Franklin Resources Inc. Buys 11,868 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Franklin Resources Inc. lifted its stake in Principal Financial Group, Inc. (NYSE:PFG) by 16.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,378 shares of the company’s stock after acquiring an additional 11,868 shares during the period. Franklin Resources Inc.’s holdings in Principal Financial Group were worth $7,570,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PFG. Farther Finance Advisors LLC lifted its position in shares of Principal Financial Group by 2.2% during the second quarter. Farther Finance Advisors LLC now owns 6,325 shares of the company’s stock valued at $493,000 after buying an additional 135 shares during the last quarter. Ballentine Partners LLC lifted its position in Principal Financial Group by 5.0% during the second quarter. Ballentine Partners LLC now owns 2,906 shares of the company’s stock valued at $228,000 after acquiring an additional 138 shares during the last quarter. Graypoint LLC boosted its stake in Principal Financial Group by 5.6% in the second quarter. Graypoint LLC now owns 2,654 shares of the company’s stock valued at $208,000 after acquiring an additional 140 shares in the last quarter. Prime Capital Investment Advisors LLC grew its holdings in Principal Financial Group by 2.3% in the third quarter. Prime Capital Investment Advisors LLC now owns 6,358 shares of the company’s stock worth $546,000 after purchasing an additional 142 shares during the last quarter. Finally, Empirical Finance LLC increased its position in shares of Principal Financial Group by 1.8% during the third quarter. Empirical Finance LLC now owns 7,875 shares of the company’s stock worth $676,000 after purchasing an additional 142 shares in the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Stock Performance

NYSE PFG opened at $77.30 on Monday. The firm has a market capitalization of $17.68 billion, a P/E ratio of -85.89, a PEG ratio of 0.92 and a beta of 1.20. The stock has a 50-day simple moving average of $84.74 and a two-hundred day simple moving average of $82.27. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. Principal Financial Group, Inc. has a fifty-two week low of $72.21 and a fifty-two week high of $91.97.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The company had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the prior year, the business posted $1.72 earnings per share. On average, equities analysts forecast that Principal Financial Group, Inc. will post 7.03 earnings per share for the current year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were issued a dividend of $0.73 per share. The ex-dividend date was Monday, December 2nd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 dividend on an annualized basis and a yield of 3.78%. Principal Financial Group’s dividend payout ratio is -324.44%.

Analyst Ratings Changes

PFG has been the subject of a number of recent analyst reports. Royal Bank of Canada raised their price objective on Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Bank of America dropped their price target on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $75.00 price objective (down from $84.00) on shares of Principal Financial Group in a research report on Wednesday, December 11th. Barclays boosted their target price on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $80.00 price target (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $84.75.

Principal Financial Group 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.