New York State Teachers Retirement System Boosts Stake in Principal Financial Group, Inc. $PFG

Key Points

• New York State Teachers Retirement System increased its stake in Principal Financial Group by 12.2% to 179,303 shares (about $15.8M), and institutional investors now own roughly 75.08% of PFG.
• Insiders have been selling: General Counsel George Djurasovic sold 2,571 shares and Wee Yee Cheong sold 1,080 shares, with insiders offloading 3,652 shares (~$368,414) in the last 90 days; insiders currently own 1.13% of the stock.
• Dividend hike and mixed quarter: PFG raised its quarterly dividend to $0.82 (annualized $3.28, yield 3.2%), reported EPS of $2.07 (beat) but revenue of $3.53B (miss), and carries a consensus "Hold" rating with an average target of $95.33.

New York State Teachers Retirement System raised its holdings in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) by 12.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 179,303 shares of the company's stock after acquiring an additional 19,447 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of Principal Financial Group worth $15,816,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Capital Management Corp VA grew its stake in Principal Financial Group by 19.2% in the 3rd quarter. Capital Management Corp VA now owns 172,736 shares of the company's stock worth $14,322,000 after buying an additional 27,857 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Principal Financial Group by 160.3% in the 3rd quarter. Nordea Investment Management AB now owns 48,902 shares of the company's stock worth $3,978,000 after buying an additional 30,118 shares during the last quarter. Mediolanum International Funds Ltd raised its position in shares of Principal Financial Group by 41.5% during the 3rd quarter. Mediolanum International Funds Ltd now owns 127,368 shares of the company's stock valued at $10,504,000 after buying an additional 37,357 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Principal Financial Group during the 3rd quarter worth $18,526,000. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Principal Financial Group by 21.1% during the 3rd quarter. Teacher Retirement System of Texas now owns 215,843 shares of the company's stock worth $17,896,000 after acquiring an additional 37,676 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company's stock.

Insiders Place Their Bets

In other Principal Financial Group news, General Counsel George Djurasovic sold 2,571 shares of the company's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total value of $259,233.93. Following the completion of the transaction, the general counsel directly owned 21,906 shares in the company, valued at approximately $2,208,781.98. This represents a 10.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wee Yee Cheong sold 1,080 shares of the firm's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $101.00, for a total transaction of $109,080.00. Following the completion of the sale, the insider directly owned 91,108 shares of the company's stock, valued at approximately $9,201,908. This represents a 1.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,652 shares of company stock valued at $368,414 in the last ninety days. 1.13% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PFG shares. Morgan Stanley increased their target price on Principal Financial Group from $93.00 to $95.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 3rd. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $103.00 price objective on shares of Principal Financial Group in a report on Monday, January 5th. UBS Group raised their price objective on Principal Financial Group from $92.00 to $94.00 and gave the company a "neutral" rating in a report on Thursday, April 9th. Keefe, Bruyette & Woods reaffirmed a "hold" rating and issued a $92.00 target price on shares of Principal Financial Group in a research note on Thursday, March 26th. Finally, Barclays increased their price target on shares of Principal Financial Group from $85.00 to $87.00 and gave the company an "underweight" rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $95.33.

Principal Financial Group Price Performance

Shares of NASDAQ:PFG opened at $101.09 on Monday. Principal Financial Group, Inc. has a 1 year low of $74.83 and a 1 year high of $101.90. The company has a market cap of $21.84 billion, a PE ratio of 14.46, a P/E/G ratio of 0.96 and a beta of 0.89. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27. The stock's 50-day moving average is $92.37 and its 200 day moving average is $89.33.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.06. The business had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $4.11 billion. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.During the same quarter last year, the business posted $1.81 EPS. Sell-side analysts anticipate that Principal Financial Group, Inc. will post 9.31 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Monday, June 1st will be issued a dividend of $0.82 per share. This is a boost from Principal Financial Group's previous quarterly dividend of $0.80. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, June 1st. Principal Financial Group's dividend payout ratio is currently 45.78%.

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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