Chase Investment Counsel Corp Invests $7.41 Million in Principal Financial Group, Inc. $PFG

Chase Investment Counsel Corp bought a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 68,764 shares of the company’s stock, valued at approximately $7,411,000. Principal Financial Group accounts for about 1.6% of Chase Investment Counsel Corp’s holdings, making the stock its 25th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Integrated Wealth Concepts LLC acquired a new position in Principal Financial Group in the 1st quarter valued at $244,000. NewEdge Advisors LLC lifted its holdings in shares of Principal Financial Group by 24.1% during the first quarter. NewEdge Advisors LLC now owns 7,503 shares of the company’s stock worth $633,000 after buying an additional 1,455 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Principal Financial Group by 11.9% in the first quarter. Empowered Funds LLC now owns 4,678 shares of the company’s stock valued at $395,000 after acquiring an additional 497 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Principal Financial Group by 96.2% in the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the company’s stock valued at $181,000 after acquiring an additional 1,117 shares during the period. Finally, Cerity Partners LLC grew its stake in shares of Principal Financial Group by 9.1% in the second quarter. Cerity Partners LLC now owns 37,957 shares of the company’s stock valued at $3,015,000 after acquiring an additional 3,175 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Insiders Place Their Bets

In related news, insider Wee Yee Cheong sold 7,534 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $103.16, for a total transaction of $777,207.44. Following the completion of the transaction, the insider directly owned 66,443 shares of the company’s stock, valued at $6,854,259.88. This trade represents a 10.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.13% of the stock is owned by insiders.

Principal Financial Group Price Performance

NASDAQ:PFG opened at $113.98 on Monday. Principal Financial Group, Inc. has a one year low of $77.15 and a one year high of $116.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.28 and a quick ratio of 0.28. The company has a market cap of $24.40 billion, a PE ratio of 16.19, a P/E/G ratio of 1.04 and a beta of 0.87. The firm’s 50 day simple moving average is $111.33 and its 200 day simple moving average is $100.90.

Principal Financial Group (NASDAQ:PFG) last announced its quarterly earnings results on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.17. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.11 billion. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. During the same period in the prior year, the company posted $2.16 EPS. On average, research analysts anticipate that Principal Financial Group, Inc. will post 9.56 earnings per share for the current year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be issued a $0.84 dividend. The ex-dividend date is Thursday, September 3rd. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.82. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. Principal Financial Group’s dividend payout ratio (DPR) is currently 46.59%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Principal Financial Group from $114.00 to $113.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. Citigroup lowered shares of Principal Financial Group from a “sell” rating to an “underperform” rating in a research report on Wednesday, June 24th. Jefferies Financial Group raised their target price on shares of Principal Financial Group from $91.00 to $98.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Bank of America lifted their price target on shares of Principal Financial Group from $94.00 to $104.00 and gave the company an “underperform” rating in a research report on Tuesday, July 28th. Finally, Raymond James Financial downgraded shares of Principal Financial Group from a “strong-buy” rating to an “outperform” rating and lifted their price target for the company from $99.00 to $111.00 in a research report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Principal Financial Group has a consensus rating of “Hold” and a consensus target price of $105.83.

Principal Financial Group Company Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.