Rakuten Investment Management Inc. Invests $18.53 Million in Principal Financial Group, Inc. $PFG

Rakuten Investment Management Inc. purchased a new stake in shares of Principal Financial Group, Inc. (NYSE:PFG) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 223,450 shares of the company’s stock, valued at approximately $18,526,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Traub Capital Management LLC acquired a new stake in Principal Financial Group during the 2nd quarter valued at $26,000. Capital A Wealth Management LLC grew its holdings in shares of Principal Financial Group by 5,533.3% during the second quarter. Capital A Wealth Management LLC now owns 338 shares of the company’s stock valued at $27,000 after buying an additional 332 shares in the last quarter. American National Bank & Trust acquired a new position in Principal Financial Group during the second quarter valued at $28,000. Curio Wealth LLC lifted its stake in Principal Financial Group by 37,800.0% in the 2nd quarter. Curio Wealth LLC now owns 379 shares of the company’s stock worth $30,000 after acquiring an additional 378 shares in the last quarter. Finally, Private Wealth Asset Management LLC lifted its stake in Principal Financial Group by 163.4% in the 2nd quarter. Private Wealth Asset Management LLC now owns 403 shares of the company’s stock worth $32,000 after acquiring an additional 250 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Price Performance

NYSE PFG opened at $88.54 on Wednesday. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $19.72 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 0.76 and a beta of 0.89. Principal Financial Group, Inc. has a 12-month low of $68.39 and a 12-month high of $92.51. The company has a 50 day moving average price of $87.73 and a two-hundred day moving average price of $83.03.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Monday, October 27th. The company reported $2.32 EPS for the quarter, topping the consensus estimate of $2.20 by $0.12. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same quarter last year, the business posted $2.05 EPS. As a group, equities analysts predict that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Wednesday, December 3rd were given a $0.79 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.78. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Wednesday, December 3rd. Principal Financial Group’s payout ratio is presently 46.00%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $103.00 target price on shares of Principal Financial Group in a report on Monday, January 5th. Barclays reaffirmed an “underweight” rating and set a $85.00 price objective on shares of Principal Financial Group in a research report on Thursday, January 8th. Wells Fargo & Company increased their target price on shares of Principal Financial Group from $74.00 to $85.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 13th. Piper Sandler lifted their target price on shares of Principal Financial Group from $94.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, December 23rd. Finally, Morgan Stanley set a $93.00 price target on shares of Principal Financial Group in a research note on Monday, December 15th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $92.89.

Insider Activity

In related news, EVP Wee Yee Cheong sold 1,887 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $85.04, for a total value of $160,470.48. Following the completion of the sale, the executive vice president directly owned 81,421 shares in the company, valued at approximately $6,924,041.84. The trade was a 2.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Deanna D. Strable-Soethout sold 300 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $92.50, for a total value of $27,750.00. Following the sale, the chief executive officer directly owned 62,252 shares of the company’s stock, valued at $5,758,310. The trade was a 0.48% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.08% of the company’s stock.

Principal Financial Group Profile

Principal Financial Group, commonly known as Principal, is a global financial services company headquartered in Des Moines, Iowa. The firm provides a broad range of retirement, investment management and insurance solutions for individual, employer and institutional clients. Its core businesses include retirement plan services and recordkeeping, asset management, and life and disability insurance, supported by distribution through employers, financial advisors and direct channels.

On the retirement side, Principal offers 401(k) and other workplace retirement plans, individual retirement accounts and annuity products designed to help clients accumulate and manage retirement savings.