Centric Wealth Management Acquires 2,080 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Centric Wealth Management increased its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 11.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 20,449 shares of the company’s stock after buying an additional 2,080 shares during the period. Centric Wealth Management’s holdings in Principal Financial Group were worth $1,585,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Spire Wealth Management boosted its stake in shares of Principal Financial Group by 152.0% during the fourth quarter. Spire Wealth Management now owns 373 shares of the company’s stock valued at $29,000 after purchasing an additional 225 shares in the last quarter. Fortis Group Advisors LLC bought a new position in shares of Principal Financial Group during the third quarter valued at approximately $33,000. PrairieView Partners LLC bought a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $39,000. Valley National Advisers Inc. boosted its stake in shares of 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 purchasing an additional 250 shares in the last quarter. Finally, Anchor Investment Management LLC bought a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $40,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Price Performance

NYSE:PFG traded up $0.75 during trading hours on Wednesday, reaching $83.21. 415,580 shares of the company were exchanged, compared to its average volume of 1,112,667. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.35. The firm has a market cap of $19.50 billion, a PE ratio of 15.74, a price-to-earnings-growth ratio of 0.92 and a beta of 1.24. Principal Financial Group, Inc. has a twelve month low of $65.17 and a twelve month high of $86.79. The stock’s 50-day moving average is $81.88 and its 200-day moving average 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 for the quarter, missing the consensus estimate 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 quarter last year, the company earned $1.48 EPS. On average, sell-side analysts anticipate that Principal Financial Group, Inc. will post 7.5 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 outstanding shares. This repurchase authorization permits the company to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Monday, June 3rd will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.41%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Monday, June 3rd. Principal Financial Group’s payout ratio is presently 52.67%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PFG. Morgan Stanley increased their price objective on shares of Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Evercore ISI raised their target price on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Royal Bank of Canada raised 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 note on Wednesday, February 14th. Wells Fargo & Company lowered their target price on shares of Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating for the company in a research note on Monday, April 29th. Finally, Keefe, Bruyette & Woods raised 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 note on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. According to MarketBeat, Principal Financial Group has an average rating of “Hold” and an average price target of $80.30.

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.