Magnetar Financial LLC Acquires Shares of 22,878 Principal Financial Group, Inc. $PFG

Magnetar Financial LLC bought a new position in Principal Financial Group, Inc. (NYSE:PFG) during the first quarter, HoldingsChannel.com reports. The fund bought 22,878 shares of the company’s stock, valued at approximately $1,930,000.

Other institutional investors have also recently modified their holdings of the company. von Borstel & Associates Inc. purchased a new stake in shares of Principal Financial Group in the first quarter worth $32,000. Zions Bancorporation National Association UT purchased a new stake in shares of Principal Financial Group in the first quarter worth $34,000. Ameriflex Group Inc. purchased a new stake in shares of Principal Financial Group in the fourth quarter worth $37,000. GKV Capital Management Co. Inc. purchased a new stake in shares of Principal Financial Group in the first quarter worth $45,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in shares of Principal Financial Group in the first quarter worth $46,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PFG has been the topic of a number of recent research reports. Piper Sandler increased their target price on Principal Financial Group from $88.00 to $89.00 and gave the stock an “overweight” rating in a research note on Thursday, July 3rd. Morgan Stanley boosted their price target on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research note on Monday, August 18th. JPMorgan Chase & Co. boosted their price target on Principal Financial Group from $92.00 to $101.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Wells Fargo & Company decreased their price target on Principal Financial Group from $73.00 to $72.00 and set an “underweight” rating for the company in a research note on Wednesday, July 30th. Finally, Keefe, Bruyette & Woods decreased their price target on Principal Financial Group from $90.00 to $88.00 and set a “market perform” rating for the company in a research note on Monday, August 4th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Principal Financial Group has an average rating of “Reduce” and a consensus target price of $86.90.

Principal Financial Group Stock Up 0.4%

Principal Financial Group stock opened at $80.51 on Friday. The stock has a market cap of $17.94 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 0.76 and a beta of 1.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. Principal Financial Group, Inc. has a one year low of $68.39 and a one year high of $91.97. The stock has a fifty day moving average of $79.13 and a 200 day moving average of $79.35.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Monday, July 28th. The company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same quarter in the previous year, the firm earned $1.63 earnings per share. As a group, sell-side analysts predict that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.9%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.76. The ex-dividend date is Thursday, September 4th. Principal Financial Group’s dividend payout ratio (DPR) is currently 62.78%.

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.