Hsbc Holdings PLC grew its holdings in shares of Principal Financial Group, Inc. (NASDAQ:PFG – Free Report) by 47.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,153,117 shares of the company’s stock after purchasing an additional 372,374 shares during the quarter. Hsbc Holdings PLC’s holdings in Principal Financial Group were worth $124,296,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. DV Equities LLC purchased a new stake in Principal Financial Group during the fourth quarter valued at approximately $25,000. Hilton Head Capital Partners LLC bought a new position in Principal Financial Group in the 4th quarter worth $26,000. Valley Wealth Managers Inc. bought a new position in Principal Financial Group in the 1st quarter worth $27,000. Ancora Advisors LLC purchased a new position in Principal Financial Group during the second quarter valued at $27,000. Finally, MBM Wealth Consultants LLC bought a new stake in Principal Financial Group during the first quarter valued at about $28,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.
Analysts Set New Price Targets
Several research firms have recently commented on PFG. Barclays raised their price objective on Principal Financial Group from $87.00 to $92.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 7th. Jefferies Financial Group lifted their price target on shares of Principal Financial Group from $91.00 to $98.00 and gave the company a “hold” rating in a report on Friday, July 10th. Morgan Stanley raised their price objective on shares of Principal Financial Group from $107.00 to $112.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. upped their target price on shares of Principal Financial Group from $106.00 to $107.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Finally, Raymond James Financial reissued an “outperform” rating and set a $121.00 price target on shares of Principal Financial Group in a report on Monday, August 17th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Principal Financial Group presently has a consensus rating of “Hold” and an average price target of $106.67.
Principal Financial Group Stock Down 0.3%
Shares of NASDAQ PFG opened at $111.59 on Wednesday. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 12-month low of $77.90 and a 12-month high of $116.61. The firm’s 50-day moving average price is $111.71 and its 200-day moving average price is $101.74. The stock has a market capitalization of $23.89 billion, a price-to-earnings ratio of 15.85, a P/E/G ratio of 1.01 and a beta of 0.88.
Principal Financial Group (NASDAQ:PFG – Get Free Report) last released 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. Principal Financial Group had a return on equity of 16.49% and a net margin of 9.93%.The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.11 billion. During the same quarter last year, the business posted $2.16 earnings per share. On average, equities research analysts anticipate that Principal Financial Group, Inc. will post 9.62 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. Stockholders of record on Thursday, September 3rd will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.82. Principal Financial Group’s dividend payout ratio is presently 46.59%.
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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