Concurrent Investment Advisors LLC Acquires New Position in Principal Financial Group, Inc. (NYSE:PFG)

Concurrent Investment Advisors LLC bought a new position in shares of Principal Financial Group, Inc. (NYSE:PFG) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,908 shares of the company’s stock, valued at approximately $228,000.

A number of other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in Principal Financial Group by 9.3% in the fourth quarter. Victory Capital Management Inc. now owns 326,188 shares of the company’s stock valued at $25,661,000 after acquiring an additional 27,887 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Principal Financial Group by 1,072.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 4,267 shares of the company’s stock valued at $336,000 after purchasing an additional 3,903 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Principal Financial Group by 5.9% in the 4th quarter. National Bank of Canada FI now owns 72,492 shares of the company’s stock valued at $5,734,000 after purchasing an additional 4,035 shares during the last quarter. Spire Wealth Management grew its holdings in shares of Principal Financial Group by 152.0% during the 4th quarter. Spire Wealth Management now owns 373 shares of the company’s stock worth $29,000 after purchasing an additional 225 shares during the period. Finally, Apollon Wealth Management LLC increased its position in shares of Principal Financial Group by 21.6% during the 4th quarter. Apollon Wealth Management LLC now owns 5,034 shares of the company’s stock worth $396,000 after purchasing an additional 894 shares during the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Trading Down 0.1 %

PFG opened at $81.14 on Thursday. The business has a fifty day moving average price of $79.92 and a 200 day moving average price of $80.90. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.29. Principal Financial Group, Inc. has a 12 month low of $66.21 and a 12 month high of $88.26. The stock has a market capitalization of $19.02 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 0.86 and a beta of 1.19.

Principal Financial Group (NYSE:PFG) last released its earnings results on Thursday, July 25th. The company reported $1.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.24). Principal Financial Group had a return on equity of 14.92% and a net margin of 8.05%. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter in the previous year, the company posted $1.53 earnings per share. Sell-side analysts expect that Principal Financial Group, Inc. will post 7.31 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 5th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.55%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, September 5th. Principal Financial Group’s dividend payout ratio (DPR) is presently 54.96%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Royal Bank of Canada increased their target price on shares of Principal Financial Group from $83.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods lowered their price objective on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research report on Tuesday, July 30th. Barclays assumed coverage on Principal Financial Group in a research report on Wednesday. They issued an “underweight” rating and a $74.00 target price on the stock. Jefferies Financial Group raised their price target on Principal Financial Group from $73.00 to $76.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. Finally, Wells Fargo & Company cut their price objective on Principal Financial Group from $87.00 to $85.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $85.50.

Principal Financial Group Company Profile

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.