Barings LLC purchased a new stake in Principal Financial Group, Inc. (NASDAQ:PFG) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 6,334 shares of the company’s stock, valued at approximately $400,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. E Fund Management Co. Ltd. purchased a new position in Principal Financial Group in the 1st quarter valued at approximately $27,000. RMR Wealth Builders purchased a new position in Principal Financial Group in the 1st quarter valued at approximately $30,000. Loomis Sayles & Co. L P increased its stake in Principal Financial Group by 58.5% in the 1st quarter. Loomis Sayles & Co. L P now owns 496 shares of the company’s stock valued at $30,000 after purchasing an additional 183 shares in the last quarter. SRS Capital Advisors Inc. purchased a new position in Principal Financial Group in the 2nd quarter valued at approximately $30,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in Principal Financial Group in the 1st quarter valued at approximately $32,000. 70.98% of the stock is owned by hedge funds and other institutional investors.
PFG has been the subject of several recent research reports. Royal Bank of Canada raised their price target on Principal Financial Group from $66.00 to $67.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 29th. Piper Sandler dropped their price target on Principal Financial Group from $69.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday, July 8th. They noted that the move was a valuation call. raised their price target on Principal Financial Group from $62.00 to $64.00 and gave the stock a “neutral” rating in a research report on Monday, June 21st. Credit Suisse Group raised Principal Financial Group from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $57.00 to $82.00 in a research report on Tuesday, July 6th. Finally, Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $65.18.
Principal Financial Group (NASDAQ:PFG) last announced its quarterly earnings data on Tuesday, July 27th. The company reported $1.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.53 by $0.17. The firm had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.71 billion. Principal Financial Group had a return on equity of 9.58% and a net margin of 11.48%. During the same period in the previous year, the company earned $1.46 earnings per share. On average, equities research analysts predict that Principal Financial Group, Inc. will post 6.49 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 24th. Shareholders of record on Wednesday, September 1st were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.91%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend was Tuesday, August 31st. Principal Financial Group’s dividend payout ratio is 51.01%.
Principal Financial Group Company Profile
Principal Financial Group, Inc is a financial company, which offers financial products and services to businesses, individuals and institutional clients. It specializes in retirement solutions, insurance, and investment products through its diverse family of financial services companies and national network of financial professionals.
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