WFA Asset Management Corp Raises Stake in Principal Financial Group, Inc. (NYSE:PFG)

WFA Asset Management Corp increased its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 72.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 684 shares of the company’s stock after purchasing an additional 287 shares during the period. WFA Asset Management Corp’s holdings in Principal Financial Group were worth $59,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Mariner LLC increased its position in shares of Principal Financial Group by 4.9% during the 3rd quarter. Mariner LLC now owns 24,898 shares of the company’s stock valued at $1,794,000 after purchasing an additional 1,156 shares during the last quarter. Federated Hermes Inc. grew its position in Principal Financial Group by 17.1% during the 3rd quarter. Federated Hermes Inc. now owns 20,456 shares of the company’s stock worth $1,474,000 after acquiring an additional 2,986 shares during the last quarter. Natixis Advisors L.P. grew its position in Principal Financial Group by 2.9% during the 3rd quarter. Natixis Advisors L.P. now owns 67,917 shares of the company’s stock worth $4,895,000 after acquiring an additional 1,887 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Principal Financial Group by 329.6% during the 3rd quarter. Tower Research Capital LLC TRC now owns 10,986 shares of the company’s stock worth $792,000 after acquiring an additional 8,429 shares during the last quarter. Finally, Bank of Nova Scotia grew its position in Principal Financial Group by 12.3% during the 3rd quarter. Bank of Nova Scotia now owns 22,563 shares of the company’s stock worth $1,626,000 after acquiring an additional 2,468 shares during the last quarter. 75.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PFG. Evercore ISI raised their price target on Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. upgraded Principal Financial Group from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $88.00 to $96.00 in a report on Tuesday. Piper Sandler increased their price objective on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Wells Fargo & Company lowered their target price on 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 lifted their price target on 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. One equities research analyst has rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $82.60.

Principal Financial Group Stock Up 0.1 %

Principal Financial Group stock traded up $0.09 during mid-day trading on Wednesday, hitting $79.35. The company had a trading volume of 260,448 shares, compared to its average volume of 1,085,493. 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 stock’s 50 day moving average price is $80.82 and its two-hundred day moving average price is $80.57. Principal Financial Group, Inc. has a 12 month low of $66.21 and a 12 month high of $86.79. The company has a market capitalization of $18.60 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 0.85 and a beta of 1.21.

Principal Financial Group (NYSE:PFG) last posted 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). Principal Financial Group had a return on equity of 15.06% and a net margin of 8.70%. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter in the prior year, the firm earned $1.48 EPS. As a group, sell-side analysts anticipate that Principal Financial Group, Inc. will post 7.45 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Monday, June 3rd were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date was Monday, June 3rd. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.69. Principal Financial Group’s dividend payout ratio is 54.20%.

Principal Financial Group 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.