Argent Trust Co Has $2.23 Million Stock Position in Principal Financial Group, Inc. (NYSE:PFG)

Argent Trust Co raised its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 6.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,467 shares of the company’s stock after buying an additional 1,772 shares during the quarter. Argent Trust Co’s holdings in Principal Financial Group were worth $2,233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EdgeRock Capital LLC acquired a new stake in Principal Financial Group in the 2nd quarter valued at approximately $26,000. Strategic Financial Concepts LLC acquired a new stake in Principal Financial Group in the 2nd quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Principal Financial Group during the 4th quarter worth approximately $33,000. Family Firm Inc. acquired a new stake in shares of Principal Financial Group during the 2nd quarter worth approximately $33,000. Finally, Riverview Trust Co bought a new stake in shares of Principal Financial Group during the first quarter valued at approximately $34,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Price Performance

Principal Financial Group stock opened at $83.73 on Thursday. 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 firm has a market cap of $19.62 billion, a P/E ratio of 15.98, a P/E/G ratio of 0.84 and a beta of 1.19. The business’s fifty day moving average is $80.19 and its two-hundred day moving average is $80.92. Principal Financial Group, Inc. has a 52 week low of $66.21 and a 52 week high of $88.26.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Thursday, July 25th. The company reported $1.63 earnings per share (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 firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same period last year, the company earned $1.53 EPS. Equities research analysts forecast that Principal Financial Group, Inc. will post 7.31 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 5th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Thursday, September 5th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.71. Principal Financial Group’s dividend payout ratio is 54.96%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PFG shares. Jefferies Financial Group boosted their price objective on Principal Financial Group from $73.00 to $76.00 and gave the company a “hold” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. upgraded Principal Financial Group from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $88.00 to $96.00 in a research report on Tuesday, July 2nd. Citigroup boosted their price objective on Principal Financial Group from $68.00 to $70.00 and gave the company a “sell” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada boosted their price objective on Principal Financial Group from $83.00 to $87.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. Finally, Barclays started coverage on Principal Financial Group in a research report on Wednesday, September 4th. They set an “underweight” rating and a $74.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Principal Financial Group presently has an average rating of “Hold” and an average target price of $85.50.

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.