Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Principal Financial Group Inc (NYSE:PFG) by 50.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,840 shares of the financial services provider’s stock after acquiring an additional 35,440 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Principal Financial Group were worth $4,397,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Westside Investment Management Inc. boosted its stake in Principal Financial Group by 133.3% during the 2nd quarter. Westside Investment Management Inc. now owns 700 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 400 shares during the period. Ellevest Inc. raised its holdings in shares of Principal Financial Group by 621.4% in the second quarter. Ellevest Inc. now owns 743 shares of the financial services provider’s stock valued at $31,000 after buying an additional 640 shares during the last quarter. CX Institutional boosted its stake in shares of Principal Financial Group by 414.4% during the first quarter. CX Institutional now owns 787 shares of the financial services provider’s stock worth $25,000 after buying an additional 634 shares during the period. Capital Square LLC purchased a new position in shares of Principal Financial Group during the first quarter worth about $31,000. Finally, Pearl River Capital LLC acquired a new position in Principal Financial Group in the 1st quarter valued at about $44,000. Hedge funds and other institutional investors own 68.64% of the company’s stock.
Several brokerages have weighed in on PFG. Morgan Stanley lifted their target price on Principal Financial Group from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 28th. Royal Bank of Canada reissued a “hold” rating and set a $45.00 price target on shares of Principal Financial Group in a report on Thursday. Goldman Sachs Group downgraded shares of Principal Financial Group from a “neutral” rating to a “sell” rating and set a $38.00 price objective for the company. in a research report on Thursday, June 18th. UBS Group increased their target price on Principal Financial Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. Finally, Bank of America started coverage on Principal Financial Group in a research note on Monday, June 1st. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Principal Financial Group presently has an average rating of “Hold” and a consensus price target of $45.50.
In related news, Director Daniel Gelatt acquired 28,148 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The stock was purchased at an average cost of $35.52 per share, for a total transaction of $999,816.96. Following the transaction, the director now directly owns 187,741 shares of the company’s stock, valued at approximately $6,668,560.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by corporate insiders.
NYSE PFG opened at $42.43 on Friday. The business has a 50 day moving average price of $42.29 and a 200 day moving average price of $41.63. Principal Financial Group Inc has a 1-year low of $23.31 and a 1-year high of $59.34.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.16. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same period last year, the firm earned $1.52 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 1st will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 5.28%. The ex-dividend date of this dividend is Monday, August 31st.
About Principal Financial Group
Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
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