Principal Financial Group Inc (PFG) Shares Bought by CIBC Asset Management Inc
CIBC Asset Management Inc raised its position in shares of Principal Financial Group Inc (NYSE:PFG) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,495 shares of the financial services provider’s stock after buying an additional 93 shares during the period. CIBC Asset Management Inc’s holdings in Principal Financial Group were worth $1,633,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. Great West Life Assurance Co. Can increased its stake in Principal Financial Group by 40.1% in the second quarter. Great West Life Assurance Co. Can now owns 334,549 shares of the financial services provider’s stock worth $21,401,000 after buying an additional 95,763 shares in the last quarter. Eagle Global Advisors LLC purchased a new stake in Principal Financial Group during the second quarter worth about $207,000. DT Investment Partners LLC increased its stake in Principal Financial Group by 10.4% in the second quarter. DT Investment Partners LLC now owns 30,074 shares of the financial services provider’s stock worth $1,926,000 after buying an additional 2,832 shares in the last quarter. IBM Retirement Fund increased its stake in Principal Financial Group by 119.2% in the second quarter. IBM Retirement Fund now owns 6,562 shares of the financial services provider’s stock worth $470,000 after buying an additional 3,568 shares in the last quarter. Finally, NGAM Advisors L.P. increased its stake in Principal Financial Group by 4.1% in the second quarter. NGAM Advisors L.P. now owns 15,925 shares of the financial services provider’s stock worth $1,020,000 after buying an additional 623 shares in the last quarter. 70.45% of the stock is owned by institutional investors.
Principal Financial Group Inc (NYSE:PFG) opened at 65.99 on Thursday. The stock has a 50 day moving average price of $65.52 and a 200-day moving average price of $63.30. Principal Financial Group Inc has a 12-month low of $46.40 and a 12-month high of $67.73. The company has a market capitalization of $19.04 billion, a price-to-earnings ratio of 15.00 and a beta of 1.65.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, beating the 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 business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the prior year, the firm earned $1.15 EPS. Equities analysts predict that Principal Financial Group Inc will post $5.18 EPS for the current fiscal year.
Principal Financial Group declared that its Board of Directors has approved a share buyback plan on Wednesday, May 17th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders 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 2.85%. The ex-dividend date is Wednesday, August 30th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s dividend payout ratio is 41.82%.
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PFG has been the subject of a number of recent research reports. Deutsche Bank AG raised their target price on Principal Financial Group from $60.00 to $62.00 and gave the stock a “hold” rating in a research report on Wednesday, April 19th. Zacks Investment Research downgraded Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. Wells Fargo & Company reissued a “buy” rating on shares of Principal Financial Group in a research report on Thursday, June 29th. BidaskClub raised Principal Financial Group from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $73.00 target price on shares of Principal Financial Group in a research report on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Principal Financial Group currently has a consensus rating of “Hold” and a consensus target price of $61.22.
In other Principal Financial Group news, SVP Gregory Bernard Elming sold 30,707 shares of the stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $64.20, for a total transaction of $1,971,389.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Luis E. Valdes sold 10,375 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $64.00, for a total transaction of $664,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 355,913 shares of company stock valued at $23,099,450 in the last three months. Insiders own 1.50% of the company’s stock.
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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