Bank of Montreal Can Acquires 146,473 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Bank of Montreal Can boosted its position in Principal Financial Group, Inc. (NYSE:PFG) by 41.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 503,735 shares of the company’s stock after buying an additional 146,473 shares during the period. Bank of Montreal Can’s holdings in Principal Financial Group were worth $43,367,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PFG. EdgeRock Capital LLC bought a new stake in Principal Financial Group in the 2nd quarter valued at about $26,000. Strategic Financial Concepts LLC bought a new stake in Principal Financial Group in the 2nd quarter valued at about $32,000. Family Firm Inc. bought a new stake in Principal Financial Group in the 2nd quarter valued at about $33,000. Peterson Financial Group Inc. bought a new stake in Principal Financial Group in the 3rd quarter valued at about $33,000. Finally, Innealta Capital LLC bought a new stake in Principal Financial Group in the 2nd quarter valued at about $43,000. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Price Performance

Shares of NYSE PFG opened at $87.28 on Friday. Principal Financial Group, Inc. has a twelve month low of $71.39 and a twelve month high of $91.97. The stock’s 50 day moving average price is $86.38 and its 200-day moving average price is $82.45. The company has a market capitalization of $19.96 billion, a PE ratio of -96.98, a PEG ratio of 1.01 and a beta of 1.20. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last announced its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the firm earned $1.72 EPS. On average, equities analysts anticipate that Principal Financial Group, Inc. will post 7.04 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be paid a $0.73 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date is Monday, December 2nd. This represents a $2.92 annualized dividend and a yield of 3.35%. Principal Financial Group’s dividend payout ratio is presently -324.44%.

Analysts Set New Price Targets

A number of analysts recently commented on PFG shares. Bank of America decreased their target price on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Wells Fargo & Company boosted their price objective on Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Royal Bank of Canada boosted their price objective on Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. Barclays boosted their price objective on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Finally, Morgan Stanley decreased their price objective on Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Principal Financial Group has an average rating of “Hold” and a consensus price target of $85.92.

About Principal Financial Group

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.