Korea Investment CORP Boosts Stake in Principal Financial Group Inc (PFG)

Korea Investment CORP increased its position in shares of Principal Financial Group Inc (NYSE:PFG) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,370 shares of the financial services provider’s stock after buying an additional 1,367 shares during the period. Korea Investment CORP owned 0.05% of Principal Financial Group worth $9,890,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in PFG. Retirement Systems of Alabama raised its stake in shares of Principal Financial Group by 1.9% in the first quarter. Retirement Systems of Alabama now owns 129,233 shares of the financial services provider’s stock worth $8,156,000 after buying an additional 2,426 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Principal Financial Group by 31.1% in the first quarter. State of Alaska Department of Revenue now owns 28,561 shares of the financial services provider’s stock worth $1,802,000 after buying an additional 6,781 shares during the last quarter. NewSquare Capital LLC raised its stake in shares of Principal Financial Group by 13.9% in the first quarter. NewSquare Capital LLC now owns 20,973 shares of the financial services provider’s stock worth $1,324,000 after buying an additional 2,555 shares during the last quarter. DnB Asset Management AS raised its stake in shares of Principal Financial Group by 17.6% in the first quarter. DnB Asset Management AS now owns 33,414 shares of the financial services provider’s stock worth $2,109,000 after buying an additional 5,000 shares during the last quarter. Finally, Washington Trust Bank raised its stake in Principal Financial Group by 29.3% in the first quarter. Washington Trust Bank now owns 3,336 shares of the financial services provider’s stock valued at $211,000 after buying an additional 755 shares in the last quarter. Institutional investors own 70.10% of the company’s stock.

Principal Financial Group Inc (NYSE PFG) remained flat at $62.93 during mid-day trading on Friday. The company had a trading volume of 1,204,709 shares. The stock has a market capitalization of $18.18 billion, a PE ratio of 14.30 and a beta of 1.65. The company’s 50 day moving average is $65.66 and its 200 day moving average is $63.56. Principal Financial Group Inc has a 52 week low of $46.83 and a 52 week high of $67.73.

Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.09. Principal Financial Group had a return on equity of 13.57% and a net margin of 10.15%. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the firm posted $1.15 EPS. On average, equities research analysts expect that Principal Financial Group Inc will post $5.18 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.47 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio is presently 41.82%.

Principal Financial Group declared that its Board of Directors has approved a share buyback plan on Wednesday, May 17th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

COPYRIGHT VIOLATION WARNING: This news story was originally published by BNB Daily and is owned by of BNB Daily. If you are accessing this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright & trademark law. The correct version of this news story can be viewed at https://www.baseball-news-blog.com/2017/08/19/korea-investment-corp-has-9-89-million-stake-in-principal-financial-group-inc-pfg-updated.html.

Several equities research analysts have recently commented on the stock. Zacks Investment Research lowered shares of Principal Financial Group from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Royal Bank Of Canada restated a “buy” rating and issued a $73.00 price target on shares of Principal Financial Group in a report on Wednesday, July 12th. BidaskClub upgraded shares of Principal Financial Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $68.00 price target on shares of Principal Financial Group in a report on Thursday, August 3rd. Finally, Wells Fargo & Company restated a “buy” rating on shares of Principal Financial Group in a report on Thursday, June 29th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $61.67.

In other news, EVP Karen E. Shaff sold 38,105 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $65.05, for a total transaction of $2,478,730.25. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Nora Mary Everett sold 8,700 shares of the stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $63.52, for a total value of $552,624.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 345,538 shares of company stock worth $22,435,450. Insiders own 1.50% of the company’s stock.

Principal Financial Group Company Profile

Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.

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

Receive News & Ratings for Principal Financial Group Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principal Financial Group Inc and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply