VCI Wealth Management LLC lowered its stake in shares of Principal Financial Group, Inc. (NASDAQ:PFG – Free Report) by 30.0% in the first quarter, Holdings Channel reports. The firm owned 13,104 shares of the company’s stock after selling 5,607 shares during the period. VCI Wealth Management LLC’s holdings in Principal Financial Group were worth $1,181,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PFG. DV Equities LLC acquired a new stake in shares of Principal Financial Group in the fourth quarter worth $25,000. Hilton Head Capital Partners LLC acquired a new position in Principal Financial Group in the 4th quarter valued at $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Principal Financial Group in the 4th quarter valued at $26,000. MBM Wealth Consultants LLC bought a new position in Principal Financial Group in the 1st quarter worth $28,000. Finally, Quest 10 Wealth Builders Inc. raised its holdings in Principal Financial Group by 343.6% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 346 shares of the company’s stock worth $30,000 after acquiring an additional 268 shares during the period. Institutional investors and hedge funds own 75.08% of the company’s stock.
Insider Activity at Principal Financial Group
In other Principal Financial Group news, General Counsel George Djurasovic sold 2,571 shares of Principal Financial Group stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total value of $259,233.93. Following the transaction, the general counsel owned 21,906 shares of the company’s stock, valued at approximately $2,208,781.98. The trade was a 10.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Wee Yee Cheong sold 7,534 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $103.16, for a total value of $777,207.44. Following the transaction, the insider directly owned 66,443 shares of the company’s stock, valued at $6,854,259.88. This represents a 10.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,317 shares of company stock worth $2,884,902 over the last 90 days. Corporate insiders own 1.13% of the company’s stock.
Principal Financial Group Price Performance
Principal Financial Group (NASDAQ:PFG – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.06. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same quarter in the prior year, the firm posted $1.81 earnings per share. Equities research analysts expect that Principal Financial Group, Inc. will post 9.37 EPS for the current fiscal year.
Principal Financial Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Monday, June 1st were issued a dividend of $0.82 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.80. The ex-dividend date was Monday, June 1st. This represents a $3.28 annualized dividend and a dividend yield of 3.0%. Principal Financial Group’s dividend payout ratio (DPR) is presently 46.92%.
Wall Street Analyst Weigh In
A number of research firms have issued reports on PFG. Morgan Stanley upped their price target on shares of Principal Financial Group from $95.00 to $107.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Raymond James Financial lowered Principal Financial Group from a “strong-buy” rating to an “outperform” rating and lifted their price objective for the stock from $99.00 to $111.00 in a research note on Tuesday, May 19th. Bank of America reissued an “underperform” rating and set a $95.00 price objective (down from $98.00) on shares of Principal Financial Group in a research report on Wednesday. Weiss Ratings downgraded Principal Financial Group from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 1st. Finally, Citigroup lowered Principal Financial Group from a “sell” rating to an “underperform” rating in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Principal Financial Group currently has a consensus rating of “Hold” and an average target price of $100.90.
Read Our Latest Analysis on PFG
Principal Financial Group Profile
Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.
Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.
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