Jane Street Group LLC Makes New Investment in Principal Financial Group Inc (NYSE:PFG)

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Jane Street Group LLC acquired a new position in shares of Principal Financial Group Inc (NYSE:PFG) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,120 shares of the financial services provider’s stock, valued at approximately $474,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in Principal Financial Group by 1.3% during the first quarter. BlackRock Inc. now owns 23,582,345 shares of the financial services provider’s stock worth $739,072,000 after acquiring an additional 306,036 shares in the last quarter. Capital Research Global Investors raised its stake in Principal Financial Group by 4.8% during the fourth quarter. Capital Research Global Investors now owns 14,274,750 shares of the financial services provider’s stock worth $785,111,000 after acquiring an additional 658,772 shares in the last quarter. Geode Capital Management LLC raised its stake in Principal Financial Group by 2.1% during the first quarter. Geode Capital Management LLC now owns 4,601,369 shares of the financial services provider’s stock worth $143,938,000 after acquiring an additional 94,280 shares in the last quarter. Mairs & Power INC raised its stake in Principal Financial Group by 9.6% during the fourth quarter. Mairs & Power INC now owns 3,152,237 shares of the financial services provider’s stock worth $173,373,000 after acquiring an additional 276,352 shares in the last quarter. Finally, Norges Bank acquired a new position in Principal Financial Group during the fourth quarter worth $160,377,000. Hedge funds and other institutional investors own 68.64% of the company’s stock.

Principal Financial Group stock opened at $41.54 on Wednesday. The business’s 50-day simple moving average is $40.03 and its 200 day simple moving average is $43.50. Principal Financial Group Inc has a 12-month low of $23.31 and a 12-month high of $60.81.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.02. The firm had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the prior year, the business earned $1.43 EPS.

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Monday, June 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 5.39%. The ex-dividend date was Friday, May 29th.

In related news, Director Daniel Gelatt bought 28,148 shares of Principal Financial Group stock in a transaction on Friday, June 26th. The shares were purchased at an average price of $35.52 per share, for a total transaction of $999,816.96. Following the completion of the acquisition, the director now owns 187,741 shares in the company, valued at $6,668,560.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.50% of the stock is owned by company insiders.

Several research analysts have issued reports on the company. Piper Sandler dropped their price objective on Principal Financial Group from $48.00 to $43.00 and set an “overweight” rating for the company in a research note on Friday, April 3rd. Goldman Sachs Group lowered Principal Financial Group from a “neutral” rating to a “sell” rating and set a $38.00 target price for the company. in a research note on Thursday, June 18th. UBS Group raised their target price on Principal Financial Group from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Friday, May 15th. Royal Bank of Canada restated a “hold” rating and issued a $32.00 target price on shares of Principal Financial Group in a research note on Monday, April 27th. Finally, Morgan Stanley lowered their target price on Principal Financial Group from $57.00 to $37.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. Principal Financial Group has an average rating of “Hold” and a consensus price target of $44.86.

Principal Financial Group 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.

Read More: Why Invest in Dividend Kings

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

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