Gulf International Bank UK Ltd raised its holdings in Principal Financial Group Inc (NYSE:PFG) by 3.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 96,902 shares of the financial services provider’s stock after purchasing an additional 3,200 shares during the period. Gulf International Bank UK Ltd’s holdings in Principal Financial Group were worth $5,677,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of PFG. Alps Advisors Inc. increased its stake in shares of Principal Financial Group by 4,479.7% in the second quarter. Alps Advisors Inc. now owns 847,191 shares of the financial services provider’s stock worth $44,859,000 after purchasing an additional 828,692 shares in the last quarter. Mainstay Capital Management LLC ADV boosted its position in shares of Principal Financial Group by 2,445.0% in the second quarter. Mainstay Capital Management LLC ADV now owns 802,356 shares of the financial services provider’s stock valued at $15,654,000 after acquiring an additional 770,829 shares during the period. Cambiar Investors LLC bought a new position in shares of Principal Financial Group in the third quarter valued at approximately $36,496,000. First Trust Advisors LP boosted its position in shares of Principal Financial Group by 86.0% in the third quarter. First Trust Advisors LP now owns 1,299,262 shares of the financial services provider’s stock valued at $76,124,000 after acquiring an additional 600,798 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Principal Financial Group by 3,448.3% in the second quarter. Renaissance Technologies LLC now owns 386,764 shares of the financial services provider’s stock valued at $20,479,000 after acquiring an additional 375,864 shares during the period. Hedge funds and other institutional investors own 68.64% of the company’s stock.
Shares of PFG traded down $1.01 during mid-day trading on Monday, reaching $48.31. The company’s stock had a trading volume of 3,279,582 shares, compared to its average volume of 1,612,103. Principal Financial Group Inc has a 52 week low of $45.20 and a 52 week high of $75.58.
Principal Financial Group declared that its Board of Directors has approved a stock repurchase program on Tuesday, November 27th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Monday, December 3rd will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.47%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Friday, November 30th.
In related news, insider Amy Christine Friedrich sold 1,700 shares of Principal Financial Group stock in a transaction on Friday, October 5th. The shares were sold at an average price of $61.00, for a total value of $103,700.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Daniel Gelatt bought 25,000 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The stock was purchased at an average cost of $48.10 per share, for a total transaction of $1,202,500.00. Following the completion of the purchase, the director now owns 138,694 shares of the company’s stock, valued at $6,671,181.40. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.
A number of equities analysts have recently commented on PFG shares. Zacks Investment Research upgraded shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Wednesday, September 26th. Morgan Stanley dropped their target price on shares of Principal Financial Group from $64.00 to $61.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 13th. Deutsche Bank initiated coverage on shares of Principal Financial Group in a research report on Tuesday, October 16th. They set a “hold” rating and a $61.00 target price for the company. UBS Group lifted their target price on shares of Principal Financial Group from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Monday, October 8th. Finally, Credit Suisse Group dropped their target price on shares of Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating for the company in a research report on Friday, August 17th. Nine analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Principal Financial Group has a consensus rating of “Hold” and a consensus target price of $64.70.
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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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