Hartford Funds Management Co LLC Increases Stake in Principal Financial Group, Inc. (NYSE:PFG)

Hartford Funds Management Co LLC boosted its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 83.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,209 shares of the company’s stock after acquiring an additional 3,731 shares during the quarter. Hartford Funds Management Co LLC’s holdings in Principal Financial Group were worth $646,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Fortis Group Advisors LLC purchased a new position in Principal Financial Group during the third quarter valued at approximately $33,000. PrairieView Partners LLC purchased a new position in Principal Financial Group during the fourth quarter valued at approximately $39,000. Valley National Advisers Inc. raised its position in Principal Financial Group by 81.7% during the third quarter. Valley National Advisers Inc. now owns 556 shares of the company’s stock valued at $40,000 after acquiring an additional 250 shares in the last quarter. Anchor Investment Management LLC purchased a new position in Principal Financial Group during the fourth quarter valued at approximately $40,000. Finally, Authentikos Wealth Advisory LLC purchased a new position in Principal Financial Group during the third quarter valued at approximately $41,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PFG. Royal Bank of Canada raised their price objective on Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a report on Wednesday, February 14th. Morgan Stanley raised their price objective on Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Keefe, Bruyette & Woods raised their price objective on Principal Financial Group from $85.00 to $89.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Evercore ISI raised their price objective on Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Finally, Piper Sandler raised their price objective on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $80.09.

Principal Financial Group Price Performance

Shares of NYSE:PFG traded down $1.29 during trading on Tuesday, reaching $79.14. The stock had a trading volume of 1,065,667 shares, compared to its average volume of 1,133,399. The business has a fifty day moving average price of $81.77 and a 200-day moving average price of $77.69. The stock has a market cap of $18.61 billion, a PE ratio of 15.10, a PEG ratio of 0.84 and a beta of 1.25. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.27. Principal Financial Group, Inc. has a 1-year low of $65.17 and a 1-year high of $86.79.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, April 25th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.68 billion. Principal Financial Group had a return on equity of 15.06% and a net margin of 8.70%. During the same period last year, the firm posted $1.48 EPS. On average, equities analysts forecast that Principal Financial Group, Inc. will post 7.58 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 12th were paid a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, March 11th. This represents a $2.76 dividend on an annualized basis and a yield of 3.49%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.67. Principal Financial Group’s payout ratio is 52.67%.

Principal Financial Group declared that its board has authorized a share buyback program on Monday, February 12th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.