Allegis Investment Advisors LLC Takes Position in Principal Financial Group Inc (PFG)
Allegis Investment Advisors LLC purchased a new position in Principal Financial Group Inc (NYSE:PFG) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 7,887 shares of the financial services provider’s stock, valued at approximately $505,000.
A number of other hedge funds have also made changes to their positions in PFG. Vanguard Group Inc. increased its stake in shares of 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 during the period. 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 during the period. 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 during the period. 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 during the period. 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 during the period. 70.10% of the stock is owned by institutional investors.
Principal Financial Group Inc (PFG) opened at 65.16 on Thursday. The firm has a market cap of $18.83 billion, a PE ratio of 14.81 and a beta of 1.65. The company 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 12 month low of $46.82 and a 12 month 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 EPS for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.09. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter last year, the business earned $1.15 earnings per share. Equities research analysts anticipate that Principal Financial Group Inc will post $5.18 EPS for the current year.
Principal Financial Group declared that its board has approved a share buyback plan on Wednesday, May 17th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are 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 paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Wednesday, August 30th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s dividend payout ratio (DPR) is currently 41.82%.
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A number of analysts have recently commented on PFG shares. Wells Fargo & Company reiterated a “buy” rating on shares of Principal Financial Group in a research report on Thursday, June 29th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $68.00 target price on shares of Principal Financial Group in a research report on Thursday, August 3rd. Barclays PLC lifted their target price on Principal Financial Group from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Friday, August 11th. BidaskClub cut Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $73.00 target price on shares of Principal Financial Group in a research report on Wednesday, July 12th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $61.67.
In related news, insider James P. Mccaughan sold 60,817 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $66.98, for a total transaction of $4,073,522.66. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Gregory Bernard Elming sold 30,707 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $64.20, for a total transaction of $1,971,389.40. The disclosure for this sale can be found here. Insiders have sold 345,538 shares of company stock worth $22,435,450 in the last quarter. Company insiders own 1.50% of the company’s stock.
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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