New Mexico Educational Retirement Board lowered its position in Principal Financial Group Inc (NYSE:PFG) by 8.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,904 shares of the financial services provider’s stock after selling 2,200 shares during the period. New Mexico Educational Retirement Board’s holdings in Principal Financial Group were worth $1,662,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. CENTRAL TRUST Co raised its stake 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 in the last quarter. Jacobi Capital Management LLC raised its stake 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 in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Principal Financial Group during the first quarter worth approximately $202,000. Blair William & Co. IL acquired a new stake in Principal Financial Group during the first quarter worth approximately $205,000. Finally, Eagle Global Advisors LLC acquired a new stake in Principal Financial Group during the second quarter worth approximately $207,000. 70.45% of the stock is currently owned by institutional investors.

Principal Financial Group Inc (PFG) opened at 64.32 on Friday. The firm has a 50-day moving average price of $65.58 and a 200-day moving average price of $63.36. Principal Financial Group Inc has a 1-year low of $46.78 and a 1-year high of $67.73. The company has a market capitalization of $18.59 billion, a P/E ratio of 14.62 and a beta of 1.65.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.09. Principal Financial Group had a return on equity of 11.40% and a net margin of 9.86%. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the prior year, the business earned $1.15 EPS. On average, analysts forecast that Principal Financial Group Inc will post $5.18 EPS for the current fiscal year.

Principal Financial Group declared that its board has authorized a share repurchase program on Wednesday, May 17th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.47 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio is 41.82%.

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A number of brokerages recently issued reports on PFG. Zacks Investment Research lowered Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. 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. BidaskClub raised Principal Financial Group from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Deutsche Bank AG lifted their target price on Principal Financial Group from $60.00 to $62.00 and gave the company a “hold” rating in a research report on Wednesday, April 19th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $68.00 target price on shares of Principal Financial Group in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $61.67.

In related news, insider James P. Mccaughan sold 60,817 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $66.98, for a total transaction of $4,073,522.66. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Gregory Bernard Elming sold 30,707 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $64.20, for a total value of $1,971,389.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 355,913 shares of company stock worth $23,099,450. 1.50% of the stock is owned by company 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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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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