Procyon Advisors LLC Buys 8,170 Shares of Principal Financial Group, Inc. $PFG

Key Points

• Procyon Advisors LLC increased its stake in Principal Financial Group by 152.1% during the 2nd quarter, raising its holdings to 13,542 shares valued at approximately $1.08 million.
• Principal Financial Group reported $2.16 earnings per share for the last quarter, surpassing analyst expectations of $1.97, and had a return on equity of 14.68%.
• The company announced a quarterly dividend increase to $0.78 per share, effective for shareholders on record as of September 4th, representing a 3.9% yield.

Procyon Advisors LLC boosted its position in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 152.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 13,542 shares of the company's stock after acquiring an additional 8,170 shares during the period. Procyon Advisors LLC's holdings in Principal Financial Group were worth $1,076,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PFG. Nomura Holdings Inc. bought a new stake in shares of Principal Financial Group during the fourth quarter valued at about $537,000. Toronto Dominion Bank increased its position in shares of Principal Financial Group by 6.7% during the fourth quarter. Toronto Dominion Bank now owns 132,241 shares of the company's stock valued at $10,237,000 after buying an additional 8,283 shares during the period. Teza Capital Management LLC bought a new stake in shares of Principal Financial Group during the fourth quarter valued at about $372,000. Tidal Investments LLC increased its position in shares of Principal Financial Group by 6.7% during the fourth quarter. Tidal Investments LLC now owns 16,857 shares of the company's stock valued at $1,305,000 after buying an additional 1,058 shares during the period. Finally, Two Sigma Advisers LP increased its position in shares of Principal Financial Group by 318.6% during the fourth quarter. Two Sigma Advisers LP now owns 85,400 shares of the company's stock valued at $6,611,000 after buying an additional 65,000 shares during the period. 75.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PFG shares. Piper Sandler upped their price target on Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Morgan Stanley upped their price target on Principal Financial Group from $75.00 to $77.00 and gave the company an "underweight" rating in a research report on Monday, August 18th. Wells Fargo & Company cut their price objective on Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating for the company in a report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on shares of Principal Financial Group from $92.00 to $101.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating on the stock in a research report on Monday, August 4th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Principal Financial Group presently has an average rating of "Reduce" and a consensus price target of $86.90.

Principal Financial Group Price Performance

PFG traded down $0.07 during midday trading on Friday, hitting $81.71. The stock had a trading volume of 3,057,345 shares, compared to its average volume of 1,391,685. The company has a market cap of $18.20 billion, a P/E ratio of 12.23, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. The business has a fifty day moving average of $79.44 and a 200 day moving average of $78.87. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. Principal Financial Group, Inc. has a 1 year low of $68.39 and a 1 year high of $91.97.

Principal Financial Group (NYSE:PFG - Get Free Report) last issued its earnings results on Monday, July 28th. The company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same period last year, the company earned $1.63 earnings per share. As a group, equities analysts forecast that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Thursday, September 4th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.8%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Thursday, September 4th. Principal Financial Group's payout ratio is currently 62.78%.

Principal Financial Group Profile

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.