Conning Inc. lessened its holdings in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) by 10.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 98,336 shares of the company's stock after selling 11,234 shares during the quarter. Conning Inc.'s holdings in Principal Financial Group were worth $6,568,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in Principal Financial Group during the 1st quarter valued at approximately $29,000. MCF Advisors LLC acquired a new stake in Principal Financial Group during the 1st quarter worth about $32,000. Mystic Asset Management Inc. acquired a new position in shares of Principal Financial Group in the 4th quarter valued at about $35,000. Hazlett Burt & Watson Inc. acquired a new stake in Principal Financial Group during the first quarter worth about $43,000. Finally, Quent Capital LLC purchased a new position in Principal Financial Group during the fourth quarter valued at approximately $46,000. 75.12% of the stock is currently owned by institutional investors and hedge funds.
Get
Principal Financial Group alerts:
Insiders Place Their Bets
In other news, EVP Wee Yee Cheong sold 2,447 shares of Principal Financial Group stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $78.45, for a total value of $191,967.15. Following the completion of the transaction, the executive vice president now owns 34,700 shares in the company, valued at approximately $2,722,215. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Wee Yee Cheong sold 2,447 shares of the business's stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $78.45, for a total transaction of $191,967.15. Following the completion of the transaction, the executive vice president now owns 34,700 shares in the company, valued at $2,722,215. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Roberto Walker sold 9,000 shares of Principal Financial Group stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $76.95, for a total value of $692,550.00. Following the sale, the executive vice president now directly owns 34,008 shares of the company's stock, valued at $2,616,915.60. The disclosure for this sale can be found here. Insiders have sold a total of 45,422 shares of company stock worth $3,462,066 in the last ninety days. 1.17% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several equities analysts recently weighed in on the company. Credit Suisse Group lowered Principal Financial Group from an "outperform" rating to a "neutral" rating and lifted their price target for the company from $82.00 to $86.00 in a research note on Thursday, August 18th. Raymond James assumed coverage on shares of Principal Financial Group in a research note on Wednesday, September 21st. They issued a "market perform" rating on the stock. Jefferies Financial Group lifted their target price on shares of Principal Financial Group from $56.00 to $60.00 and gave the company an "underperform" rating in a research report on Thursday, September 8th. Evercore ISI raised their price target on shares of Principal Financial Group to $76.00 in a research note on Monday, August 15th. Finally, Piper Sandler cut their price objective on Principal Financial Group from $74.00 to $72.00 and set a "neutral" rating for the company in a research note on Friday, July 8th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $71.82.
Principal Financial Group Trading Up 1.8 %
PFG stock traded up $1.29 during trading on Wednesday, reaching $72.76. 26,190 shares of the stock were exchanged, compared to its average volume of 1,854,929. The firm has a market capitalization of $18.13 billion, a price-to-earnings ratio of 4.34, a P/E/G ratio of 1.86 and a beta of 1.30. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.39. The business has a 50 day moving average price of $74.71 and a 200-day moving average price of $69.46. Principal Financial Group, Inc. has a 1 year low of $61.05 and a 1 year high of $80.36.
Principal Financial Group (NASDAQ:PFG – Get Rating) last announced its earnings results on Monday, August 8th. The company reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.26. The company had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.24 billion. Principal Financial Group had a return on equity of 13.09% and a net margin of 24.69%. On average, research analysts predict that Principal Financial Group, Inc. will post 6.46 earnings per share for the current year.
Principal Financial Group Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 8th will be issued a dividend of $0.64 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $2.56 dividend on an annualized basis and a yield of 3.52%. Principal Financial Group's dividend payout ratio (DPR) is presently 15.56%.
About Principal Financial Group
(Get Rating)
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.
See Also
- Get a free copy of the StockNews.com research report on Principal Financial Group (PFG)
- Can United Natural Foods Fight Both Inflation and the Fed?
- Mullen Automotive Is Ready To Get In Gear
- Cracker Barrel: A Tasty Treat Or Bad Apple?
- Defensive Stocks For A Volatile Market
- Will UPS Be Next to Deliver a Warning?
Want to see what other hedge funds are holding PFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating).
Receive News & Ratings for Principal Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principal Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.
