OMERS ADMINISTRATION Corp Acquires New Shares in Principal Financial Group, Inc. $PFG

Key Points

• OMERS Administration Corp. acquired 12,079 shares of Principal Financial Group valued at approximately $1.3 million. Institutional investors and hedge funds collectively own 75.08% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $106.67, below the reported share price of $112.21.
• Principal Financial Group exceeded quarterly earnings expectations with $2.50 in EPS versus $2.33 forecast, while increasing its quarterly dividend to $0.84, implying a 3.0% annual yield.

OMERS ADMINISTRATION Corp bought a new stake in 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 and Exchange Commission (SEC). The fund bought 12,079 shares of the company's stock, valued at approximately $1,302,000.

Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Principal Financial Group in the 2nd quarter valued at approximately $2,157,181,000. Norges Bank bought a new position in Principal Financial Group during the fourth quarter valued at approximately $273,276,000. AQR Capital Management LLC lifted its stake in Principal Financial Group by 112.8% in the fourth quarter. AQR Capital Management LLC now owns 2,348,233 shares of the company's stock valued at $207,138,000 after acquiring an additional 1,244,668 shares during the last quarter. Deutsche Bank AG acquired a new stake in Principal Financial Group in the second quarter valued at approximately $132,735,000. Finally, Bank of New York Mellon Corp bought a new stake in Principal Financial Group in the second quarter worth approximately $124,372,000. 75.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PFG. 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 research note on Wednesday, June 24th. Keefe, Bruyette & Woods upped their price objective on shares of Principal Financial Group from $102.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. Jefferies Financial Group increased their target price on shares of Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Atlantic Securities set a $94.00 target price on Principal Financial Group in a report on Wednesday, July 15th. Finally, Citigroup cut Principal Financial Group from a "sell" rating to an "underperform" rating in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $106.67.

Principal Financial Group Price Performance

NASDAQ PFG opened at $112.21 on Thursday. Principal Financial Group, Inc. has a 1 year low of $77.90 and a 1 year high of $116.61. The company has a fifty day simple moving average of $111.75 and a 200 day simple moving average of $101.85. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.36. The company has a market cap 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 announced its earnings results on Monday, July 27th. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.33 by $0.17. The firm had revenue of $3.99 billion for 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 firm posted $2.16 EPS. On average, sell-side analysts predict that Principal Financial Group, Inc. will post 9.62 EPS for the current 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. The ex-dividend date is Thursday, September 3rd. This is a boost from Principal Financial Group's previous quarterly dividend of $0.82. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. Principal Financial Group's dividend payout ratio is presently 46.59%.

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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