Mackenzie Financial Corp grew its holdings in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) by 22.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,978 shares of the company’s stock after acquiring an additional 5,815 shares during the period. Mackenzie Financial Corp’s holdings in Principal Financial Group were worth $2,136,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the business. Cibc World Market Inc. grew its position in Principal Financial Group by 2.5% in the second quarter. Cibc World Market Inc. now owns 18,776 shares of the company’s stock worth $1,254,000 after acquiring an additional 451 shares in the last quarter. Hunter Associates Investment Management LLC bought a new stake in Principal Financial Group in the second quarter worth approximately $228,000. Cerity Partners LLC grew its position in Principal Financial Group by 47.3% in the second quarter. Cerity Partners LLC now owns 4,355 shares of the company’s stock worth $268,000 after acquiring an additional 1,399 shares in the last quarter. Qtron Investments LLC bought a new stake in Principal Financial Group in the second quarter worth approximately $277,000. Finally, Truvestments Capital LLC bought a new stake in Principal Financial Group in the second quarter worth approximately $33,000. 75.12% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts recently issued reports on PFG shares. Jefferies Financial Group upped their price objective on shares of Principal Financial Group from $56.00 to $60.00 and gave the stock an “underperform” rating in a report on Thursday, September 8th. Citigroup upped their price objective on shares of Principal Financial Group from $62.00 to $65.00 in a report on Wednesday, November 16th. JPMorgan Chase & Co. downgraded shares of Principal Financial Group from a “neutral” rating to an “underweight” rating and upped their price objective for the stock from $69.00 to $72.00 in a report on Friday, October 7th. StockNews.com started coverage on shares of Principal Financial Group in a report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Raymond James started coverage on shares of Principal Financial Group in a report on Wednesday, September 21st. They set a “market perform” rating for the company. Seven investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $77.50.
Principal Financial Group Price Performance
NASDAQ:PFG opened at $91.71 on Wednesday. The stock has a market cap of $22.44 billion, a P/E ratio of 4.45, a PEG ratio of 2.57 and a beta of 1.29. Principal Financial Group, Inc. has a one year low of $61.05 and a one year high of $96.17. The company has a fifty day moving average price of $82.97 and a 200 day moving average price of $74.86. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.37 and a quick ratio of 0.37.
Principal Financial Group Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, December 19th. Investors of record on Thursday, December 1st will be paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 2.79%. The ex-dividend date is Wednesday, November 30th. Principal Financial Group’s payout ratio is currently 12.41%.
Insider Activity
In other news, Director Sandra L. Helton sold 14,033 shares of the stock in a transaction on Tuesday, October 18th. The shares were sold at an average price of $80.05, for a total value of $1,123,341.65. Following the completion of the transaction, the director now owns 18,245 shares in the company, valued at approximately $1,460,512.25. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Sandra L. Helton sold 14,033 shares of the stock in a transaction on Tuesday, October 18th. The shares were sold at an average price of $80.05, for a total value of $1,123,341.65. Following the completion of the transaction, the director now owns 18,245 shares in the company, valued at approximately $1,460,512.25. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Wee Yee Cheong sold 2,447 shares of the stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $78.45, for a total transaction of $191,967.15. Following the completion of the transaction, the executive vice president now owns 34,700 shares of the company’s stock, valued at approximately $2,722,215. The disclosure for this sale can be found here. Corporate insiders own 1.17% of the company’s stock.
About Principal Financial Group
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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.
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