Public Employees Retirement System of Ohio Acquires Shares of 71,931 Principal Financial Group, Inc. $PFG

Key Points

• Public Employees Retirement System of Ohio acquired 71,931 shares of Principal Financial Group worth approximately $7.75 million during the second quarter. Institutional investors collectively own 75.08% of PFG’s outstanding shares.
• Principal Financial Group reported quarterly EPS of $2.50, beating analyst expectations of $2.33, although revenue of $3.99 billion fell short of the $4.11 billion estimate.
• The company increased its quarterly dividend from $0.82 to $0.84 per share, implying an annualized dividend of $3.36 and a 3.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $106.67.

Public Employees Retirement System of Ohio bought a new stake in shares of 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. The fund bought 71,931 shares of the company's stock, valued at approximately $7,753,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PFG. DV Equities LLC bought a new stake in Principal Financial Group during the fourth quarter worth about $25,000. Hilton Head Capital Partners LLC bought a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $26,000. Valley Wealth Managers Inc. bought a new position in shares of Principal Financial Group during the first quarter valued at approximately $27,000. Ancora Advisors LLC purchased a new position in shares of Principal Financial Group during the second quarter valued at approximately $27,000. Finally, MBM Wealth Consultants LLC purchased a new position in shares of Principal Financial Group during the first quarter valued at approximately $28,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Trading Down 0.7%

Principal Financial Group stock opened at $109.36 on Wednesday. Principal Financial Group, Inc. has a one year low of $77.90 and a one year high of $116.61. The business's fifty day moving average is $111.75 and its 200 day moving average is $102.30. The stock has a market capitalization of $23.41 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.00 and a beta of 0.86. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.28 and a quick ratio of 0.28.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $2.50 earnings per share for the quarter, beating analysts' consensus estimates of $2.33 by $0.17. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.11 billion. During the same period in the previous year, the business earned $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 company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 3rd will be issued a dividend of $0.84 per share. This is an increase from Principal Financial Group's previous quarterly dividend of $0.82. This represents a $3.36 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Thursday, September 3rd. Principal Financial Group's payout ratio is presently 46.59%.

Analyst Upgrades and Downgrades

PFG has been the topic of several recent research reports. Atlantic Securities set a $94.00 price target on Principal Financial Group in a research note on Wednesday, July 15th. JPMorgan Chase & Co. lifted their price objective on Principal Financial Group from $106.00 to $107.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Wells Fargo & Company dropped their target price on Principal Financial Group from $114.00 to $113.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. Bank of America increased their target price on Principal Financial Group from $94.00 to $104.00 and gave the stock an "underperform" rating in a research note on Tuesday, July 28th. Finally, Morgan Stanley raised their price target on Principal Financial Group from $107.00 to $112.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Principal Financial Group has a consensus rating of "Hold" and a consensus target price 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.

Want to see what other hedge funds are holding PFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Principal Financial Group, Inc. (NASDAQ:PFG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source