Weiss Asset Management LP Acquires New Position in Principal Financial Group, Inc. (NYSE:PFG)

Weiss Asset Management LP bought a new stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 17,171 shares of the company's stock, valued at approximately $1,475,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Metis Global Partners LLC lifted its position in shares of Principal Financial Group by 5.0% in the 3rd quarter. Metis Global Partners LLC now owns 11,230 shares of the company's stock worth $965,000 after acquiring an additional 533 shares during the period. Intech Investment Management LLC raised its stake in shares of Principal Financial Group by 27.1% in the second quarter. Intech Investment Management LLC now owns 298,562 shares of the company's stock valued at $23,422,000 after purchasing an additional 63,747 shares in the last quarter. Empowered Funds LLC lifted its position in Principal Financial Group by 358.7% in the third quarter. Empowered Funds LLC now owns 16,328 shares of the company's stock worth $1,403,000 after purchasing an additional 12,768 shares during the period. Frank Rimerman Advisors LLC acquired a new stake in Principal Financial Group during the third quarter worth $769,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Principal Financial Group in the 3rd quarter valued at $2,441,000. 75.08% of the stock is owned by institutional investors and hedge funds.

Principal Financial Group Price Performance

NYSE PFG traded up $0.65 on Friday, hitting $84.40. 1,399,801 shares of the company were exchanged, compared to its average volume of 1,116,869. Principal Financial Group, Inc. has a 1-year low of $72.21 and a 1-year high of $91.97. The firm has a 50 day moving average of $86.31 and a two-hundred day moving average of $82.48. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. The company has a market cap of $19.30 billion, a P/E ratio of -93.78, a P/E/G ratio of 0.99 and a beta of 1.20.

Principal Financial Group (NYSE:PFG - Get Free Report) last announced its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.02 by ($0.26). Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the previous year, the company posted $1.72 earnings per share. On average, equities analysts predict that Principal Financial Group, Inc. will post 7.04 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be paid a $0.73 dividend. This is a boost from Principal Financial Group's previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 3.46%. The ex-dividend date is Monday, December 2nd. Principal Financial Group's dividend payout ratio (DPR) is -324.44%.

Wall Street Analyst Weigh In

PFG has been the subject of a number of analyst reports. Royal Bank of Canada raised their price objective on shares of Principal Financial Group from $87.00 to $91.00 and gave the stock a "sector perform" rating in a report on Tuesday, November 19th. Bank of America decreased their price objective on Principal Financial Group from $94.00 to $91.00 and set a "neutral" rating on the stock in a report on Thursday, October 10th. Wells Fargo & Company increased their target price on Principal Financial Group from $85.00 to $86.00 and gave the stock an "equal weight" rating in a report on Thursday, October 10th. Barclays raised their target price on Principal Financial Group from $75.00 to $77.00 and gave the stock an "underweight" rating in a research report on Friday, October 25th. Finally, Morgan Stanley reiterated an "underweight" rating and issued a $80.00 price target (down from $86.00) on shares of Principal Financial Group in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $85.67.

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.