Public Sector Pension Investment Board reduced its position in Principal Financial Group Inc (NYSE:PFG) by 40.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,238 shares of the financial services provider’s stock after selling 43,238 shares during the quarter. Public Sector Pension Investment Board’s holdings in Principal Financial Group were worth $3,533,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. OLD Republic International Corp boosted its stake in shares of Principal Financial Group by 74.5% in the fourth quarter. OLD Republic International Corp now owns 665,000 shares of the financial services provider’s stock worth $36,575,000 after acquiring an additional 284,000 shares during the last quarter. Mairs & Power INC raised its position in Principal Financial Group by 9.6% in the fourth quarter. Mairs & Power INC now owns 3,152,237 shares of the financial services provider’s stock worth $173,373,000 after purchasing an additional 276,352 shares in the last quarter. State Street Corp raised its position in Principal Financial Group by 1.9% in the fourth quarter. State Street Corp now owns 12,876,446 shares of the financial services provider’s stock worth $708,205,000 after purchasing an additional 241,394 shares in the last quarter. First Trust Advisors LP raised its position in Principal Financial Group by 28.1% in the fourth quarter. First Trust Advisors LP now owns 1,027,954 shares of the financial services provider’s stock worth $56,537,000 after purchasing an additional 225,502 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in Principal Financial Group during the third quarter worth about $8,998,000. 68.64% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on the stock. Piper Sandler decreased their price objective on shares of Principal Financial Group from $62.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 10th. Morgan Stanley decreased their price objective on shares of Principal Financial Group from $57.00 to $37.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $52.67.
Shares of PFG stock traded up $1.25 during mid-day trading on Thursday, reaching $33.84. 192,919 shares of the company’s stock traded hands, compared to its average volume of 1,789,193. Principal Financial Group Inc has a 12 month low of $23.31 and a 12 month high of $60.81. The company’s 50-day moving average price is $44.85 and its 200-day moving average price is $52.57.
Principal Financial Group (NYSE:PFG) last announced its earnings results on Tuesday, January 28th. The financial services provider reported $1.41 EPS for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.02. The business had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter last year, the firm posted $1.11 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Monday, March 2nd will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 6.62%. The ex-dividend date of this dividend is Friday, February 28th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.55.
Principal Financial Group declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, February 25th that authorizes the company to buyback $900.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Principal Financial Group Company Profile
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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