Cibc World Market Inc. Invests $4.68 Million in Principal Financial Group, Inc. $PFG

Key Points

• CIBC World Market purchased 43,384 shares of Principal Financial Group worth approximately $4.68 million during the second quarter. Institutional investors now own 75.08% of PFG’s outstanding stock.
• Analysts maintain a generally neutral outlook, with an average “Hold” rating and a $106.67 price target. PFG recently opened at $111.59 after reporting quarterly EPS of $2.50, ahead of the $2.33 consensus estimate.
• Principal Financial Group raised its quarterly dividend from $0.82 to $0.84 per share, equivalent to an annualized $3.36 dividend and a 3.0% yield.

Cibc World Market Inc. purchased a new stake in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 43,384 shares of the company's stock, valued at approximately $4,676,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC acquired a new stake in shares of Principal Financial Group during the first quarter valued at about $244,000. NewEdge Advisors LLC increased its stake in Principal Financial Group by 24.1% during the 1st quarter. NewEdge Advisors LLC now owns 7,503 shares of the company's stock worth $633,000 after buying an additional 1,455 shares during the period. Empowered Funds LLC increased its position in shares of Principal Financial Group by 11.9% during the first quarter. Empowered Funds LLC now owns 4,678 shares of the company's stock worth $395,000 after acquiring an additional 497 shares during the period. EverSource Wealth Advisors LLC raised its position in Principal Financial Group by 96.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the company's stock valued at $181,000 after purchasing an additional 1,117 shares in the last quarter. Finally, Cerity Partners LLC lifted its stake in Principal Financial Group by 9.1% in the second quarter. Cerity Partners LLC now owns 37,957 shares of the company's stock worth $3,015,000 after acquiring an additional 3,175 shares during the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on PFG. Weiss Ratings raised Principal Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. Wells Fargo & Company decreased their price target on Principal Financial Group from $114.00 to $113.00 and set an "equal weight" rating for the company in a report on Wednesday, July 22nd. Morgan Stanley upped their price objective on Principal Financial Group from $107.00 to $112.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. JPMorgan Chase & Co. increased their price objective on Principal Financial Group from $106.00 to $107.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods raised their target price 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 analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Principal Financial Group has an average rating of "Hold" and an average target price of $106.67.

Principal Financial Group Stock Performance

Shares of PFG opened at $111.59 on Wednesday. The company's 50 day simple moving average is $111.71 and its 200-day simple moving average is $101.74. The firm has a market cap of $23.89 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 1.01 and a beta of 0.88. Principal Financial Group, Inc. has a 12-month low of $77.90 and a 12-month high of $116.61. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last released 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 firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.11 billion. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. During the same quarter in the prior year, the firm earned $2.16 EPS. As a group, equities analysts predict that Principal Financial Group, Inc. will post 9.62 EPS for the current year.

Principal Financial Group Increases Dividend

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

About Principal Financial Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source