Rockland Trust Co. Sells 28,708 Shares of Principal Financial Group Inc (PFG)
Rockland Trust Co. decreased its position in Principal Financial Group Inc (NYSE:PFG) by 84.7% during the second quarter, Holdings Channel reports. The fund owned 5,185 shares of the financial services provider’s stock after selling 28,708 shares during the period. Rockland Trust Co.’s holdings in Principal Financial Group were worth $332,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CENTRAL TRUST Co boosted its position in 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 during the last quarter. Jacobi Capital Management LLC boosted its position in 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 during the last quarter. Oppenheimer & Co. Inc. purchased a new position in Principal Financial Group during the first quarter worth approximately $202,000. Blair William & Co. IL bought a new stake in Principal Financial Group during the first quarter valued at about $205,000. Finally, Eagle Global Advisors LLC bought a new stake in Principal Financial Group during the second quarter valued at about $207,000. 70.45% of the stock is currently owned by institutional investors and hedge funds.
Shares of Principal Financial Group Inc (PFG) opened at 65.99 on Thursday. The company has a market cap of $19.04 billion, a price-to-earnings ratio of 15.00 and a beta of 1.65. Principal Financial Group Inc has a 1-year low of $46.40 and a 1-year high of $67.73. The firm’s 50-day moving average is $65.52 and its 200 day moving average is $63.30.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.09. The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Principal Financial Group had a return on equity of 13.57% and a net margin of 10.15%. During the same period last year, the business earned $1.15 earnings per share. Equities analysts expect that Principal Financial Group Inc will post $5.18 EPS for the current fiscal year.
Principal Financial Group announced that its Board of Directors has authorized 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is 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. The ex-dividend date is Wednesday, August 30th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.85%. Principal Financial Group’s dividend payout ratio (DPR) is presently 41.82%.
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PFG has been the topic of several recent analyst reports. Deutsche Bank AG upped their price target on shares of Principal Financial Group from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, April 19th. Zacks Investment Research cut shares of Principal Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Wells Fargo & Company reaffirmed a “buy” rating on shares of Principal Financial Group in a report on Thursday, June 29th. BidaskClub raised shares of Principal Financial Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $73.00 price target on shares of Principal Financial Group in a report on Wednesday, July 12th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $61.22.
In other Principal Financial Group news, EVP Karen E. Shaff sold 38,105 shares of Principal Financial Group stock in a transaction on Monday, June 12th. The stock was sold at an average price of $65.05, for a total transaction of $2,478,730.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nora Mary Everett sold 8,700 shares of Principal Financial Group stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $63.52, for a total value of $552,624.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 355,913 shares of company stock valued at $23,099,450. Company 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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