Bank of New York Mellon Corp purchased a new stake in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,153,947 shares of the company's stock, valued at approximately $124,372,000. Bank of New York Mellon Corp owned approximately 0.54% of Principal Financial Group as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Centric Wealth Management purchased a new stake in shares of Principal Financial Group in the 2nd quarter worth $3,053,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of Principal Financial Group during the 2nd quarter valued at $449,000. S&CO Inc. bought a new position in Principal Financial Group in the 2nd quarter worth $269,000. One Wealth Advisors LLC purchased a new stake in Principal Financial Group in the 2nd quarter worth $408,000. Finally, Annex Advisory Services LLC purchased a new position in Principal Financial Group in the 2nd quarter worth approximately $241,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of brokerages recently commented on PFG. Weiss Ratings raised Principal Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. Jefferies Financial Group boosted their target price on shares of Principal Financial Group from $91.00 to $98.00 and gave the company a "hold" rating in a research note on Friday, July 10th. Raymond James Financial restated an "outperform" rating and set a $121.00 price objective on shares of Principal Financial Group in a report on Monday, August 17th. Evercore set a $108.00 target price on Principal Financial Group in a research report on Monday, April 27th. Finally, Keefe, Bruyette & Woods increased their price target on Principal Financial Group from $102.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, July 13th. Three investment 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. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $106.67.
Get Our Latest Report on PFG
Principal Financial Group Price Performance
Shares of Principal Financial Group stock opened at $110.75 on Monday. The firm's 50 day moving average price is $111.67 and its 200-day moving average price is $101.51. The company has a market cap of $23.71 billion, a P/E ratio of 15.73, a PEG ratio of 1.01 and a beta of 0.87. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 52-week low of $77.90 and a 52-week high of $116.61.
Principal Financial Group (NASDAQ:PFG - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported $2.50 earnings per share for the quarter, beating analysts' consensus estimates of $2.33 by $0.17. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates 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 last year, the business posted $2.16 EPS. On average, sell-side analysts predict that Principal Financial Group, Inc. will post 9.57 EPS for the current fiscal year.
Principal Financial Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be given a dividend of $0.84 per share. This is a boost from Principal Financial Group's previous quarterly dividend of $0.82. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date is Thursday, September 3rd. Principal Financial Group's dividend payout ratio (DPR) is 46.59%.
Principal Financial Group Profile
(
Free Report)
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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