Principal Financial Group, Inc. (NYSE:PFG) Stock Position Raised by AQR Capital Management LLC

AQR Capital Management LLC lifted its position in Principal Financial Group, Inc. (NYSE:PFG) by 80.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 13,451 shares of the company’s stock after buying an additional 6,001 shares during the quarter. AQR Capital Management LLC’s holdings in Principal Financial Group were worth $1,055,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in PFG. EdgeRock Capital LLC bought a new stake in shares of Principal Financial Group during the 2nd quarter worth about $26,000. Riverview Trust Co acquired a new stake in shares of Principal Financial Group during the 1st quarter worth approximately $34,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Principal Financial Group in the fourth quarter valued at $33,000. Family Firm Inc. acquired a new position in shares of Principal Financial Group in the 2nd quarter valued at $33,000. Finally, Salomon & Ludwin LLC increased its stake in Principal Financial Group by 319.3% in the first quarter. Salomon & Ludwin LLC now owns 499 shares of the company’s stock valued at $43,000 after acquiring an additional 380 shares during the period. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Trading Up 2.0 %

Shares of PFG stock opened at $89.20 on Friday. The company has a market cap of $20.66 billion, a PE ratio of 17.32, a P/E/G ratio of 0.92 and a beta of 1.19. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.29 and a current ratio of 0.29. The stock’s fifty day moving average price is $80.79 and its two-hundred day moving average price is $81.40. Principal Financial Group, Inc. has a fifty-two week low of $66.21 and a fifty-two week high of $89.51.

Principal Financial Group (NYSE:PFG) last announced its earnings results on Thursday, July 25th. The company reported $1.63 EPS for the quarter, missing the consensus estimate of $1.87 by ($0.24). Principal Financial Group had a net margin of 8.05% and a return on equity of 14.92%. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the previous year, the company earned $1.53 earnings per share. Equities analysts predict that Principal Financial Group, Inc. will post 7.31 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Thursday, September 5th were paid a dividend of $0.72 per share. The ex-dividend date of this dividend was Thursday, September 5th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a yield of 3.23%. Principal Financial Group’s dividend payout ratio (DPR) is 55.92%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Barclays increased their target price on Principal Financial Group from $74.00 to $75.00 and gave the stock an “underweight” rating in a report on Wednesday. Morgan Stanley cut their target price on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Jefferies Financial Group upped their price target on shares of Principal Financial Group from $73.00 to $76.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. Piper Sandler increased their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Raymond James raised Principal Financial Group from a “market perform” rating to a “strong-buy” rating and set a $99.00 target price for the company in a research note on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Principal Financial Group currently has an average rating of “Hold” and an average price target of $85.42.

Principal Financial Group Profile

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.