Everence Capital Management Inc. Has $1.09 Million Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Everence Capital Management Inc. lifted its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 52.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,800 shares of the company’s stock after purchasing an additional 4,720 shares during the quarter. Everence Capital Management Inc.’s holdings in Principal Financial Group were worth $1,086,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of PFG. Morgan Stanley grew its holdings in shares of Principal Financial Group by 67.3% during the 4th quarter. Morgan Stanley now owns 4,514,124 shares of the company’s stock worth $378,825,000 after purchasing an additional 1,816,343 shares in the last quarter. Norges Bank acquired a new stake in shares of Principal Financial Group during the 4th quarter worth approximately $78,939,000. Royal Bank of Canada lifted its position in shares of Principal Financial Group by 307.9% during the 1st quarter. Royal Bank of Canada now owns 1,133,674 shares of the company’s stock worth $83,223,000 after buying an additional 855,747 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Principal Financial Group during the 1st quarter worth approximately $46,453,000. Finally, Wellington Management Group LLP lifted its position in shares of Principal Financial Group by 15.0% during the 3rd quarter. Wellington Management Group LLP now owns 4,423,975 shares of the company’s stock worth $318,836,000 after buying an additional 575,646 shares during the period. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Down 0.9 %

PFG stock opened at $78.25 on Wednesday. The stock has a market capitalization of $18.40 billion, a P/E ratio of 12.03, a P/E/G ratio of 0.97 and a beta of 1.25. Principal Financial Group, Inc. has a fifty-two week low of $65.17 and a fifty-two week high of $86.79. The business has a 50-day moving average of $81.56 and a 200-day moving average of $76.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.30 and a quick ratio of 0.30.

Principal Financial Group (NYSE:PFG) last issued its earnings results on Monday, February 12th. The company reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.13. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. The business had revenue of $2.69 billion during the quarter, compared to analyst estimates of $3.53 billion. During the same period in the previous year, the company posted $1.70 EPS. On average, sell-side analysts anticipate that Principal Financial Group, Inc. will post 7.6 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 12th were issued a dividend of $0.69 per share. This is a positive change 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 3.53%. The ex-dividend date of this dividend was Monday, March 11th. Principal Financial Group’s payout ratio is currently 112.65%.

Principal Financial Group announced that its Board of Directors has approved a share repurchase program on Monday, February 12th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

PFG has been the subject of several analyst reports. Wells Fargo & Company raised their target price on Principal Financial Group from $86.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Royal Bank of Canada boosted their price objective on Principal Financial Group from $75.00 to $83.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 14th. Morgan Stanley boosted their price objective on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Monday. Evercore ISI upped their price target on Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Finally, Piper Sandler upped 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. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $80.64.

Principal Financial Group Company 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.