Meiji Yasuda Asset Management Co Ltd. bought a new position in Principal Financial Group, Inc. (NASDAQ:PFG – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,688 shares of the company’s stock, valued at approximately $505,000.
A number of other institutional investors have also recently made changes to their positions in the company. DV Equities LLC bought a new position in shares of Principal Financial Group during the fourth quarter valued at $25,000. Hilton Head Capital Partners LLC purchased a new position in Principal Financial Group in the 4th quarter worth about $26,000. Valley Wealth Managers Inc. purchased a new position in Principal Financial Group in the 1st quarter worth about $27,000. MBM Wealth Consultants LLC bought a new position in Principal Financial Group during the 1st quarter valued at about $28,000. Finally, Bell Investment Advisors Inc bought a new position in Principal Financial Group during the 2nd quarter valued at about $38,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on PFG. Wells Fargo & Company decreased their price objective on shares of Principal Financial Group from $114.00 to $113.00 and set an “equal weight” rating for the company in a report on Wednesday, July 22nd. Weiss Ratings raised Principal Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Raymond James Financial restated an “outperform” rating and issued a $121.00 price target on shares of Principal Financial Group in a research note on Monday, August 17th. Bank of America upped their price objective on Principal Financial Group from $94.00 to $104.00 and gave the company an “underperform” rating in a research report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods raised their target price on Principal Financial Group from $102.00 to $112.00 and gave the stock a “market perform” rating in a research report on Monday, July 13th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and a consensus target price of $106.67.
Principal Financial Group Price Performance
Shares of Principal Financial Group stock opened at $111.59 on Wednesday. The stock has a market cap of $23.89 billion, a P/E ratio of 15.85, a P/E/G ratio of 1.01 and a beta of 0.88. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.28 and a current ratio of 0.28. The stock’s fifty day moving average is $111.71 and its 200 day moving average is $101.74. Principal Financial Group, Inc. has a one year low of $77.90 and a one year high of $116.61.
Principal Financial Group (NASDAQ:PFG – Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.11 billion. During the same quarter in the prior year, the business posted $2.16 earnings per share. Sell-side analysts anticipate that Principal Financial Group, Inc. will post 9.62 earnings per share 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 3.0%. The ex-dividend date of this dividend is Thursday, September 3rd. Principal Financial Group’s 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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