal Financial Group in a research note on Wednesday, July 12th. BidaskClub upgraded Principal Financial Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Deutsche Bank AG upped their price objective on Principal Financial Group from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, April 19th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $68.00 price objective on shares of Principal Financial Group in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, five 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 target price of $61.22.
In related news, EVP Gary P. Scholten sold 21,950 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $65.04, for a total transaction of $1,427,628.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nora Mary Everett sold 8,700 shares of the firm’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $63.52, for a total transaction of $552,624.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 295,096 shares of company stock valued at $19,025,927. 1.50% of the stock is currently owned by corporate insiders.
About Principal Financial Group
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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