Wealthfront Advisers LLC Purchases Shares of 71,257 Principal Financial Group, Inc. $PFG

Key Points

• Wealthfront Advisers purchased 71,257 shares of Principal Financial Group worth approximately $7.68 million in the second quarter. Institutional investors and hedge funds collectively own 75.08% of PFG.
• Principal Financial Group exceeded quarterly earnings expectations, reporting $2.50 in EPS versus the $2.33 consensus estimate, although revenue of $3.99 billion came in below forecasts.
• The company raised its quarterly dividend from $0.82 to $0.84 per share, equating to a 3.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $106.67, below the stock’s stated $111.64 price.

Wealthfront Advisers LLC purchased a new stake in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 71,257 shares of the company's stock, valued at approximately $7,680,000.

Several other large investors have also recently made changes to their positions in PFG. Foster & Motley Inc. acquired a new position in shares of Principal Financial Group in the 2nd quarter worth approximately $3,192,000. Navigoe LLC acquired a new stake in Principal Financial Group in the 2nd quarter valued at approximately $53,000. Meeder Advisory Services Inc. acquired a new stake in Principal Financial Group in the 2nd quarter valued at approximately $912,000. Citizens Financial Group Inc. RI purchased a new stake in Principal Financial Group in the second quarter valued at approximately $219,000. Finally, Paladin Partners LLC purchased a new stake in Principal Financial Group in the second quarter valued at approximately $268,000. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Principal Financial Group Stock Performance

Shares of PFG stock opened at $111.64 on Thursday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 52 week low of $77.34 and a 52 week high of $116.61. The stock has a market capitalization of $23.90 billion, a PE ratio of 15.86, a P/E/G ratio of 1.03 and a beta of 0.88. The firm has a 50 day moving average of $111.66 and a two-hundred day moving average of $101.30.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last posted its quarterly 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 business had revenue of $3.99 billion during 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 in the previous year, the firm posted $2.16 earnings per share. On average, research analysts predict that Principal Financial Group, Inc. will post 9.57 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 3rd. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.82. Principal Financial Group's payout ratio is presently 46.59%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Bank of America raised their price target 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. Barclays boosted their price objective on Principal Financial Group from $87.00 to $92.00 and gave the company an "underweight" rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. increased their target price on Principal Financial Group from $106.00 to $107.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Evercore set a $108.00 target price on Principal Financial Group in a research report on Monday, April 27th. Finally, Jefferies Financial Group boosted their price target on shares of Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average 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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