Key Points
- Insider Wee Yee Cheong sold 7,534 shares of Principal Financial Group on May 21 at an average price of $103.16, generating about $777,207. After the sale, Cheong still held 66,443 shares, a 10.18% decrease in ownership.
- Principal Financial Group raised its quarterly dividend to $0.82 per share from $0.80, equivalent to an annualized payout of $3.28 and a yield of about 3.2%.
- The company reported stronger-than-expected quarterly EPS of $2.07 versus analyst estimates of $2.01, though revenue came in below expectations at $3.53 billion.
Principal Financial Group, Inc. (NASDAQ:PFG - Get Free Report) insider Wee Yee Cheong sold 3,211 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $103.06, for a total transaction of $330,925.66. Following the completion of the transaction, the insider directly owned 73,977 shares in the company, valued at approximately $7,624,069.62. The trade was a 4.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Wee Yee Cheong also recently made the following trade(s):
- On Thursday, May 21st, Wee Yee Cheong sold 7,534 shares of Principal Financial Group stock. The stock was sold at an average price of $103.16, for a total transaction of $777,207.44.
- On Thursday, April 30th, Wee Yee Cheong sold 4,737 shares of Principal Financial Group stock. The stock was sold at an average price of $101.01, for a total transaction of $478,484.37.
- On Friday, May 1st, Wee Yee Cheong sold 9,183 shares of Principal Financial Group stock. The stock was sold at an average price of $101.26, for a total transaction of $929,870.58.
- On Wednesday, April 29th, Wee Yee Cheong sold 1,080 shares of Principal Financial Group stock. The stock was sold at an average price of $101.00, for a total transaction of $109,080.00.
Principal Financial Group Trading Down 0.1%
Shares of NASDAQ:PFG opened at $103.85 on Friday. Principal Financial Group, Inc. has a 12 month low of $75.00 and a 12 month high of $104.68. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.33. The company's fifty day simple moving average is $94.61 and its 200 day simple moving average is $91.32. The firm has a market cap of $22.43 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 0.98 and a beta of 0.89.
Principal Financial Group (NASDAQ:PFG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.07 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.06. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same period last year, the business posted $1.81 earnings per share. As a group, research analysts forecast that Principal Financial Group, Inc. will post 9.36 EPS for the current fiscal year.
Principal Financial Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Monday, June 1st will be given a dividend of $0.82 per share. This is a boost from Principal Financial Group's previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Monday, June 1st. This represents a $3.28 annualized dividend and a yield of 3.2%. Principal Financial Group's payout ratio is presently 45.78%.
Wall Street Analysts Forecast Growth
PFG has been the topic of a number of research analyst reports. UBS Group upped their target price on shares of Principal Financial Group from $92.00 to $94.00 and gave the company a "neutral" rating in a report on Thursday, April 9th. Wells Fargo & Company decreased their price target on shares of Principal Financial Group from $91.00 to $87.00 and set an "equal weight" rating on the stock in a research note on Friday, April 10th. Keefe, Bruyette & Woods reiterated a "hold" rating and issued a $92.00 price target on shares of Principal Financial Group in a research note on Thursday, March 26th. Morgan Stanley upped their price target on shares of Principal Financial Group from $95.00 to $107.00 and gave the stock an "equal weight" rating in a report on Thursday. Finally, Bank of America dropped their price objective on shares of Principal Financial Group from $96.00 to $92.00 and set a "neutral" rating for the company in a research note on Tuesday, April 14th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $98.10.
Check Out Our Latest Analysis on PFG
Institutional Investors Weigh In On Principal Financial Group
Several large investors have recently modified their holdings of the company. Groupe la Francaise increased its position in shares of Principal Financial Group by 8.2% during the first quarter. Groupe la Francaise now owns 48,995 shares of the company's stock worth $4,415,000 after buying an additional 3,716 shares during the period. Western Wealth Management LLC acquired a new stake in Principal Financial Group in the first quarter worth $40,000. Bank of America Corp DE grew its holdings in shares of Principal Financial Group by 5.0% during the first quarter. Bank of America Corp DE now owns 8,819,452 shares of the company's stock valued at $794,721,000 after buying an additional 420,319 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of Principal Financial Group during the first quarter valued at about $225,000. Finally, Kentucky Retirement Systems grew its holdings in shares of Principal Financial Group by 62.1% during the first quarter. Kentucky Retirement Systems now owns 22,602 shares of the company's stock valued at $2,037,000 after buying an additional 8,659 shares during the last quarter. 75.08% of the stock is currently owned by institutional investors and hedge funds.
About Principal Financial Group
(
Get Free Report)
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.
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