Concord Wealth Partners Lowers Position in Principal Financial Group, Inc. (NYSE:PFG)

Concord Wealth Partners reduced its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 83.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 554 shares of the company’s stock after selling 2,800 shares during the quarter. Concord Wealth Partners’ holdings in Principal Financial Group were worth $44,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Ellevest Inc. grew its position in Principal Financial Group by 3.3% in the third quarter. Ellevest Inc. now owns 4,644 shares of the company’s stock worth $335,000 after acquiring an additional 149 shares in the last quarter. Merit Financial Group LLC boosted its holdings in shares of Principal Financial Group by 2.3% in the 3rd quarter. Merit Financial Group LLC now owns 6,947 shares of the company’s stock worth $501,000 after purchasing an additional 153 shares in the last quarter. Verdence Capital Advisors LLC increased its position in shares of Principal Financial Group by 1.3% during the 4th quarter. Verdence Capital Advisors LLC now owns 11,776 shares of the company’s stock valued at $926,000 after purchasing an additional 153 shares during the last quarter. Quent Capital LLC lifted its position in Principal Financial Group by 15.5% in the 4th quarter. Quent Capital LLC now owns 1,185 shares of the company’s stock worth $93,000 after buying an additional 159 shares during the last quarter. Finally, Pinion Investment Advisors LLC grew its position in Principal Financial Group by 1.9% during the third quarter. Pinion Investment Advisors LLC now owns 9,193 shares of the company’s stock valued at $663,000 after acquiring an additional 169 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

Shares of PFG opened at $81.21 on Friday. The company has a 50-day simple moving average of $81.77 and a two-hundred day simple moving average of $77.72. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.29 and a quick ratio of 0.30. The firm has a market capitalization of $19.03 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 0.91 and a beta of 1.24. Principal Financial Group, Inc. has a one year low of $65.17 and a one year high of $86.79.

Principal Financial Group (NYSE:PFG) last released 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). The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.68 billion. Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. During the same quarter in the prior year, the firm earned $1.48 earnings per share. On average, analysts anticipate that Principal Financial Group, Inc. will post 7.5 EPS for the current fiscal year.

Principal Financial Group declared that its Board of Directors has authorized a share buyback plan on Monday, February 12th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to buy up to 7.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 12th were given a dividend of $0.69 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Monday, March 11th. Principal Financial Group’s dividend payout ratio (DPR) is 52.67%.

Analysts Set New Price Targets

A number of brokerages recently commented on PFG. Royal Bank of Canada lifted their target price on shares of Principal Financial Group from $75.00 to $83.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 14th. Piper Sandler raised their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Morgan Stanley boosted their price objective on Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Keefe, Bruyette & Woods upped their price target on shares of 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, Evercore ISI boosted their price objective on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat, Principal Financial Group currently has a consensus rating of “Hold” and a consensus 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.