Convergence Investment Partners LLC Sells 571 Shares of Principal Financial Group Inc (NYSE:PFG)

Convergence Investment Partners LLC reduced its stake in shares of Principal Financial Group Inc (NYSE:PFG) by 3.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,532 shares of the financial services provider’s stock after selling 571 shares during the quarter. Convergence Investment Partners LLC’s holdings in Principal Financial Group were worth $687,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in Principal Financial Group by 64.3% in the fourth quarter. AQR Capital Management LLC now owns 47,788 shares of the financial services provider’s stock valued at $2,628,000 after acquiring an additional 18,711 shares during the last quarter. Sunbelt Securities Inc. boosted its stake in Principal Financial Group by 1.5% in the fourth quarter. Sunbelt Securities Inc. now owns 30,933 shares of the financial services provider’s stock valued at $1,701,000 after acquiring an additional 454 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in Principal Financial Group by 6.4% in the fourth quarter. Nuveen Asset Management LLC now owns 1,568,847 shares of the financial services provider’s stock valued at $86,287,000 after acquiring an additional 94,973 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Principal Financial Group by 6.7% in the first quarter. State of Alaska Department of Revenue now owns 72,153 shares of the financial services provider’s stock valued at $2,260,000 after acquiring an additional 4,524 shares during the last quarter. Finally, Sound Income Strategies LLC boosted its stake in Principal Financial Group by 24.1% in the first quarter. Sound Income Strategies LLC now owns 42,403 shares of the financial services provider’s stock valued at $1,329,000 after acquiring an additional 8,244 shares during the last quarter. 68.64% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Daniel Gelatt acquired 28,148 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was bought at an average price of $35.52 per share, with a total value of $999,816.96. Following the transaction, the director now directly owns 187,741 shares in the company, valued at approximately $6,668,560.32. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.50% of the company’s stock.

A number of brokerages have issued reports on PFG. Royal Bank of Canada reaffirmed a “hold” rating and issued a $45.00 price objective on shares of Principal Financial Group in a research note on Thursday. Morgan Stanley raised their price objective on shares of Principal Financial Group from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 28th. Bank of America assumed coverage on shares of Principal Financial Group in a report on Monday, June 1st. They set a “buy” rating on the stock. UBS Group raised their price objective on shares of Principal Financial Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Finally, Goldman Sachs Group lowered shares of Principal Financial Group from a “neutral” rating to a “sell” rating and set a $38.00 price objective on the stock. in a report on Thursday, June 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $45.50.

PFG stock traded down $0.02 during midday trading on Friday, hitting $42.43. The company’s stock had a trading volume of 4,586,613 shares, compared to its average volume of 1,852,569. Principal Financial Group Inc has a twelve month low of $23.31 and a twelve month high of $59.34. The company’s fifty day moving average price is $42.29 and its 200 day moving average price is $41.63.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.16. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the firm posted $1.52 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 1st will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.28%. The ex-dividend date of this dividend is Monday, August 31st.

Principal Financial Group 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.

Featured Article: Quiet Period

Institutional Ownership by Quarter for Principal Financial Group (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.