Munich Reinsurance Co Stock Corp in Munich Reduces Stake in Principal Financial Group, Inc. $PFG

Key Points

• Munich Reinsurance cut its Principal Financial Group stake by 53.8% in the second quarter, selling 33,800 shares and retaining 29,047 shares worth approximately $3.13 million. Institutional investors collectively own 75.08% of PFG.
• Principal Financial Group reported quarterly EPS of $2.50, beating analyst expectations of $2.33, while revenue came in at $3.99 billion versus the $4.11 billion consensus estimate.
• The company raised its quarterly dividend from $0.82 to $0.84 per share, equivalent to an annualized $3.36 dividend and a 2.9% yield. Analysts maintain a consensus “Hold” rating with a $106.67 price target.

Munich Reinsurance Co Stock Corp in Munich lowered its stake in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) by 53.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,047 shares of the company's stock after selling 33,800 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich's holdings in Principal Financial Group were worth $3,131,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Syon Capital LLC boosted its position in shares of Principal Financial Group by 4.6% in the second quarter. Syon Capital LLC now owns 9,140 shares of the company's stock valued at $985,000 after acquiring an additional 404 shares during the period. Concurrent Investment Advisors LLC increased its holdings in Principal Financial Group by 10.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 6,326 shares of the company's stock worth $682,000 after acquiring an additional 573 shares during the period. NEOS Investment Management LLC lifted its stake in Principal Financial Group by 5.0% in the 2nd quarter. NEOS Investment Management LLC now owns 32,333 shares of the company's stock worth $3,485,000 after purchasing an additional 1,527 shares in the last quarter. Continuum Advisory LLC purchased a new stake in Principal Financial Group in the 2nd quarter worth approximately $204,000. Finally, Nykredit A S bought a new position in Principal Financial Group in the 2nd quarter valued at $6,826,000. Hedge funds and other institutional investors own 75.08% of the company's stock.

Principal Financial Group Stock Down 1.5%

Shares of NASDAQ:PFG opened at $116.68 on Friday. The firm has a market capitalization of $24.98 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 1.07 and a beta of 0.86. 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 52-week low of $77.90 and a 52-week high of $121.18. The firm has a fifty day moving average of $112.29 and a 200 day moving average of $102.74.

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. Principal Financial Group had a return on equity of 16.49% and a net margin of 9.93%.The firm had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $4.11 billion. During the same period in the prior year, the business earned $2.16 EPS. As a group, research analysts anticipate that Principal Financial Group, Inc. will post 9.62 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 3rd will be paid a $0.84 dividend. 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 dividend on an annualized basis and a dividend yield of 2.9%. Principal Financial Group's dividend payout ratio is currently 47.73%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Citigroup lowered shares of Principal Financial Group from a "sell" rating to an "underperform" rating in a research report on Wednesday, June 24th. Morgan Stanley increased 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. Bank of America boosted their target price on Principal Financial Group from $94.00 to $104.00 and gave the stock an "underperform" rating in a research report on Tuesday, July 28th. Atlantic Securities set a $94.00 price target on Principal Financial Group in a report on Wednesday, July 15th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $121.00 price target on shares of Principal Financial Group in a research report on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Principal Financial Group currently has a consensus rating of "Hold" and a consensus price target of $106.67.

Principal Financial Group Company 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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