Ieq Capital LLC Purchases Shares of 12,451 Principal Financial Group, Inc. $PFG

Key Points

• Ieq Capital LLC purchased 12,451 shares of Principal Financial Group worth approximately $1.34 million, while institutional investors collectively own 75.08% of the company.
• Principal Financial Group reported quarterly EPS of $2.50, exceeding estimates of $2.33, although revenue of $3.99 billion fell short of forecasts.
• The company raised its quarterly dividend from $0.82 to $0.84 per share, representing a $3.36 annualized payout and a 3.0% yield. Analysts maintain a consensus “Hold” rating with a $106.67 target price.

Ieq Capital LLC purchased a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 12,451 shares of the company's stock, valued at approximately $1,342,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. DV Equities LLC acquired a new stake in shares of Principal Financial Group during the fourth quarter worth about $25,000. Hilton Head Capital Partners LLC purchased a new position in shares of Principal Financial Group during the 4th quarter valued at about $26,000. Valley Wealth Managers Inc. acquired a new position in shares of Principal Financial Group in the 1st quarter valued at about $27,000. MBM Wealth Consultants LLC purchased a new stake in shares of Principal Financial Group in the first quarter worth about $28,000. Finally, Bell Investment Advisors Inc acquired a new stake in Principal Financial Group during the second quarter worth about $38,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Up 0.6%

PFG stock opened at $112.21 on Thursday. Principal Financial Group, Inc. has a 52 week low of $77.90 and a 52 week high of $116.61. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.36. The firm has a 50-day simple moving average of $111.75 and a 200-day simple moving average of $101.85. The stock has a market capitalization of $24.02 billion, a P/E ratio of 15.94, a P/E/G ratio of 1.01 and a beta of 0.88.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last issued its quarterly earnings results 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. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same period last year, the company posted $2.16 EPS. Equities analysts forecast that Principal Financial Group, Inc. will post 9.62 earnings per share 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. The ex-dividend date is Thursday, September 3rd. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.82. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. Principal Financial Group's dividend payout ratio (DPR) is presently 46.59%.

Analyst Ratings Changes

PFG has been the subject of a number of analyst reports. 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 boosted their target price on shares of Principal Financial Group from $107.00 to $112.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Piper Sandler increased their price target on shares of Principal Financial Group from $113.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. upped their price objective on shares of Principal Financial Group from $106.00 to $107.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods increased their target price on shares of Principal Financial Group from $102.00 to $112.00 and gave the stock a "market perform" rating in a research note 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 presently has a consensus rating of "Hold" and a consensus target price 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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