Principal Financial Group, Inc. $PFG Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc raised its stake in shares of Principal Financial Group, Inc. (NASDAQ:PFG) by 50.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,126 shares of the company’s stock after purchasing an additional 17,814 shares during the period. CIBC Asset Management Inc’s holdings in Principal Financial Group were worth $4,686,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. National Wealth Management Group LLC purchased a new stake in Principal Financial Group during the fourth quarter worth approximately $998,000. Wealth Enhancement Advisory Services LLC grew its stake in Principal Financial Group by 47.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 50,386 shares of the company’s stock worth $4,630,000 after buying an additional 16,171 shares during the period. VCI Wealth Management LLC purchased a new position in shares of Principal Financial Group in the fourth quarter valued at $1,650,000. Oak Thistle LLC purchased a new position in shares of Principal Financial Group in the fourth quarter valued at $1,462,000. Finally, LBP AM SA purchased a new position in shares of Principal Financial Group in the fourth quarter valued at $10,400,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PFG. Keefe, Bruyette & Woods restated a “hold” rating and issued a $92.00 target price on shares of Principal Financial Group in a research note on Thursday, March 26th. Bank of America decreased their target price 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. Raymond James Financial downgraded shares of Principal Financial Group from a “strong-buy” rating to an “outperform” rating and upped their target price for the company from $99.00 to $111.00 in a research note on Tuesday, May 19th. Morgan Stanley upped their target price on shares of Principal Financial Group from $95.00 to $107.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Finally, 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 research note on Thursday, April 9th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Principal Financial Group currently has an average rating of “Hold” and an average price target of $98.10.

Insider Buying and Selling at Principal Financial Group

In related news, insider Wee Yee Cheong sold 7,534 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $103.16, for a total value of $777,207.44. Following the sale, the insider directly owned 66,443 shares of the company’s stock, valued at $6,854,259.88. This represents a 10.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel George Djurasovic sold 2,571 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total transaction of $259,233.93. Following the completion of the sale, the general counsel directly owned 21,906 shares in the company, valued at $2,208,781.98. This represents a 10.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 28,317 shares of company stock worth $2,884,902 over the last ninety days. 1.13% of the stock is currently owned by corporate insiders.

Principal Financial Group Trading Up 1.7%

PFG opened at $105.22 on Friday. The stock has a market capitalization of $22.73 billion, a PE ratio of 15.05, a P/E/G ratio of 0.99 and a beta of 0.88. The firm’s fifty day moving average price is $97.99 and its 200 day moving average price is $92.73. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27. Principal Financial Group, Inc. has a 12-month low of $75.00 and a 12-month high of $105.56.

Principal Financial Group (NASDAQ:PFG) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.06. The firm had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $4.11 billion. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. During the same period in the prior year, the company posted $1.81 earnings per share. As a group, research analysts expect that Principal Financial Group, Inc. will post 9.36 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Monday, June 1st will be issued a $0.82 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.80. This represents a $3.28 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, June 1st. Principal Financial Group’s dividend payout ratio is currently 46.92%.

About Principal Financial Group

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.