Principal Financial Group, Inc. (NASDAQ:PFG) stock position correction by Mackenzie Financial Corp.

Mackenzie Financial Corp. acquired Principal Financial Group, Inc. (NASDAQ: PFG – Receive Rating) to 22.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor held 31,978 shares of the company’s stock after receiving 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 have also increased or decreased their stake in the business recently. Cibc World Market Inc. raised its position in Principal Financial Group by 2.5% in the second quarter. After acquiring an additional 451 shares last quarter, Cibc World Market Inc. holds 18,776 shares of the company worth $1,254,000. Hunter Associates Investment Management LLC purchased a new stake in Principal Financial Group valued at approximately $228,000 in the second quarter. Serity Partners LLC boosted its position in Principal Financial Group by 47.3% in the second quarter. Cerity Partners LLC now holds 4,355 shares of the company valued at $268,000 after acquiring an additional 1,399 shares during the last quarter. Qtron Investments LLC purchased a new stake in Principal Financial Group in the second quarter valued at approximately $277,000. Finally, TruVestments Capital LLC purchased a new stake in Principal Financial Group in the second quarter valued at approximately $33,000. 75.12% of the stock is held by institutional investors.

Wall Street analysts weigh in

Several analysts have recently issued reports on PFG shares. Jefferies Financial Group raised its 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 8. Citigroup raised its price objective on shares of Principal Financial Group from $62.00 to $65.00 in a report on Wednesday, November 16. JPMorgan Chase & Co. downgraded shares of Principal Financial Group from a “neutral” rating to an “underweight” rating and raised its price objective for the stock from $69.00 to $72.00 in a report on Friday, October 7. StockNews.com initiated coverage on shares of Principal Financial Group in a report on Wednesday, October 12. They set a “Hold” rating for the company. Finally, Raymond James initiated coverage on shares of Principal Financial Group in a report on Wednesday, September 21. They determine a “market performance” rating for the company. Seven investment analysts have rated the stock with a Sell rating and seven have a Hold rating on the stock. The stock has an average rating of “Hold” and a consensus price target of $77.50, according to MarketBeat.

Prime Financial Group Price Performance

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NASDAQ:PFG opened Wednesday at $91.71. The stock has a market cap of $22.44 billion, P/E ratio of 4.45, PEG ratio of 2.57 and Beta of 1.29. Principal Financial Group, Inc. The One Year Low was $61.05 and the One Year High was $96.17. The 50-day moving average price of the company is $82.97 and the 200-day moving average price is $74.86. The company has a debt-to-equity ratio of 0.42, current ratio of 0.37 and quick ratio of 0.37.

Principal Financial Group Dividend Declaration

The business also recently announced a quarterly dividend, which will be paid on Monday, December 19th. Investors of record will be paid a dividend of $0.64 per share on Thursday, December 1. This represents a $2.56 annual dividend and a yield of 2.79%. The ex-dividend date is Wednesday, November 30. The payout ratio of Prime Financial Group currently stands at 12.41%.

indoor activity

In other news, director Sandra L. Helton sold 14,033 shares of the stock in one transaction on Tuesday, Oct 18. Shares were sold at an average price of $80.05, for a total value of $1,123,341.65. Following 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 one transaction on Tuesday, Oct 18. Shares were sold at an average price of $80.05, for a total value of $1,123,341.65. Following 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. Additionally, EVP Wei Yi Cheong sold 2,447 shares of the stock in a transaction on Tuesday, Sep 13. 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. Disclosure of this sale can be found here. Corporate insiders hold 1.17% of the company’s stock.

About Prime 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 the Retirement and Income Solutions, Principal Global Investors, Principal International and US Insurance Solutions segments.

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Want to see which other hedge funds are holding PFG? Principal Financial Group, Inc. Visit HoldingsChannel.com to get the latest 13F filings and insider trades. (NASDAQ:PFG – Gate Rating).

Institutional Ownership by Quarter for Prime Financial Group (NASDAQ:PFG)

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