My Legacy Advisors LLC Takes $427,000 Position in Principal Financial Group, Inc. (NYSE:PFG)

My Legacy Advisors LLC bought a new stake in Principal Financial Group, Inc. (NYSE:PFG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,440 shares of the company’s stock, valued at approximately $427,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Spire Wealth Management lifted its holdings in shares of Principal Financial Group by 152.0% in the 4th quarter. Spire Wealth Management now owns 373 shares of the company’s stock valued at $29,000 after purchasing an additional 225 shares during the last quarter. Riverview Trust Co purchased a new stake in shares of Principal Financial Group in the 1st quarter valued at about $34,000. EdgeRock Capital LLC purchased a new stake in shares of Principal Financial Group in the 4th quarter valued at about $31,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Principal Financial Group in the 4th quarter valued at about $33,000. Finally, Salomon & Ludwin LLC lifted its holdings in shares of 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. 75.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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. Morgan Stanley reduced their price objective on Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a research note on Monday. Bank of America upped their price objective on Principal Financial Group from $87.00 to $94.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. raised Principal Financial Group from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $88.00 to $96.00 in a research note on Tuesday, July 2nd. Finally, Royal Bank of Canada upped their price objective on Principal Financial Group from $83.00 to $87.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Principal Financial Group has an average rating of “Hold” and a consensus price target of $85.58.

Principal Financial Group Price Performance

Shares of PFG traded up $1.40 on Friday, reaching $79.42. The stock had a trading volume of 206,844 shares, compared to its average volume of 1,133,173. The firm has a market capitalization of $18.39 billion, a PE ratio of 15.15, a PEG ratio of 0.82 and a beta of 1.21. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average of $79.67 and a 200 day moving average of $80.78. Principal Financial Group, Inc. has a twelve month low of $66.21 and a twelve month high of $88.26.

Principal Financial Group (NYSE:PFG) last released its quarterly 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). The firm had revenue of $4.31 billion during the quarter, compared to analyst estimates of $3.78 billion. Principal Financial Group had a return on equity of 14.92% and a net margin of 8.05%. During the same quarter in the prior year, the company earned $1.53 EPS. Sell-side analysts expect that Principal Financial Group, Inc. will post 7.31 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 5th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date is Thursday, September 5th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.71. Principal Financial Group’s dividend payout ratio is 54.20%.

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.