Principal Financial Group, Inc. (NYSE:PFG) Shares Purchased by Sound Income Strategies LLC

Sound Income Strategies LLC boosted its position in Principal Financial Group, Inc. (NYSE:PFG) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 181,776 shares of the company’s stock after acquiring an additional 14,339 shares during the quarter. Principal Financial Group accounts for about 1.2% of Sound Income Strategies LLC’s holdings, making the stock its 27th biggest holding. Sound Income Strategies LLC owned 0.08% of Principal Financial Group worth $15,689,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Spire Wealth Management grew its position 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 worth $29,000 after acquiring an additional 225 shares during the last quarter. EdgeRock Capital LLC acquired a new stake in Principal Financial Group in the fourth quarter valued at $31,000. Fortis Group Advisors LLC acquired a new stake in Principal Financial Group in the third quarter valued at $33,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Principal Financial Group during the 4th quarter worth $33,000. Finally, Riverview Trust Co acquired a new position in shares of Principal Financial Group during the 1st quarter worth $34,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Down 0.6 %

Shares of PFG traded down $0.47 during trading on Wednesday, reaching $79.64. The company’s stock had a trading volume of 881,255 shares, compared to its average volume of 1,076,438. The company has a fifty day moving average of $80.94 and a two-hundred day moving average of $80.53. Principal Financial Group, Inc. has a twelve month low of $66.21 and a twelve month high of $86.79. The company has a market cap of $18.67 billion, a price-to-earnings ratio of 15.21, a P/E/G ratio of 0.86 and a beta of 1.23. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last announced its earnings results on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same period in the previous year, the company earned $1.48 earnings per share. On average, sell-side analysts predict that Principal Financial Group, Inc. will post 7.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Monday, June 3rd will be given a dividend of $0.71 per share. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.69. This represents a $2.84 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Monday, June 3rd. Principal Financial Group’s dividend payout ratio is currently 54.20%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. 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 note on Friday, April 5th. Evercore ISI boosted 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. 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 note on Monday, April 15th. Keefe, Bruyette & Woods lifted their price target 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. Finally, Wells Fargo & Company lowered their price target on Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating for the company in a report on Monday, April 29th. Two investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Based on data from MarketBeat.com, Principal Financial Group has an average rating of “Hold” and an average target price 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.