Eagle Ridge Investment Management trimmed its holdings in Principal Financial Group Inc (NYSE:PFG) by 1.3% in the second quarter, HoldingsChannel.com reports. The firm owned 151,940 shares of the financial services provider’s stock after selling 2,028 shares during the quarter. Principal Financial Group comprises about 1.3% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 28th largest holding. Eagle Ridge Investment Management’s holdings in Principal Financial Group were worth $8,800,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. FTB Advisors Inc. boosted its holdings in shares of Principal Financial Group by 377.3% in the first quarter. FTB Advisors Inc. now owns 525 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 415 shares during the period. Thor Advisors LLC acquired a new stake in shares of Principal Financial Group during the first quarter worth $38,000. Pittenger & Anderson Inc. acquired a new stake in shares of Principal Financial Group during the first quarter worth $40,000. Tompkins Financial Corp acquired a new stake in shares of Principal Financial Group during the first quarter worth $42,000. Finally, Bremer Bank National Association acquired a new stake in shares of Principal Financial Group during the first quarter worth $48,000. 68.64% of the stock is owned by hedge funds and other institutional investors.
Shares of PFG stock traded up $0.38 during mid-day trading on Thursday, reaching $52.81. The stock had a trading volume of 28,900 shares, compared to its average volume of 1,508,153. Principal Financial Group Inc has a 12-month low of $40.42 and a 12-month high of $61.12. The firm’s 50-day moving average is $57.66.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 5th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.17%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.54.
In related news, EVP Julia M. Lawler sold 1,000 shares of Principal Financial Group stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $58.54, for a total transaction of $58,540.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Luis E. Valdes sold 47,661 shares of Principal Financial Group stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $57.67, for a total value of $2,748,609.87. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,490 shares of company stock valued at $3,620,939. 1.50% of the stock is currently owned by company insiders.
Several research analysts have issued reports on PFG shares. Morgan Stanley increased their price objective on Principal Financial Group from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Barclays set a $66.00 price objective on Principal Financial Group and gave the stock a “buy” rating in a research report on Monday. UBS Group cut their price objective on Principal Financial Group from $51.00 to $50.00 and set a “sell” rating for the company in a research report on Tuesday, May 7th. Zacks Investment Research upgraded Principal Financial Group from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research report on Tuesday, July 2nd. Finally, Royal Bank of Canada increased their price objective on Principal Financial Group to $55.00 and gave the stock a “market perform” rating in a research report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $57.38.
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. The company operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
Want to see what other hedge funds are holding PFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Principal Financial Group Inc (NYSE:PFG).
Receive News & Ratings for Principal Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principal Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.