Belpointe Asset Management LLC boosted its stake in shares of Principal Financial Group, Inc. (NYSE:PFG – Free Report) by 17.0% in the first quarter, HoldingsChannel reports. The firm owned 4,726 shares of the company’s stock after purchasing an additional 686 shares during the quarter. Belpointe Asset Management LLC’s holdings in Principal Financial Group were worth $399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Federation des caisses Desjardins du Quebec boosted its position in Principal Financial Group by 0.5% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 27,536 shares of the company’s stock valued at $2,323,000 after purchasing an additional 139 shares during the period. Stratos Wealth Partners LTD. boosted its position in Principal Financial Group by 3.9% during the 1st quarter. Stratos Wealth Partners LTD. now owns 3,826 shares of the company’s stock valued at $323,000 after purchasing an additional 144 shares during the period. Raiffeisen Bank International AG boosted its position in Principal Financial Group by 12.6% during the 1st quarter. Raiffeisen Bank International AG now owns 1,380 shares of the company’s stock valued at $115,000 after purchasing an additional 154 shares during the period. WFA Asset Management Corp boosted its position in Principal Financial Group by 32.3% during the 1st quarter. WFA Asset Management Corp now owns 684 shares of the company’s stock valued at $59,000 after purchasing an additional 167 shares during the period. Finally, Mather Group LLC. raised its stake in Principal Financial Group by 11.0% during the 1st quarter. Mather Group LLC. now owns 1,803 shares of the company’s stock valued at $152,000 after acquiring an additional 178 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.
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Wall Street Analysts Forecast Growth
Several analysts have weighed in on the company. Barclays lifted their target price on Principal Financial Group from $76.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, July 7th. UBS Group lifted their target price on Principal Financial Group from $85.00 to $87.00 and gave the company a “neutral” rating in a research note on Tuesday, July 29th. JPMorgan Chase & Co. lifted their target price on Principal Financial Group from $92.00 to $101.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Piper Sandler lifted their target price on Principal Financial Group from $88.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, July 3rd. Finally, Wells Fargo & Company cut their target price on Principal Financial Group from $73.00 to $72.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 30th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $86.90.
View Our Latest Report on PFG
Principal Financial Group Stock Up 0.8%
Shares of Principal Financial Group stock opened at $82.70 on Monday. The stock’s fifty day moving average is $79.41 and its 200-day moving average is $78.93. The firm has a market capitalization of $18.42 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 12-month low of $68.39 and a 12-month high of $91.97.
Principal Financial Group (NYSE:PFG – Get Free Report) last announced its earnings results on Monday, July 28th. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same quarter last year, the firm earned $1.63 EPS. Equities analysts anticipate that Principal Financial Group, Inc. will post 8.5 earnings per share for the current year.
Principal Financial Group Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.8%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Thursday, September 4th. Principal Financial Group’s payout ratio is presently 62.78%.
Principal Financial Group Profile
(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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