Corient Private Wealth LP Invests $4.48 Million in Principal Financial Group, Inc. $PFG

Corient Private Wealth LP acquired a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 41,534 shares of the company’s stock, valued at approximately $4,476,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PFG. BlackRock Inc. purchased a new stake in shares of Principal Financial Group in the second quarter valued at approximately $2,157,181,000. Bank of America Corp DE acquired a new position in Principal Financial Group during the second quarter worth $741,960,000. Norges Bank purchased a new position in Principal Financial Group in the fourth quarter worth $273,276,000. Legal & General Group Plc acquired a new stake in Principal Financial Group in the second quarter valued at $164,848,000. Finally, AQR Capital Management LLC boosted its position in shares of Principal Financial Group by 112.8% during the 4th quarter. AQR Capital Management LLC now owns 2,348,233 shares of the company’s stock worth $207,138,000 after purchasing an additional 1,244,668 shares in the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Analysts Set New Price Targets

PFG has been the subject of a number of research analyst reports. Atlantic Securities set a $94.00 price target on shares of Principal Financial Group in a report on Wednesday, July 15th. Citigroup cut shares of Principal Financial Group from a “sell” rating to an “underperform” rating in a report on Wednesday, June 24th. Morgan Stanley lifted their price target 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. Wells Fargo & Company lowered their price target on Principal Financial Group from $114.00 to $113.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 22nd. Finally, Barclays raised their price objective on Principal Financial Group from $87.00 to $92.00 and gave the company an “underweight” rating in a research note on Tuesday, July 7th. Three research 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $106.67.

Principal Financial Group Stock Performance

Shares of PFG opened at $110.16 on Tuesday. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.36. The stock has a market cap of $23.59 billion, a P/E ratio of 15.65, a PEG ratio of 1.01 and a beta of 0.87. The company has a 50-day moving average of $111.81 and a two-hundred day moving average of $102.18. Principal Financial Group, Inc. has a 12-month low of $77.90 and a 12-month high of $116.61.

Principal Financial Group (NASDAQ:PFG) last announced its quarterly earnings results on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.17. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.11 billion. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. During the same quarter in the prior year, the firm earned $2.16 earnings per share. As a group, research analysts predict that Principal Financial Group, Inc. will post 9.62 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be given a dividend of $0.84 per share. The ex-dividend date is Thursday, September 3rd. This represents a $3.36 annualized dividend and a dividend yield of 3.1%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.82. 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.