Meritage Portfolio Management acquired a new stake in shares of Principal Financial Group Inc (NYSE:PFG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 39,389 shares of the financial services provider’s stock, valued at approximately $2,085,000.
A number of other large investors have also recently modified their holdings of the stock. Raymond James & Associates raised its holdings in Principal Financial Group by 8.9% in the 4th quarter. Raymond James & Associates now owns 49,059 shares of the financial services provider’s stock worth $3,461,000 after purchasing an additional 3,997 shares in the last quarter. BlackRock Inc. increased its stake in shares of Principal Financial Group by 0.4% in the 1st quarter. BlackRock Inc. now owns 19,776,680 shares of the financial services provider’s stock worth $1,204,596,000 after acquiring an additional 78,025 shares in the last quarter. Atria Investments LLC bought a new position in shares of Principal Financial Group in the 2nd quarter worth about $2,073,000. Bank of Montreal Can grew its position in Principal Financial Group by 32.0% during the 2nd quarter. Bank of Montreal Can now owns 769,465 shares of the financial services provider’s stock valued at $40,743,000 after purchasing an additional 186,661 shares during the last quarter. Finally, Macquarie Group Ltd. grew its position in Principal Financial Group by 285.0% during the 4th quarter. Macquarie Group Ltd. now owns 30,800 shares of the financial services provider’s stock valued at $2,856,000 after purchasing an additional 22,800 shares during the last quarter. 68.64% of the stock is owned by institutional investors.
Shares of Principal Financial Group traded down $1.66, reaching $53.98, on Friday, MarketBeat reports. The company’s stock had a trading volume of 1,112,430 shares, compared to its average volume of 1,576,310. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.10 and a quick ratio of 0.10. Principal Financial Group Inc has a 1 year low of $52.31 and a 1 year high of $75.58.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Thursday, September 6th will be paid a dividend of $0.53 per share. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend is Wednesday, September 5th.
Principal Financial Group announced that its board has authorized a stock repurchase plan on Monday, May 7th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 1.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
PFG has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Principal Financial Group from $70.00 to $69.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 11th. Wells Fargo & Co set a $66.00 price objective on shares of Principal Financial Group and gave the stock a “hold” rating in a research note on Wednesday, May 23rd. Zacks Investment Research upgraded shares of Principal Financial Group from a “sell” rating to a “hold” rating in a research note on Wednesday, June 6th. Barclays decreased their target price on shares of Principal Financial Group from $72.00 to $68.00 and set an “overweight” rating on the stock in a research note on Monday, July 9th. Finally, Credit Suisse Group initiated coverage on shares of Principal Financial Group in a research note on Wednesday, April 25th. They set a “neutral” rating and a $62.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $70.18.
In other news, insider James P. Mccaughan sold 20,000 shares of the business’s stock in a transaction on Monday, June 4th. The shares were sold at an average price of $56.31, for a total transaction of $1,126,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 60,000 shares of company stock valued at $3,289,400 over the last three months. Insiders own 1.50% of the company’s stock.
About Principal Financial Group
Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. It operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
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