Commerce Bank Purchases Shares of 18,807 Principal Financial Group, Inc. $PFG

Key Points

• Commerce Bank acquired 18,807 shares of Principal Financial Group in the second quarter, worth approximately $2.03 million. Institutional investors collectively own 75.08% of the company.
• Principal Financial Group reported quarterly EPS of $2.50, exceeding analyst estimates of $2.33, while revenue of $3.99 billion fell short of the $4.11 billion consensus.
• The company raised its quarterly dividend from $0.82 to $0.84 per share, equivalent to an annualized $3.36 payout and a 3.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $106.67.

Commerce Bank acquired a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 18,807 shares of the company's stock, valued at approximately $2,027,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PFG. Eurizon Capital SGR S.p.A. bought a new stake in shares of Principal Financial Group in the 4th quarter worth $32,473,000. BlackRock Inc. purchased a new stake in shares of Principal Financial Group in the second quarter valued at about $2,157,181,000. MUFG Securities EMEA plc lifted its position in shares of Principal Financial Group by 1,219.5% during the fourth quarter. MUFG Securities EMEA plc now owns 51,196 shares of the company's stock valued at $4,516,000 after purchasing an additional 47,316 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Principal Financial Group by 1.5% during the fourth quarter. Legal & General Group Plc now owns 1,639,302 shares of the company's stock valued at $144,603,000 after purchasing an additional 23,686 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI purchased a new position in Principal Financial Group during the fourth quarter worth about $1,277,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

Shares of NASDAQ:PFG opened at $111.59 on Wednesday. The company has a market capitalization of $23.89 billion, a P/E ratio of 15.85, a price-to-earnings-growth ratio of 1.01 and a beta of 0.88. The company's 50-day moving average is $111.71 and its 200 day moving average is $101.74. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.28 and a current ratio of 0.28. Principal Financial Group, Inc. has a fifty-two week low of $77.90 and a fifty-two week high of $116.61.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.33 by $0.17. The business 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 last year, the company posted $2.16 earnings per share. On average, equities research analysts forecast that Principal Financial Group, Inc. will post 9.62 earnings per share for the current year.

Principal Financial Group Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Atlantic Securities set a $94.00 price objective on shares of Principal Financial Group in a research report on Wednesday, July 15th. Citigroup cut shares of Principal Financial Group from a "sell" rating to an "underperform" rating in a research report on Wednesday, June 24th. Jefferies Financial Group boosted their target price on Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods upped their target price on Principal Financial Group from $102.00 to $112.00 and gave the company a "market perform" rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. increased their price target on Principal Financial Group from $106.00 to $107.00 and gave the company a "neutral" rating in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $106.67.

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.

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