Principal Financial Group Inc (PFG) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC decreased its stake in Principal Financial Group Inc (NYSE:PFG) by 20.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,249 shares of the financial services provider’s stock after selling 5,741 shares during the period. Janney Montgomery Scott LLC’s holdings in Principal Financial Group were worth $1,426,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in PFG. CENTRAL TRUST Co increased its position in shares of Principal Financial Group by 2.4% in the first quarter. CENTRAL TRUST Co now owns 2,176 shares of the financial services provider’s stock valued at $137,000 after buying an additional 52 shares during the period. Jacobi Capital Management LLC increased its position in shares of Principal Financial Group by 291.1% in the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock valued at $167,000 after buying an additional 2,003 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of Principal Financial Group during the first quarter valued at $202,000. Blair William & Co. IL acquired a new position in shares of Principal Financial Group during the first quarter valued at $205,000. Finally, Washington Trust Bank increased its position in shares of Principal Financial Group by 29.3% in the first quarter. Washington Trust Bank now owns 3,336 shares of the financial services provider’s stock valued at $211,000 after buying an additional 755 shares during the period. Hedge funds and other institutional investors own 70.45% of the company’s stock.

Shares of Principal Financial Group Inc (NYSE:PFG) opened at 65.99 on Thursday. The firm’s 50-day moving average price is $65.52 and its 200 day moving average price is $63.30. The stock has a market cap of $19.04 billion, a P/E ratio of 15.00 and a beta of 1.65. Principal Financial Group Inc has a 1-year low of $46.40 and a 1-year high of $67.73.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.09. Principal Financial Group had a return on equity of 13.57% and a net margin of 10.15%. The business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the previous year, the firm earned $1.15 earnings per share. On average, equities analysts expect that Principal Financial Group Inc will post $5.18 earnings per share for the current fiscal year.

Principal Financial Group announced that its board has approved a share buyback program on Wednesday, May 17th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.85%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s payout ratio is 41.82%.

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Several brokerages recently weighed in on PFG. Zacks Investment Research downgraded Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd. Royal Bank Of Canada restated a “buy” rating and set a $73.00 target price on shares of Principal Financial Group in a research note on Wednesday, July 12th. BidaskClub upgraded Principal Financial Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Deutsche Bank AG boosted their target price on Principal Financial Group from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, April 19th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $68.00 target price on shares of Principal Financial Group in a research note on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $61.22.

In other news, EVP Gary P. Scholten sold 13,495 shares of Principal Financial Group stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $67.00, for a total transaction of $904,165.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider James P. Mccaughan sold 60,817 shares of Principal Financial Group stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $66.98, for a total value of $4,073,522.66. The disclosure for this sale can be found here. Insiders have sold 355,913 shares of company stock worth $23,099,450 in the last quarter. Insiders own 1.50% of the company’s stock.

Principal Financial Group Company Profile

Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.

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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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