Abich Financial Wealth Management LLC Acquires New Stake in Principal Financial Group, Inc. (NYSE:PFG)

Abich Financial Wealth Management LLC acquired a new position in shares of Principal Financial Group, Inc. (NYSE:PFG) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,464 shares of the company’s stock, valued at approximately $115,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its holdings in Principal Financial Group by 2.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 6,325 shares of the company’s stock worth $493,000 after purchasing an additional 135 shares during the last quarter. Ballentine Partners LLC raised its stake in Principal Financial Group by 5.0% during the second quarter. Ballentine Partners LLC now owns 2,906 shares of the company’s stock worth $228,000 after buying an additional 138 shares during the last quarter. Graypoint LLC lifted its holdings in Principal Financial Group by 5.6% in the second quarter. Graypoint LLC now owns 2,654 shares of the company’s stock valued at $208,000 after buying an additional 140 shares during the period. City State Bank boosted its position in Principal Financial Group by 1.7% during the first quarter. City State Bank now owns 8,216 shares of the company’s stock valued at $709,000 after acquiring an additional 141 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Principal Financial Group by 18.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 930 shares of the company’s stock worth $76,000 after acquiring an additional 143 shares during the period. 75.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PFG has been the topic of several research analyst reports. Barclays assumed coverage on Principal Financial Group in a research report on Wednesday, September 4th. They set an “underweight” rating and a $74.00 target price on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research report on Tuesday, July 30th. Wells Fargo & Company dropped their target price on shares of Principal Financial Group from $87.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Monday, July 29th. Citigroup raised their price target on shares of Principal Financial Group from $68.00 to $70.00 and gave the stock a “sell” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada upped their price objective on shares of Principal Financial Group from $83.00 to $87.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Principal Financial Group has an average rating of “Hold” and an average price target of $85.50.

Principal Financial Group Stock Down 0.6 %

PFG stock opened at $85.29 on Wednesday. The stock’s 50 day moving average is $80.20 and its 200-day moving average is $81.07. Principal Financial Group, Inc. has a twelve month low of $66.21 and a twelve month high of $88.26. The firm has a market capitalization of $19.75 billion, a PE ratio of 12.56, a P/E/G ratio of 0.90 and a beta of 1.19. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.24). The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Principal Financial Group had a return on equity of 14.92% and a net margin of 8.05%. During the same period in the prior year, the firm earned $1.53 earnings per share. Sell-side analysts expect that Principal Financial Group, Inc. will post 7.31 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 5th will be paid a $0.72 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $2.88 annualized dividend and a yield of 3.38%. Principal Financial Group’s dividend payout ratio (DPR) is 54.96%.

Principal Financial Group Profile

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.