Lazard Asset Management LLC Purchases Shares of 51,957 Principal Financial Group, Inc. $PFG

Key Points

• Lazard Asset Management initiated a position in Principal Financial Group, purchasing 51,957 shares valued at approximately $4.7 million. Institutional investors collectively own 75.08% of PFG’s outstanding stock.
• Principal Financial Group reported quarterly earnings of $2.50 per share, beating estimates of $2.33, though revenue of $3.99 billion fell short of the $4.11 billion consensus forecast.
• The company raised its quarterly dividend to $0.84 per share, implying an annualized dividend of $3.36 and a 3.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $105.75.

Lazard Asset Management LLC purchased a new position in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 51,957 shares of the company's stock, valued at approximately $4,682,000.

A number of other hedge funds have also recently modified their holdings of the company. Eurizon Capital SGR S.p.A. purchased a new stake in Principal Financial Group in the 4th quarter worth approximately $32,473,000. LBP AM SA purchased a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $10,400,000. MUFG Securities EMEA plc raised its holdings 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 acquiring an additional 47,316 shares in the last quarter. VCI Wealth Management LLC bought a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $1,650,000. Finally, Legal & General Group Plc lifted its stake in Principal Financial Group by 1.5% in the fourth quarter. Legal & General Group Plc now owns 1,639,302 shares of the company's stock worth $144,603,000 after acquiring an additional 23,686 shares during the period. Hedge funds and other institutional investors own 75.08% of the company's stock.

Insiders Place Their Bets

In other Principal Financial Group news, insider Wee Yee Cheong sold 7,534 shares of the firm's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $103.16, for a total transaction of $777,207.44. Following the completion of the sale, the insider directly owned 66,443 shares in the company, valued at approximately $6,854,259.88. This trade represents a 10.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.13% of the company's stock.

Principal Financial Group Trading Down 0.2%

Principal Financial Group stock opened at $113.73 on Friday. Principal Financial Group, Inc. has a 12 month low of $75.00 and a 12 month high of $114.95. The company has a market capitalization of $24.35 billion, a price-to-earnings ratio of 16.15, a price-to-earnings-growth ratio of 1.04 and a beta of 0.88. The business's fifty day simple moving average is $109.18 and its two-hundred day simple moving average is $99.15. The company has a current ratio of 0.28, a quick ratio of 0.27 and a debt-to-equity ratio of 0.36.

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 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 return on equity of 16.49% and a net margin of 9.93%.During the same period last year, the company earned $2.16 earnings per share. As a group, equities analysts predict that Principal Financial Group, Inc. will post 9.51 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed 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 positive change from Principal Financial Group's previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $3.36 annualized dividend and a yield of 3.0%. Principal Financial Group's payout ratio is currently 46.59%.

Analyst Upgrades and Downgrades

PFG has been the topic of several recent analyst reports. Barclays lifted their price target on shares of Principal Financial Group from $87.00 to $92.00 and gave the company an "underweight" rating in a report on Tuesday, July 7th. Bank of America raised their target price on shares of Principal Financial Group from $94.00 to $104.00 and gave the stock an "underperform" rating in a research report on Tuesday. Evercore set a $108.00 target price on shares of Principal Financial Group in a research note on Monday, April 27th. Morgan Stanley boosted their price target on shares of Principal Financial Group from $107.00 to $112.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Principal Financial Group in a research note on Wednesday. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $105.75.

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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