Trust Point Inc. Invests $30.29 Million in Principal Financial Group, Inc. (NYSE:PFG)

Trust Point Inc. acquired a new position in Principal Financial Group, Inc. (NYSE:PFGFree Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 385,028 shares of the company’s stock, valued at approximately $30,290,000. Principal Financial Group accounts for approximately 2.5% of Trust Point Inc.’s investment portfolio, making the stock its 5th largest position. Trust Point Inc. owned 0.16% of Principal Financial Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the business. GHP Investment Advisors Inc. grew its position in Principal Financial Group by 143.0% during the third quarter. GHP Investment Advisors Inc. now owns 384 shares of the company’s stock worth $27,000 after buying an additional 226 shares in the last quarter. ICA Group Wealth Management LLC grew its position 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 worth $30,000 after buying an additional 200 shares in the last quarter. Fortis Group Advisors LLC acquired a new stake in Principal Financial Group during the third quarter worth about $33,000. Clear Street Markets LLC grew its position in Principal Financial Group by 96.1% during 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 in the last quarter. Finally, Point72 Middle East FZE acquired a new stake in Principal Financial Group during the fourth quarter worth about $39,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Price Performance

Shares of PFG remained flat at $85.34 on Wednesday. The stock had a trading volume of 164,935 shares, compared to its average volume of 1,166,664. The firm has a market capitalization of $20.13 billion, a P/E ratio of 35.05, a PEG ratio of 1.07 and a beta of 1.25. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a fifty-two week low of $65.17 and a fifty-two week high of $86.77. The business has a fifty day moving average price of $80.99 and a 200 day moving average price of $76.41.

Principal Financial Group (NYSE:PFGGet Free Report) last announced its earnings results on Monday, February 12th. The company reported $1.83 EPS for the quarter, topping the consensus estimate of $1.70 by $0.13. The business had revenue of $2.69 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the business earned $1.70 EPS. On average, equities analysts forecast that Principal Financial Group, Inc. will post 7.6 EPS for the current year.

Principal Financial Group declared that its board has authorized a stock repurchase program on Monday, February 12th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 12th were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.23%. The ex-dividend date was Monday, March 11th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.67. Principal Financial Group’s payout ratio is 112.65%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Royal Bank of Canada lifted their price objective on Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a report on Wednesday, February 14th. Keefe, Bruyette & Woods lifted their price objective on Principal Financial Group from $80.00 to $85.00 and gave the company a “market perform” rating in a report on Friday, February 16th. Morgan Stanley lifted their price objective on Principal Financial Group from $72.00 to $75.00 and gave the company an “equal weight” rating in a report on Tuesday, February 13th. Finally, Evercore ISI raised Principal Financial Group from an “underperform” rating to an “inline” rating and lifted their price objective for the company from $82.00 to $83.00 in a report on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Principal Financial Group presently has a consensus rating of “Hold” and an average price target of $76.18.

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About Principal Financial Group

(Free Report)

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.

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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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