Azimuth Capital Investment Management LLC Boosts Stake in Principal Financial Group, Inc. $PFG

Azimuth Capital Investment Management LLC raised its position in Principal Financial Group, Inc. (NASDAQ:PFG) by 71.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 134,405 shares of the company’s stock after purchasing an additional 55,815 shares during the period. Azimuth Capital Investment Management LLC’s holdings in Principal Financial Group were worth $11,144,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in Principal Financial Group during the second quarter worth $227,098,000. Bank of America Corp DE boosted its position in Principal Financial Group by 9.6% in the second quarter. Bank of America Corp DE now owns 12,370,852 shares of the company’s stock worth $982,617,000 after purchasing an additional 1,083,991 shares during the last quarter. UBS Group AG grew its stake in Principal Financial Group by 62.3% in the 3rd quarter. UBS Group AG now owns 2,023,880 shares of the company’s stock valued at $167,800,000 after purchasing an additional 776,997 shares during the period. Amundi increased its position in shares of Principal Financial Group by 57.6% during the 2nd quarter. Amundi now owns 1,791,246 shares of the company’s stock valued at $144,213,000 after purchasing an additional 654,408 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Principal Financial Group by 1,048.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 697,735 shares of the company’s stock valued at $57,849,000 after purchasing an additional 637,001 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Trading Down 0.4%

Shares of PFG opened at $85.83 on Friday. The business has a 50-day moving average of $92.33 and a 200 day moving average of $86.72. Principal Financial Group, Inc. has a fifty-two week low of $68.39 and a fifty-two week high of $97.88. The firm has a market cap of $18.61 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 0.80 and a beta of 0.87. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.27 and a current ratio of 0.27.

Principal Financial Group (NASDAQ:PFG) last released its quarterly earnings data on Wednesday, February 18th. The company reported $2.20 EPS for the quarter. The business had revenue of $4.58 billion for the quarter. Principal Financial Group had a net margin of 7.58% and a return on equity of 16.09%.

Principal Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Wednesday, March 11th will be given a $0.80 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $3.20 annualized dividend and a dividend yield of 3.7%. Principal Financial Group’s payout ratio is 60.72%.

Insider Activity at Principal Financial Group

In related news, CEO Deanna D. Strable-Soethout sold 7,340 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $95.00, for a total value of $697,300.00. Following the completion of the transaction, the chief executive officer directly owned 136,828 shares of the company’s stock, valued at approximately $12,998,660. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have sold 24,965 shares of company stock worth $2,352,460. Corporate insiders own 1.08% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PFG. UBS Group boosted their price target on shares of Principal Financial Group from $88.00 to $92.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Weiss Ratings raised shares of Principal Financial Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Wells Fargo & Company upgraded shares of Principal Financial Group from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $85.00 to $91.00 in a research note on Wednesday, February 25th. Bank of America increased their target price on shares of Principal Financial Group from $95.00 to $96.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $103.00 price target on shares of Principal Financial Group in a research note on Monday, January 5th. Two investment 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 stock currently has a consensus rating of “Hold” and a consensus target price of $94.11.

Principal Financial Group Profile

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.