Principal Financial Group Inc. bought a new position in shares of TriNet Group, Inc. (NYSE:TNET – Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 81,939 shares of the business services provider’s stock, valued at approximately $2,985,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its stake in shares of TriNet Group by 160.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 479 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 295 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of TriNet Group in the fourth quarter worth $28,000. Quarry LP increased its holdings in TriNet Group by 524.7% in the third quarter. Quarry LP now owns 456 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 383 shares during the period. Cache Advisors LLC acquired a new stake in TriNet Group in the first quarter valued at $36,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in TriNet Group by 45.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 646 shares of the business services provider’s stock worth $38,000 after purchasing an additional 201 shares during the last quarter. 96.81% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at TriNet Group
In other TriNet Group news, SVP Anthony Shea Treadway sold 933 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $43.46, for a total value of $40,548.18. Following the completion of the sale, the senior vice president owned 67,678 shares of the company’s stock, valued at approximately $2,941,285.88. This trade represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 40.00% of the company’s stock.
TriNet Group Price Performance
TriNet Group (NYSE:TNET – Get Free Report) last issued its earnings results on Thursday, April 30th. The business services provider reported $2.48 EPS for the quarter, beating the consensus estimate of $1.84 by $0.64. TriNet Group had a return on equity of 219.54% and a net margin of 3.22%.The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the business posted $1.99 EPS. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. Equities research analysts anticipate that TriNet Group, Inc. will post 3.55 earnings per share for the current fiscal year.
TriNet Group Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, July 27th. Shareholders of record on Wednesday, July 1st were issued a $0.29 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $1.16 annualized dividend and a yield of 1.6%. TriNet Group’s dividend payout ratio is presently 34.63%.
Analysts Set New Price Targets
Several research analysts have commented on TNET shares. Truist Financial lifted their target price on TriNet Group from $50.00 to $62.00 and gave the stock a “hold” rating in a report on Wednesday, July 22nd. Weiss Ratings raised TriNet Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday. UBS Group lowered their price objective on TriNet Group from $62.00 to $48.00 and set a “neutral” rating for the company in a research report on Tuesday, May 5th. Zacks Research lowered TriNet Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 3rd. Finally, TD Cowen upped their target price on TriNet Group from $46.00 to $49.00 and gave the company a “hold” rating in a report on Friday, June 26th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $55.80.
Check Out Our Latest Stock Report on TNET
About TriNet Group
TriNet Group, Inc is a leading professional employer organization (PEO) that offers integrated human capital management solutions to small and medium-size businesses. Through a bundled suite of services, TriNet manages payroll administration, employee benefits, workers’ compensation, risk mitigation and federal and state compliance. Its cloud-based platform provides clients with centralized access to HR tools, analytics and streamlined workforce management capabilities.
Founded in 1988 and headquartered in Dublin, California, TriNet has grown to support thousands of organizations across the United States.
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