City State Bank Boosts Stake in Principal Financial Group, Inc. (NYSE:PFG)

City State Bank increased its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 9.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,402 shares of the company’s stock after buying an additional 840 shares during the quarter. City State Bank’s holdings in Principal Financial Group were worth $808,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PFG. Farther Finance Advisors LLC raised its holdings in shares of Principal Financial Group by 2.2% during the second quarter. Farther Finance Advisors LLC now owns 6,325 shares of the company’s stock valued at $493,000 after acquiring an additional 135 shares during the last quarter. Ballentine Partners LLC boosted its stake in Principal Financial Group by 5.0% during the 2nd quarter. Ballentine Partners LLC now owns 2,906 shares of the company’s stock worth $228,000 after purchasing an additional 138 shares during the last quarter. Graypoint LLC grew its holdings in shares of Principal Financial Group by 5.6% during the second quarter. Graypoint LLC now owns 2,654 shares of the company’s stock worth $208,000 after buying an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Principal Financial Group by 18.2% in the second quarter. EverSource Wealth Advisors LLC now owns 930 shares of the company’s stock valued at $76,000 after buying an additional 143 shares during the last quarter. Finally, Legacy Financial Advisors Inc. lifted its stake in shares of Principal Financial Group by 2.7% in the second quarter. Legacy Financial Advisors Inc. now owns 5,575 shares of the company’s stock worth $437,000 after buying an additional 145 shares in the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Barclays lifted their price objective on Principal Financial Group from $74.00 to $75.00 and gave the stock an “underweight” rating in a research report on Wednesday. Jefferies Financial Group raised their target price on Principal Financial Group from $73.00 to $76.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. Royal Bank of Canada raised their price objective on shares of Principal Financial Group from $83.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. Finally, Morgan Stanley reduced their target price on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $85.42.

Principal Financial Group Stock Performance

Shares of PFG stock opened at $89.20 on Friday. The firm has a 50 day moving average of $81.07 and a two-hundred day moving average of $81.42. The stock has a market capitalization of $20.66 billion, a PE ratio of 17.32, a P/E/G ratio of 0.92 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, Inc. has a 52 week low of $66.21 and a 52 week high of $89.51.

Principal Financial Group (NYSE:PFG) last released its earnings results 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 company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $3.78 billion. Principal Financial Group had a net margin of 8.05% and a return on equity of 14.92%. During the same quarter last year, the business posted $1.53 earnings per share. On average, research analysts predict that Principal Financial Group, Inc. will post 7.31 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Thursday, September 5th were paid a $0.72 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $2.88 dividend on an annualized basis and a yield of 3.23%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.71. Principal Financial Group’s payout ratio is currently 55.92%.

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.