BlueMountain Capital Management LLC Acquires Shares of 13,906 Principal Financial Group Inc (PFG)

BlueMountain Capital Management LLC acquired a new position in shares of Principal Financial Group Inc (NYSE:PFG) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 13,906 shares of the financial services provider’s stock, valued at approximately $891,000.

Other hedge funds also recently modified their holdings of the company. Jacobi Capital Management LLC lifted its position in Principal Financial Group by 291.1% during the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock worth $167,000 after acquiring an additional 2,003 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Principal Financial Group during the first quarter worth approximately $202,000. Eagle Global Advisors LLC acquired a new stake in Principal Financial Group during the second quarter worth approximately $207,000. Blair William & Co. IL acquired a new stake in Principal Financial Group during the first quarter worth approximately $205,000. Finally, Lowe Brockenbrough & Co. Inc. acquired a new stake in Principal Financial Group during the first quarter worth approximately $211,000. Hedge funds and other institutional investors own 68.20% of the company’s stock.

Principal Financial Group Inc (NYSE:PFG) opened at 62.93 on Friday. The company has a market capitalization of $18.18 billion, a PE ratio of 14.30 and a beta of 1.66. The company has a 50-day moving average of $63.57 and a 200-day moving average of $63.76. Principal Financial Group Inc has a 52 week low of $49.04 and a 52 week high of $67.73.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, July 27th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.09. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. The business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the prior year, the company posted $1.15 EPS. On average, equities research analysts anticipate that Principal Financial Group Inc will post $5.19 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a $0.47 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a yield of 2.98%. Principal Financial Group’s dividend payout ratio is currently 42.73%.

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PFG has been the topic of several recent research reports. Barclays PLC raised their target price on shares of Principal Financial Group from $61.00 to $63.00 and gave the stock an “equal weight” rating in a report on Friday, August 11th. Wells Fargo & Company reaffirmed a “buy” rating on shares of Principal Financial Group in a report on Thursday, June 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $68.00 target price on shares of Principal Financial Group in a report on Thursday, August 3rd. BidaskClub cut shares of Principal Financial Group from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Finally, Zacks Investment Research raised shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Tuesday, August 1st. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $61.78.

In other news, insider Nora Mary Everett sold 14,630 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $64.60, for a total value of $945,098.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James P. Mccaughan sold 6,193 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $62.33, for a total transaction of $386,009.69. The disclosure for this sale can be found here. Insiders sold a total of 256,218 shares of company stock worth $16,542,380 over the last quarter. Corporate insiders own 1.50% of the company’s stock.

Principal Financial Group Profile

Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.

Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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