Merit Financial Group LLC Sells 599 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Merit Financial Group LLC cut its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 8.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,348 shares of the company’s stock after selling 599 shares during the quarter. Merit Financial Group LLC’s holdings in Principal Financial Group were worth $499,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Comerica Bank acquired a new stake in shares of Principal Financial Group during the 3rd quarter valued at $4,667,000. AustralianSuper Pty Ltd raised its position in Principal Financial Group by 15.8% in the fourth quarter. AustralianSuper Pty Ltd now owns 277,157 shares of the company’s stock valued at $21,804,000 after purchasing an additional 37,836 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Principal Financial Group by 15.0% during the third quarter. Wellington Management Group LLP now owns 4,423,975 shares of the company’s stock valued at $318,836,000 after purchasing an additional 575,646 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Principal Financial Group by 9,002.1% during the fourth quarter. International Assets Investment Management LLC now owns 163,383 shares of the company’s stock worth $12,853,000 after purchasing an additional 161,588 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Principal Financial Group by 1,218.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 250,602 shares of the company’s stock valued at $19,715,000 after buying an additional 231,601 shares during the period. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

PFG stock opened at $82.46 on Wednesday. Principal Financial Group, Inc. has a 1-year low of $65.17 and a 1-year high of $86.79. 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 has a 50-day moving average price of $81.88 and a 200-day moving average price of $78.08. The firm has a market cap of $19.33 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 (NYSE:PFG) last issued its earnings results on Thursday, April 25th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate 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 in the previous year, the firm posted $1.48 earnings per share. As a group, equities research analysts expect that Principal Financial Group, Inc. will post 7.5 earnings per share for the current year.

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

Principal Financial Group Increases Dividend

The business also recently announced 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 represents a $2.84 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Monday, June 3rd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.69. Principal Financial Group’s payout ratio is presently 52.67%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Evercore ISI lifted 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 research report on Thursday, April 11th. Wells Fargo & Company reduced their price objective on shares of Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. Piper Sandler increased their price objective on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Morgan Stanley lifted their target price on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, Royal Bank of Canada increased their price target on 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. Two equities research analysts have rated the stock with a sell rating and nine have issued 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.