As of its most recent filing with the Securities and Exchange Commission, Wedge Capital Management L L P NC has significantly increased its stake in Principal Financial Group, Inc. (NYSE:PFG). The institutional investor acquired an additional 41,373 shares during the second quarter, resulting in a 1,255.6% growth in their holdings. With this increase, Wedge Capital Management now owns 44,668 shares of Principal Financial Group’s stock. This brings the total value of their holdings to $3,388,000.
Principal Financial Group recently released its quarterly earnings data on July 27th. For the quarter, the company reported earnings per share of $1.53. However, this figure fell short of the consensus estimate of $1.66 by ($0.13). Despite this minor setback, Principal Financial Group managed to generate $3.50 billion in revenue during the same period. Although slightly above expectations set at $3.49 billion by industry analysts.
With a net margin of 11.52% and a return on equity of 15.85%, Principal Financial Group has remained relatively strong amidst changing market conditions.
Looking forward, sell-side analysts predict that Principal Financial Group will post earnings per share of 6.47 for the current year.
These figures provide insight into Principal Financial Group’s financial performance and suggest a sense of stability within the organization despite missing Q2 estimates slightly.
Please visit our website for our latest comprehensive analysis on Principal Financial Group (PFG) to stay updated with their future prospects in the market.
Hedge Funds Make Significant Changes to Position in Principal Financial Group Stock
According to recent reports, several hedge funds have made significant changes to their positions in Principal Financial Group (NYSE:PFG) stock. Bartlett & Co. LLC raised its stake in the company by a staggering 92.8% during the second quarter, resulting in its ownership of 4,155 shares valued at $315,000. Similarly, First Trust Direct Indexing L.P. acquired a new position in Principal Financial Group worth approximately $230,000 during the same period.
Cambridge Investment Research Advisors Inc. also increased its holdings in Principal Financial Group by 4.8% during the second quarter, now owning 95,119 shares valued at $7,214,000. Capital Investment Advisors LLC followed suit with a 6.3% increase in its holdings and now owns 5,610 shares worth $425,000 after acquiring an additional 333 shares.
In addition to these changes from hedge funds and institutional investors alike, SG Americas Securities LLC recorded an impressive growth of 164.4% in its holdings of Principal Financial Group stock during the second quarter. The firm now owns 25,675 shares valued at $1,947,000.
It is worth noting that currently around 70.68% of the stock is owned by institutional investors and hedge funds.
On another note, Principal Financial Group opened at $72.75 on September 27th on the New York Stock Exchange (NYSE). The company’s fifty-day moving average stands at $77.25 while its two-hundred-day moving average settled at $74.10.
Principal Financial Group has a market capitalization of approximately $17.58 billion with a price-to-earnings (P/E) ratio of 11.71 and a price/earnings-to-growth (P/E/G) ratio of 1.57.
The company maintains a quick ratio and current ratio both standing at 0.29 and a debt-to-equity ratio of 0.38. Over the past twelve months, Principal Financial Group’s stock has fluctuated between a low of $65.17 and a high of $96.17.
Additionally, Principal Financial Group recently announced its quarterly dividend, which is scheduled to be distributed on Friday, September 29th. Investors who were recorded on Thursday, September 7th will receive a dividend of $0.65 per share. The ex-dividend date was Wednesday, September 6th.
This increase from the company’s previous quarterly dividend of $0.64 represents an annualized dividend of $2.60 and a yield of 3.57%. The current dividend payout ratio for Principal Financial Group stands at 40.19%.
Several brokerage firms have recently issued reports on PFG stock advising investors on its outlook. Piper Sandler raised their price objective from $75.00 to $82.00 in July, whereas Morgan Stanley restated an “underweight” rating with a price objective of $70.00 in August.
StockNews.com also upgraded shares of Principal Financial Group from “sell” to “hold” in September while Jefferies Financial Group lowered their price target from $69.00 to $66.00 and set a “hold” rating for the company.
As per data from Bloomberg, five investment analysts have rated Principal Financial Group as a sell, while eight others have given it a hold rating. The consensus rating suggests that investors should hold their positions until further developments occur regarding the stock.
In conclusion, recent changes to hedge funds’ positions in Principal Financial Group indicate potential opportunities for growth and stability in the company’s stock value despite fluctuating market conditions and mixed ratings among analysts.