JPMorgan Chase & Co. Increases Stake in Principal Financial Group Inc. (PFG)
JPMorgan Chase & Co. boosted its position in Principal Financial Group Inc. (NYSE:PFG) by 34.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 866,811 shares of the company’s stock after buying an additional 224,437 shares during the period. JPMorgan Chase & Co. owned approximately 0.30% of Principal Financial Group worth $35,636,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PFG. Americafirst Capital Management LLC bought a new stake in Principal Financial Group during the second quarter worth $100,000. Societe Generale acquired a new position in Principal Financial Group during the second quarter valued at approximately $195,000. Advisor Partners LLC acquired a new position in Principal Financial Group during the first quarter valued at approximately $207,000. Acadian Asset Management LLC acquired a new position in Principal Financial Group during the second quarter valued at approximately $220,000. Finally, Savant Capital LLC acquired a new position in Principal Financial Group during the second quarter valued at approximately $221,000. Institutional investors own 67.59% of the company’s stock.
Shares of Principal Financial Group Inc. (NYSE:PFG) opened at 48.37 on Friday. The firm has a market cap of $13.91 billion, a P/E ratio of 11.50 and a beta of 1.65. Principal Financial Group Inc. has a 12 month low of $33.09 and a 12 month high of $52.21. The company has a 50-day moving average of $47.11 and a 200-day moving average of $42.87.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.09. Principal Financial Group had a net margin of 10.20% and a return on equity of 12.52%. During the same quarter in the prior year, the business posted $1.09 EPS. Equities analysts forecast that Principal Financial Group Inc. will post $4.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be given a $0.41 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $1.64 annualized dividend and a dividend yield of 3.39%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.39. Principal Financial Group’s payout ratio is presently 38.86%.
PFG has been the topic of several recent analyst reports. RBC Capital Markets set a $52.00 target price on Principal Financial Group and gave the company a “buy” rating in a report on Friday, August 19th. Zacks Investment Research lowered Principal Financial Group from a “hold” rating to a “sell” rating in a report on Monday, July 4th. Stifel Nicolaus raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Sunday, July 31st. JPMorgan Chase & Co. reissued a “sell” rating and issued a $46.00 target price on shares of Principal Financial Group in a report on Friday, July 29th. Finally, Barclays PLC increased their target price on Principal Financial Group from $41.00 to $47.00 and gave the company an “equal weight” rating in a report on Friday, July 29th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $48.14.
In other news, SVP Gregory Bernard Elming sold 46,770 shares of the business’s stock in a transaction dated Wednesday, June 22nd. The shares were sold at an average price of $43.73, for a total value of $2,045,252.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.78% of the stock is currently owned by insiders.
Principal Financial Group Company Profile
Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance services. The Company’s segments include Retirement and Income Solutions; Principal Global Investors, Principal International, and U.S.
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