Pinnacle Associates Ltd. Increases Stock Position in Principal Financial Group, Inc. (NYSE:PFG)

Pinnacle Associates Ltd. grew its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 11.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,659 shares of the company’s stock after purchasing an additional 988 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Principal Financial Group were worth $760,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. EdgeRock Capital LLC acquired a new position in Principal Financial Group during the second quarter worth approximately $26,000. Family Firm Inc. acquired a new position in shares of Principal Financial Group in the 2nd quarter valued at $33,000. Salomon & Ludwin LLC raised its position in Principal Financial Group by 319.3% in the 1st quarter. Salomon & Ludwin LLC now owns 499 shares of the company’s stock valued at $43,000 after purchasing an additional 380 shares during the last quarter. Innealta Capital LLC acquired a new stake in Principal Financial Group during the 2nd quarter worth $43,000. Finally, MCF Advisors LLC increased its stake in Principal Financial Group by 55.6% in the second quarter. MCF Advisors LLC now owns 613 shares of the company’s stock valued at $48,000 after purchasing an additional 219 shares during the period. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

Principal Financial Group stock opened at $82.18 on Friday. The firm has a market capitalization of $18.80 billion, a PE ratio of -91.31, a P/E/G ratio of 0.95 and a beta of 1.20. Principal Financial Group, Inc. has a 52 week low of $67.79 and a 52 week high of $91.97. The firm’s 50-day simple moving average is $84.54 and its 200 day simple moving average is $81.85. The company has a quick ratio of 0.29, a current ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, October 24th. The company reported $1.76 EPS 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 business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the prior year, the company earned $1.72 earnings per share. On average, equities research analysts predict that Principal Financial Group, Inc. will post 7.12 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.55%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Monday, December 2nd. Principal Financial Group’s payout ratio is -320.00%.

Wall Street Analysts Forecast Growth

PFG has been the subject of several analyst reports. Raymond James raised Principal Financial Group from a “market perform” rating to a “strong-buy” rating and set a $99.00 price objective for the company in a research note on Tuesday, July 9th. Jefferies Financial Group increased their price target on Principal Financial Group from $73.00 to $76.00 and gave the stock a “hold” rating in a report on Thursday, July 18th. Keefe, Bruyette & Woods dropped their price objective on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 30th. Wells Fargo & Company raised their target price on shares of Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Finally, Morgan Stanley dropped their price target on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and an average price target of $85.58.

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.