Principal Financial Group Inc (NYSE:PFG) Holdings Cut by Achmea Investment Management B.V.
Achmea Investment Management B.V. decreased its position in Principal Financial Group Inc (NYSE:PFG) by 63.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,992 shares of the financial services provider’s stock after selling 6,872 shares during the quarter. Achmea Investment Management B.V.’s holdings in Principal Financial Group were worth $233,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bank of Montreal Can grew its holdings in shares of Principal Financial Group by 32.0% during the second quarter. Bank of Montreal Can now owns 769,465 shares of the financial services provider’s stock worth $40,743,000 after purchasing an additional 186,661 shares during the last quarter. Oakbrook Investments LLC bought a new stake in shares of Principal Financial Group during the second quarter worth about $554,000. Amalgamated Bank grew its holdings in shares of Principal Financial Group by 9.0% during the second quarter. Amalgamated Bank now owns 36,185 shares of the financial services provider’s stock worth $1,916,000 after purchasing an additional 2,984 shares during the last quarter. Columbus Macro LLC bought a new stake in shares of Principal Financial Group during the second quarter worth about $4,120,000. Finally, Municipal Employees Retirement System of Michigan grew its holdings in shares of Principal Financial Group by 288.6% during the second quarter. Municipal Employees Retirement System of Michigan now owns 26,970 shares of the financial services provider’s stock worth $1,428,000 after purchasing an additional 20,030 shares during the last quarter. 68.64% of the stock is currently owned by institutional investors.
PFG traded down $0.63 during trading on Friday, hitting $44.40. The company’s stock had a trading volume of 1,661,065 shares, compared to its average volume of 1,617,088. Principal Financial Group Inc has a twelve month low of $43.77 and a twelve month high of $75.58.
Principal Financial Group declared that its Board of Directors has authorized a share repurchase program on Tuesday, November 27th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 3rd will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, November 30th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.53. This represents a $2.16 annualized dividend and a yield of 4.86%.
In other news, Director Daniel Gelatt bought 25,000 shares of the stock in a transaction dated Monday, November 5th. The shares were bought at an average cost of $48.10 per share, with a total value of $1,202,500.00. Following the completion of the transaction, the director now directly owns 138,694 shares of the company’s stock, valued at $6,671,181.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Amy Christine Friedrich sold 1,700 shares of the company’s stock in a transaction that occurred on Friday, October 5th. The stock was sold at an average price of $61.00, for a total value of $103,700.00. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
PFG has been the topic of several analyst reports. Zacks Investment Research upgraded Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Wednesday, September 26th. UBS Group upped their target price on Principal Financial Group from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Monday, October 8th. Deutsche Bank initiated coverage on Principal Financial Group in a report on Tuesday, October 16th. They issued a “hold” rating and a $61.00 target price on the stock. Morgan Stanley reduced their target price on Principal Financial Group from $64.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 13th. Finally, Credit Suisse Group reduced their target price on Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating on the stock in a report on Friday, August 17th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Principal Financial Group has an average rating of “Hold” and an average target price of $64.70.
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. It operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
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