Trexquant Investment LP Takes Position in Principal Financial Group Inc (PFG)
Trexquant Investment LP bought a new position in shares of Principal Financial Group Inc (NYSE:PFG) during the second quarter, Holdings Channel reports. The institutional investor bought 5,300 shares of the financial services provider’s stock, valued at approximately $340,000.
A number of other institutional investors also recently modified their holdings of PFG. Jacobi Capital Management LLC increased its position 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 during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Principal Financial Group during the first quarter worth approximately $202,000. Blair William & Co. IL bought a new position in shares of Principal Financial Group during the first quarter worth approximately $205,000. Eagle Global Advisors LLC bought a new position in shares of Principal Financial Group during the second quarter worth approximately $207,000. Finally, Washington Trust Bank increased its position in shares of Principal Financial Group by 29.3% in the first quarter. Washington Trust Bank now owns 3,336 shares of the financial services provider’s stock worth $211,000 after buying an additional 755 shares during the last quarter. Institutional investors own 70.10% of the company’s stock.
Shares of Principal Financial Group Inc (NYSE PFG) opened at 65.16 on Thursday. The stock’s 50 day moving average price is $65.76 and its 200-day moving average price is $63.53. The company has a market cap of $18.83 billion, a PE ratio of 14.81 and a beta of 1.65. Principal Financial Group Inc has a 12-month low of $46.82 and a 12-month high of $67.73.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, beating 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 business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the prior year, the firm earned $1.15 earnings per share. On average, equities research analysts forecast that Principal Financial Group Inc will post $5.18 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.47 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio is currently 41.82%.
Principal Financial Group announced that its board has authorized a stock buyback program on Wednesday, May 17th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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PFG has been the subject of a number of research reports. Zacks Investment Research upgraded Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Tuesday, August 1st. Royal Bank Of Canada restated a “buy” rating and issued 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. Wells Fargo & Company restated a “buy” rating on shares of Principal Financial Group in a research note on Thursday, June 29th. Finally, Barclays PLC lifted their target price on Principal Financial Group from $61.00 to $63.00 and gave the company an “equal weight” rating in a research note on Friday, August 11th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $61.67.
In related news, EVP Gary P. Scholten sold 21,950 shares of the stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $65.04, for a total value of $1,427,628.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Karen E. Shaff sold 38,105 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $65.05, for a total transaction of $2,478,730.25. The disclosure for this sale can be found here. Insiders sold 345,538 shares of company stock worth $22,435,450 over the last 90 days. 1.50% of the stock is currently 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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