CHURCHILL MANAGEMENT Corp acquired a new position in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 91,155 shares of the company’s stock, valued at approximately $6,692,000.
A number of other institutional investors have also modified their holdings of PFG. Bank of America Corp DE grew its position in Principal Financial Group by 771.1% in the fourth quarter. Bank of America Corp DE now owns 11,090,467 shares of the company’s stock worth $802,174,000 after acquiring an additional 9,817,312 shares during the period. Norges Bank purchased a new position in Principal Financial Group in the fourth quarter worth approximately $202,576,000. Bank of New York Mellon Corp grew its position in Principal Financial Group by 23.0% in the third quarter. Bank of New York Mellon Corp now owns 4,781,997 shares of the company’s stock worth $307,960,000 after acquiring an additional 895,728 shares during the period. Goldman Sachs Group Inc. grew its position in Principal Financial Group by 39.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,060,524 shares of the company’s stock worth $221,368,000 after acquiring an additional 865,635 shares during the period. Finally, BlackRock Inc. grew its position in Principal Financial Group by 2.3% in the fourth quarter. BlackRock Inc. now owns 22,496,639 shares of the company’s stock worth $1,627,183,000 after acquiring an additional 511,634 shares during the period. Institutional investors own 77.69% of the company’s stock.
In other Principal Financial Group news, EVP Wee Yee Cheong sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $71.00, for a total value of $710,000.00. Following the sale, the executive vice president now directly owns 37,093 shares in the company, valued at $2,633,603. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.17% of the stock is owned by company insiders.
Principal Financial Group (NASDAQ:PFG – Get Rating) last released its earnings results on Thursday, April 28th. The company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.12. Principal Financial Group had a return on equity of 12.25% and a net margin of 11.08%. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period last year, the business posted $1.53 earnings per share. Equities analysts forecast that Principal Financial Group, Inc. will post 6.65 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Thursday, June 2nd will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Wednesday, June 1st. Principal Financial Group’s dividend payout ratio is presently 43.91%.
Several research analysts have recently commented on the company. Morgan Stanley lowered their price target on Principal Financial Group from $75.00 to $72.00 and set an “equal weight” rating for the company in a research report on Thursday, March 3rd. Royal Bank of Canada lowered their price target on Principal Financial Group from $82.00 to $79.00 and set a “sector perform” rating for the company in a research report on Thursday, March 3rd. Citigroup assumed coverage on Principal Financial Group in a research report on Monday, May 23rd. They set a “sell” rating and a $63.00 price target for the company. Finally, Piper Sandler raised their price target on Principal Financial Group from $76.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 6th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Principal Financial Group currently has an average rating of “Hold” and a consensus target price of $73.70.
Principal Financial Group Company Profile (Get Rating)
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.
- Get a free copy of the StockNews.com research report on Principal Financial Group (PFG)
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