Westpac Banking Corp boosted its stake in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) by 2.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 23,648 shares of the company’s stock after purchasing an additional 531 shares during the period. Westpac Banking Corp’s holdings in Principal Financial Group were worth $1,985,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Principal Financial Group by 175.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,732 shares of the company’s stock worth $1,063,000 after acquiring an additional 9,377 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Principal Financial Group by 58.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 132,677 shares of the company’s stock valued at $9,573,000 after buying an additional 48,750 shares during the last quarter. CAPROCK Group Inc. raised its holdings in shares of Principal Financial Group by 4.1% in the third quarter. CAPROCK Group Inc. now owns 3,645 shares of the company’s stock valued at $263,000 after buying an additional 143 shares during the last quarter. Balentine LLC raised its holdings in shares of Principal Financial Group by 4.6% in the fourth quarter. Balentine LLC now owns 10,178 shares of the company’s stock valued at $854,000 after buying an additional 444 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of Principal Financial Group in the third quarter valued at about $830,000. Institutional investors and hedge funds own 74.21% of the company’s stock.
Insider Activity
In other news, SVP Kenneth A. Mccullum sold 3,694 shares of the business’s stock in a transaction that occurred on Saturday, March 18th. The shares were sold at an average price of $69.50, for a total transaction of $256,733.00. Following the sale, the senior vice president now owns 29,244 shares in the company, valued at $2,032,458. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.17% of the stock is owned by company insiders.
Principal Financial Group Trading Down 1.0 %
Principal Financial Group (NASDAQ:PFG – Get Rating) last released its earnings results on Thursday, April 27th. The company reported $1.48 EPS for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.06). Principal Financial Group had a return on equity of 16.06% and a net margin of 24.97%. The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter in the previous year, the firm earned $1.63 earnings per share. As a group, analysts anticipate that Principal Financial Group, Inc. will post 6.72 earnings per share for the current fiscal year.
Principal Financial Group Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 1st will be issued a $0.64 dividend. The ex-dividend date is Wednesday, May 31st. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.46%. Principal Financial Group’s payout ratio is currently 15.21%.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on PFG shares. Bank of America lowered shares of Principal Financial Group from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $81.00 to $78.00 in a research note on Monday. Wells Fargo & Company started coverage on shares of Principal Financial Group in a research note on Tuesday, April 25th. They set an “equal weight” rating and a $79.00 price target on the stock. Barclays dropped their price target on shares of Principal Financial Group from $92.00 to $75.00 in a research note on Wednesday, April 12th. Morgan Stanley boosted their price target on shares of Principal Financial Group from $76.00 to $77.00 and gave the stock an “underweight” rating in a research note on Friday, February 24th. Finally, JPMorgan Chase & Co. upped their target price on shares of Principal Financial Group from $78.00 to $83.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 4th. Eight research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $77.31.
About Principal Financial Group
Principal Financial Group, Inc engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through following segments: Retirement and Income Solutions, Principal Global Investors, Principal International, U.S.
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