Pinnacle Associates Ltd. Sells 378 Shares of Principal Financial Group Inc (NYSE:PFG)

Pinnacle Associates Ltd. cut its holdings in shares of Principal Financial Group Inc (NYSE:PFG) by 0.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,617 shares of the financial services provider’s stock after selling 378 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Principal Financial Group were worth $5,828,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of PFG. Comerica Securities Inc. purchased a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $2,374,000. Dimensional Fund Advisors LP boosted its position in shares of Principal Financial Group by 7.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,963,240 shares of the financial services provider’s stock valued at $175,047,000 after buying an additional 264,669 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Principal Financial Group by 15.3% during the fourth quarter. Geode Capital Management LLC now owns 4,149,598 shares of the financial services provider’s stock valued at $183,017,000 after buying an additional 550,835 shares during the last quarter. IFM Investors Pty Ltd boosted its position in shares of Principal Financial Group by 14.4% during the first quarter. IFM Investors Pty Ltd now owns 20,120 shares of the financial services provider’s stock valued at $1,010,000 after buying an additional 2,540 shares during the last quarter. Finally, Bartlett & Co. LLC boosted its position in shares of Principal Financial Group by 23.3% during the first quarter. Bartlett & Co. LLC now owns 1,791 shares of the financial services provider’s stock valued at $90,000 after buying an additional 339 shares during the last quarter. 68.64% of the stock is currently owned by institutional investors and hedge funds.

PFG stock traded up $0.54 during midday trading on Wednesday, hitting $53.81. The company’s stock had a trading volume of 6,678 shares, compared to its average volume of 1,501,515. The stock’s 50-day moving average price is $57.16 and its 200 day moving average price is $54.35. Principal Financial Group Inc has a 1 year low of $40.42 and a 1 year high of $61.12.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.12. The business had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the firm posted $1.35 EPS.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 5th will be given a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $2.20 annualized dividend and a yield of 4.09%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.54.

In other Principal Financial Group news, EVP Julia M. Lawler sold 1,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $58.54, for a total value of $58,540.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Luis E. Valdes sold 47,661 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $57.67, for a total value of $2,748,609.87. The disclosure for this sale can be found here. In the last three months, insiders sold 62,490 shares of company stock worth $3,620,939. Insiders own 1.50% of the company’s stock.

Several research analysts recently issued reports on the company. Barclays set a $66.00 target price on Principal Financial Group and gave the company a “buy” rating in a research report on Monday, August 12th. UBS Group cut their target price on Principal Financial Group from $51.00 to $50.00 and set a “sell” rating on the stock in a research report on Tuesday, May 7th. Morgan Stanley cut their target price on Principal Financial Group from $59.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Royal Bank of Canada lifted their target price on Principal Financial Group to $55.00 and gave the company a “market perform” rating in a research report on Monday, April 29th. Finally, Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $57.29.

Principal Financial Group Company 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.

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

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