Principal Financial Group, Inc. (NYSE:PFG) Shares Acquired by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC raised its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,776 shares of the company’s stock after buying an additional 153 shares during the period. Verdence Capital Advisors LLC’s holdings in Principal Financial Group were worth $926,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GHP Investment Advisors Inc. increased its stake in shares of Principal Financial Group by 143.0% during the third quarter. GHP Investment Advisors Inc. now owns 384 shares of the company’s stock valued at $27,000 after acquiring an additional 226 shares during the period. ICA Group Wealth Management LLC lifted its stake in Principal Financial Group by 100.0% during the first quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock valued at $30,000 after purchasing an additional 200 shares during the last quarter. Fortis Group Advisors LLC bought a new stake in Principal Financial Group during the third quarter worth approximately $33,000. Clear Street Markets LLC grew its position in Principal Financial Group by 96.1% in the first quarter. Clear Street Markets LLC now owns 449 shares of the company’s stock worth $33,000 after buying an additional 220 shares during the last quarter. Finally, PrairieView Partners LLC acquired a new position in Principal Financial Group in the fourth quarter worth approximately $39,000. 75.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada raised their price objective on Principal Financial Group from $75.00 to $83.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 14th. Keefe, Bruyette & Woods increased 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. Wells Fargo & Company boosted their price objective on Principal Financial Group from $86.00 to $91.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Evercore ISI raised their target price on shares of Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. Finally, Piper Sandler boosted their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and an average target price of $80.64.

Principal Financial Group Trading Up 1.9 %

Principal Financial Group stock opened at $80.44 on Monday. Principal Financial Group, Inc. has a 12 month low of $65.17 and a 12 month high of $86.79. 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 stock has a market cap of $18.92 billion, a P/E ratio of 32.83, a P/E/G ratio of 0.85 and a beta of 1.25. The company’s fifty day simple moving average is $81.64 and its 200-day simple moving average is $77.16.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Monday, February 12th. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.70 by $0.13. The business had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $3.53 billion. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. During the same quarter in the previous year, the business posted $1.70 EPS. As a group, sell-side analysts forecast that Principal Financial Group, Inc. will post 7.6 EPS for the current fiscal year.

Principal Financial Group announced that its Board of Directors has authorized a stock repurchase plan on Monday, February 12th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 12th were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, March 11th. This represents a $2.76 dividend on an annualized basis and a yield of 3.43%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.67. Principal Financial Group’s dividend payout ratio is presently 112.65%.

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.