403 Shares in Principal Financial Group, Inc. (NYSE:PFG) Acquired by EdgeRock Capital LLC

EdgeRock Capital LLC acquired a new stake in shares of Principal Financial Group, Inc. (NYSE:PFG) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 403 shares of the company’s stock, valued at approximately $31,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings in shares of Principal Financial Group by 15.0% during the third quarter. Wellington Management Group LLP now owns 4,423,975 shares of the company’s stock valued at $318,836,000 after purchasing an additional 575,646 shares during the last quarter. Northern Trust Corp lifted its stake in Principal Financial Group by 0.4% during the third quarter. Northern Trust Corp now owns 3,920,915 shares of the company’s stock valued at $282,580,000 after buying an additional 16,052 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Principal Financial Group by 12.6% in the third quarter. Invesco Ltd. now owns 2,231,757 shares of the company’s stock worth $160,843,000 after buying an additional 249,127 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Principal Financial Group by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,311,223 shares of the company’s stock worth $103,154,000 after acquiring an additional 29,462 shares in the last quarter. Finally, Hsbc Holdings PLC raised its holdings in shares of Principal Financial Group by 60.5% during the third quarter. Hsbc Holdings PLC now owns 1,210,985 shares of the company’s stock valued at $87,305,000 after acquiring an additional 456,455 shares during the period. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Up 0.6 %

Shares of PFG stock traded up $0.52 on Wednesday, hitting $82.98. The company’s stock had a trading volume of 932,587 shares, compared to its average volume of 1,118,972. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market capitalization of $19.45 billion, a price-to-earnings ratio of 15.84, a P/E/G ratio of 0.92 and a beta of 1.24. Principal Financial Group, Inc. has a fifty-two week low of $65.17 and a fifty-two week high of $86.79. The firm’s fifty day moving average price is $81.88 and its 200-day moving average price is $78.08.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.74 by ($0.09). Principal Financial Group had a return on equity of 15.06% and a net margin of 8.70%. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter last year, the company posted $1.48 EPS. Research analysts anticipate that Principal Financial Group, Inc. will post 7.5 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.42%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.69. The ex-dividend date is Monday, June 3rd. Principal Financial Group’s dividend payout ratio is 52.67%.

Principal Financial Group announced that its board has initiated a share buyback plan on Monday, February 12th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

PFG has been the topic of several research analyst reports. Morgan Stanley lifted their price objective on shares of Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Royal Bank of Canada raised their price objective on Principal Financial Group from $75.00 to $83.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 14th. Piper Sandler upped their target price on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Keefe, Bruyette & Woods raised their price target on shares of Principal Financial Group from $85.00 to $89.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Finally, Wells Fargo & Company dropped their price objective on shares of Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. Two research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $80.30.

Principal Financial Group Company 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.