Conning Inc. Sells 35,796 Shares of Principal Financial Group, Inc. $PFG

Conning Inc. trimmed its stake in Principal Financial Group, Inc. (NYSE:PFG) by 8.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 409,864 shares of the company’s stock after selling 35,796 shares during the period. Conning Inc.’s holdings in Principal Financial Group were worth $33,982,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new stake in Principal Financial Group in the first quarter worth about $244,000. NewEdge Advisors LLC raised its position in shares of Principal Financial Group by 24.1% in the 1st quarter. NewEdge Advisors LLC now owns 7,503 shares of the company’s stock worth $633,000 after acquiring an additional 1,455 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of Principal Financial Group by 11.9% in the 1st quarter. Empowered Funds LLC now owns 4,678 shares of the company’s stock valued at $395,000 after purchasing an additional 497 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Principal Financial Group by 7.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,889 shares of the company’s stock valued at $159,000 after purchasing an additional 134 shares in the last quarter. Finally, Voya Investment Management LLC grew its stake in Principal Financial Group by 6.1% in the first quarter. Voya Investment Management LLC now owns 65,972 shares of the company’s stock worth $5,566,000 after purchasing an additional 3,771 shares during the period. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Trading Up 2.5%

Shares of NYSE PFG opened at $91.21 on Thursday. The firm’s 50 day moving average price is $87.27 and its 200-day moving average price is $82.77. Principal Financial Group, Inc. has a 52-week low of $68.39 and a 52-week high of $92.51. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. The company has a market cap of $20.32 billion, a PE ratio of 13.65, a P/E/G ratio of 0.76 and a beta of 0.89.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Monday, October 27th. The company reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.12. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same period last year, the company posted $2.05 earnings per share. On average, equities research analysts expect that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Wednesday, December 3rd were issued a dividend of $0.79 per share. The ex-dividend date of this dividend was Wednesday, December 3rd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.78. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.5%. Principal Financial Group’s dividend payout ratio is currently 46.00%.

Insider Buying and Selling at Principal Financial Group

In other news, CEO Deanna D. Strable-Soethout sold 300 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $92.50, for a total transaction of $27,750.00. Following the sale, the chief executive officer owned 62,252 shares of the company’s stock, valued at $5,758,310. This trade represents a 0.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Wee Yee Cheong sold 1,887 shares of Principal Financial Group stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $85.04, for a total transaction of $160,470.48. Following the completion of the sale, the executive vice president owned 81,421 shares of the company’s stock, valued at $6,924,041.84. This represents a 2.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $103.00 price objective on shares of Principal Financial Group in a research report on Monday, January 5th. Evercore ISI lifted their price target on shares of Principal Financial Group from $92.00 to $94.00 and gave the company an “in-line” rating in a research report on Thursday, October 9th. Keefe, Bruyette & Woods upped their price objective on shares of Principal Financial Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a report on Thursday, October 30th. Wells Fargo & Company lifted their target price on shares of Principal Financial Group from $74.00 to $85.00 and gave the company an “underweight” rating in a report on Tuesday. Finally, Barclays restated an “underweight” rating and issued a $85.00 price target on shares of Principal Financial Group in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $92.70.

Principal Financial Group Company Profile

Principal Financial Group, commonly known as Principal, is a global financial services company headquartered in Des Moines, Iowa. The firm provides a broad range of retirement, investment management and insurance solutions for individual, employer and institutional clients. Its core businesses include retirement plan services and recordkeeping, asset management, and life and disability insurance, supported by distribution through employers, financial advisors and direct channels.

On the retirement side, Principal offers 401(k) and other workplace retirement plans, individual retirement accounts and annuity products designed to help clients accumulate and manage retirement savings.