Trust Asset Management LLC Invests $211,000 in Principal Financial Group, Inc. (NYSE:PFG)

Trust Asset Management LLC purchased a new position in Principal Financial Group, Inc. (NYSE:PFG) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,678 shares of the company’s stock, valued at approximately $211,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GHP Investment Advisors Inc. lifted its position in shares of Principal Financial Group by 143.0% in the 3rd quarter. GHP Investment Advisors Inc. now owns 384 shares of the company’s stock worth $27,000 after purchasing an additional 226 shares during the period. Fortis Group Advisors LLC acquired a new position in shares of Principal Financial Group in the 3rd quarter worth approximately $33,000. PrairieView Partners LLC acquired a new position in shares of Principal Financial Group during the 4th quarter valued at $39,000. Anchor Investment Management LLC acquired a new position in shares of Principal Financial Group during the 4th quarter valued at $40,000. Finally, Valley National Advisers Inc. lifted its position in shares of Principal Financial Group by 81.7% during the 3rd quarter. Valley National Advisers Inc. now owns 556 shares of the company’s stock valued at $40,000 after acquiring an additional 250 shares during the period. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Down 1.3 %

PFG traded down $1.10 during trading on Thursday, hitting $81.06. 942,813 shares of the company’s stock were exchanged, compared to its average volume of 1,127,300. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.36. The business’s 50 day moving average is $81.80 and its two-hundred day moving average is $77.39. Principal Financial Group, Inc. has a fifty-two week low of $65.17 and a fifty-two week high of $86.79. The stock has a market cap of $19.06 billion, a P/E ratio of 33.09, a PEG ratio of 0.87 and a beta of 1.25.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Monday, February 12th. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.13. Principal Financial Group had a net margin of 4.56% and a return on equity of 15.14%. The firm had revenue of $2.69 billion during the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the prior year, the business posted $1.70 EPS. As a group, equities analysts expect that Principal Financial Group, Inc. will post 7.6 earnings per share for the current fiscal year.

Principal Financial Group announced that its board has initiated a stock buyback program on Monday, February 12th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 12th were paid a $0.69 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Monday, March 11th. This represents a $2.76 annualized dividend and a dividend yield of 3.40%. Principal Financial Group’s dividend payout ratio is presently 112.65%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Principal Financial Group from $86.00 to $91.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Piper Sandler boosted their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. Royal Bank of Canada boosted their target price on shares of Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 14th. Morgan Stanley boosted their target price on shares of Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Principal Financial Group from $85.00 to $89.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. Based on data from MarketBeat, Principal Financial Group has a consensus rating of “Hold” and an average target price of $80.64.

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.