Principal Financial Group Inc (PFG) Position Boosted by LMR Partners LLP
LMR Partners LLP raised its position in shares of Principal Financial Group Inc (NYSE:PFG) by 225.7% during the second quarter, Holdings Channel reports. The institutional investor owned 25,885 shares of the financial services provider’s stock after buying an additional 17,938 shares during the period. LMR Partners LLP’s holdings in Principal Financial Group were worth $1,658,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Principal Financial Group by 6.7% in the first quarter. Vanguard Group Inc. now owns 29,649,875 shares of the financial services provider’s stock worth $1,871,204,000 after buying an additional 1,862,125 shares in the last quarter. BlackRock Inc. boosted its stake in Principal Financial Group by 2,276.3% in the first quarter. BlackRock Inc. now owns 17,714,618 shares of the financial services provider’s stock worth $1,117,969,000 after buying an additional 16,969,140 shares in the last quarter. State Street Corp boosted its stake in Principal Financial Group by 0.9% in the first quarter. State Street Corp now owns 13,622,890 shares of the financial services provider’s stock worth $859,745,000 after buying an additional 123,961 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Principal Financial Group by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,734,915 shares of the financial services provider’s stock worth $235,703,000 after buying an additional 84,575 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Principal Financial Group by 9.8% in the first quarter. Geode Capital Management LLC now owns 2,704,133 shares of the financial services provider’s stock worth $170,420,000 after buying an additional 240,899 shares in the last quarter. 70.10% of the stock is owned by hedge funds and other institutional investors.
Shares of Principal Financial Group Inc (NYSE:PFG) opened at 65.16 on Thursday. The firm has a market capitalization of $18.83 billion, a PE ratio of 14.81 and a beta of 1.65. The stock has a 50 day moving average price of $65.76 and a 200 day moving average price of $63.53. Principal Financial Group Inc has a 1-year low of $46.82 and a 1-year high of $67.73.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.09. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.16 billion. Principal Financial Group had a return on equity of 13.57% and a net margin of 10.15%. During the same period in the prior year, the business posted $1.15 earnings per share. Equities research analysts anticipate that Principal Financial Group Inc will post $5.18 earnings per share for the current fiscal year.
Principal Financial Group announced that its Board of Directors has authorized a share buyback program on Wednesday, May 17th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.89%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio is presently 41.82%.
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A number of equities research analysts recently weighed in on PFG shares. Barclays PLC raised their price target on Principal Financial Group from $61.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, August 11th. Wells Fargo & Company reissued a “buy” rating on shares of Principal Financial Group in a research note on Thursday, June 29th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $68.00 target price on shares of Principal Financial Group in a research note on Thursday, August 3rd. BidaskClub cut Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Deutsche Bank AG lifted their target price on Principal Financial Group from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Wednesday, April 19th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $61.67.
In related news, SVP Gregory Bernard Elming sold 30,707 shares of the stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $64.20, for a total value of $1,971,389.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James P. Mccaughan sold 65,818 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $63.53, for a total value of $4,181,417.54. The disclosure for this sale can be found here. Insiders sold 345,538 shares of company stock valued at $22,435,450 over the last 90 days. 1.50% of the stock is currently owned by company 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. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.
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