CIBC Asset Management Inc Increases Stock Position in Principal Financial Group, Inc. $PFG

Key Points

• CIBC Asset Management increased its stake in Principal Financial Group by 50.4% in the fourth quarter, bringing its holdings to 53,126 shares valued at about $4.69 million.
• Principal Financial Group reported Q1 earnings of $2.07 per share, beating estimates, though revenue of $3.53 billion came in below expectations. The company also raised its quarterly dividend to $0.82 per share, or $3.28 annually.
• Insider selling continued, with the general counsel and another insider selling shares in recent transactions; meanwhile, analysts currently have a Hold consensus rating and a target price of $98.10.

CIBC Asset Management Inc raised its holdings in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) by 50.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,126 shares of the company's stock after purchasing an additional 17,814 shares during the period. CIBC Asset Management Inc's holdings in Principal Financial Group were worth $4,686,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PFG. Norges Bank purchased a new stake in shares of Principal Financial Group in the fourth quarter valued at about $273,276,000. Bank of America Corp DE lifted its holdings in shares of Principal Financial Group by 9.6% in 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 purchasing an additional 1,083,991 shares in the last quarter. 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 purchasing an additional 776,997 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Principal Financial Group by 23.2% in the third quarter. Invesco Ltd. now owns 3,376,797 shares of the company's stock valued at $279,970,000 after purchasing an additional 636,334 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Principal Financial Group by 84.9% in the third quarter. AQR Capital Management LLC now owns 1,103,565 shares of the company's stock valued at $90,856,000 after purchasing an additional 506,841 shares in the last quarter. Hedge funds and other institutional investors own 75.08% of the company's stock.

Insider Activity at Principal Financial Group

In related news, General Counsel George Djurasovic sold 2,571 shares of the company's stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total transaction of $259,233.93. Following the completion of the transaction, the general counsel owned 21,906 shares of the company's stock, valued at approximately $2,208,781.98. This represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Wee Yee Cheong sold 9,183 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $101.26, for a total transaction of $929,870.58. Following the transaction, the insider directly owned 77,188 shares of the company's stock, valued at $7,816,056.88. This trade represents a 10.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,317 shares of company stock valued at $2,884,902 in the last ninety days. 1.13% of the stock is currently owned by company insiders.

Principal Financial Group Stock Up 1.7%

PFG stock opened at $105.22 on Friday. The stock has a market capitalization of $22.73 billion, a P/E ratio of 15.05, a PEG ratio of 0.99 and a beta of 0.88. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.27 and a current ratio of 0.27. Principal Financial Group, Inc. has a one year low of $75.00 and a one year high of $105.56. The company has a 50 day moving average price of $97.99 and a two-hundred day moving average price of $92.73.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $2.07 EPS for the quarter, topping the consensus estimate of $2.01 by $0.06. The firm had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $4.11 billion. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. During the same period in the previous year, the company earned $1.81 EPS. As a group, sell-side analysts expect that Principal Financial Group, Inc. will post 9.36 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Monday, June 1st will be given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 3.1%. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Monday, June 1st. Principal Financial Group's dividend payout ratio (DPR) is currently 46.92%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Bank of America reduced their price target on shares of Principal Financial Group from $96.00 to $92.00 and set a "neutral" rating on the stock in a report on Tuesday, April 14th. Wells Fargo & Company reduced their price target on shares of Principal Financial Group from $91.00 to $87.00 and set an "equal weight" rating on the stock in a report on Friday, April 10th. Barclays upped their price target on shares of Principal Financial Group from $85.00 to $87.00 and gave the company an "underweight" rating in a report on Friday, April 24th. Raymond James Financial downgraded shares of Principal Financial Group from a "strong-buy" rating to an "outperform" rating and upped their price objective for the company from $99.00 to $111.00 in a research note on Tuesday, May 19th. Finally, Keefe, Bruyette & Woods restated a "hold" rating and set a $92.00 target price on shares of Principal Financial Group in a research report on Thursday, March 26th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Principal Financial Group presently has a consensus rating of "Hold" and a consensus target price of $98.10.

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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