9,747 Shares in Principal Financial Group, Inc. $PFG Bought by Plato Investment Management Ltd

Key Points

• Plato Investment Management bought a new 9,747-share position in Principal Financial Group worth approximately $1.04 million. Institutional investors collectively own 75.08% of PFG.
• Principal Financial Group reported quarterly EPS of $2.50, beating analyst expectations of $2.33, while revenue of $3.99 billion fell short of estimates. The company raised its quarterly dividend to $0.84, implying a 3.0% yield.
• PFG shares traded at $113.14, near their 52-week high, but analysts maintain an overall “Hold” rating with an average price target of $106.67.

Plato Investment Management Ltd bought a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 9,747 shares of the company's stock, valued at approximately $1,044,000.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Principal Financial Group during the 4th quarter valued at approximately $273,276,000. AQR Capital Management LLC increased its position in Principal Financial Group by 112.8% in the 4th quarter. AQR Capital Management LLC now owns 2,348,233 shares of the company's stock valued at $207,138,000 after acquiring an additional 1,244,668 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Principal Financial Group during the second quarter valued at about $124,372,000. Bank of America Corp DE increased its stake in shares of Principal Financial Group by 9.6% during the second quarter. Bank of America Corp DE now owns 12,370,852 shares of the company's stock valued at $982,617,000 after acquiring an additional 1,083,991 shares during the period. Finally, UBS Group AG lifted its holdings in shares of Principal Financial Group by 62.3% in the third quarter. UBS Group AG now owns 2,023,880 shares of the company's stock valued at $167,800,000 after buying an additional 776,997 shares during the period. Institutional investors and hedge funds own 75.08% of the company's stock.

Principal Financial Group Trading Up 0.2%

NASDAQ PFG opened at $113.14 on Wednesday. Principal Financial Group, Inc. has a 1-year low of $77.34 and a 1-year high of $116.61. The firm's fifty day simple moving average is $111.61 and its 200-day simple moving average is $101.18. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $24.22 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 1.04 and a beta of 0.87.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.33 by $0.17. The business had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $4.11 billion. Principal Financial Group had a return on equity of 16.49% and a net margin of 9.93%.During the same quarter in the previous year, the business posted $2.16 EPS. As a group, sell-side analysts anticipate that Principal Financial Group, Inc. will post 9.57 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 3rd will be given a $0.84 dividend. This is an increase from Principal Financial Group's previous quarterly dividend of $0.82. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 3rd. Principal Financial Group's payout ratio is presently 46.59%.

Insider Activity at Principal Financial Group

In related news, insider Wee Yee Cheong sold 7,534 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $103.16, for a total value of $777,207.44. Following the transaction, the insider directly owned 66,443 shares of the company's stock, valued at approximately $6,854,259.88. This trade represents a 10.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.13% of the company's stock.

Analysts Set New Price Targets

PFG has been the topic of several recent research reports. Atlantic Securities set a $94.00 price target on shares of Principal Financial Group in a research report on Wednesday, July 15th. Barclays increased their price objective on Principal Financial Group from $87.00 to $92.00 and gave the company an "underweight" rating in a research report on Tuesday, July 7th. Jefferies Financial Group lifted their target price on Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Raymond James Financial reaffirmed an "outperform" rating and set a $121.00 target price on shares of Principal Financial Group in a research report on Monday. Finally, JPMorgan Chase & Co. upped their target price on Principal Financial Group from $106.00 to $107.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Principal Financial Group presently has an average rating of "Hold" and an average target price of $106.67.

Principal Financial Group Profile

Principal Financial Group NASDAQ: PFG is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm's business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal's product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.

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