Principal Financial Group, Inc. (NYSE:PFG) Shares Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund increased its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 5.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 118,204 shares of the company’s stock after acquiring an additional 5,886 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Principal Financial Group were worth $9,299,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Merit Financial Group LLC boosted its position in Principal Financial Group by 2.3% during the third quarter. Merit Financial Group LLC now owns 6,947 shares of the company’s stock worth $501,000 after acquiring an additional 153 shares during the last quarter. Comerica Bank acquired a new position in Principal Financial Group in the 3rd quarter valued at about $4,667,000. AustralianSuper Pty Ltd boosted its holdings in Principal Financial Group by 15.8% in the 4th quarter. AustralianSuper Pty Ltd now owns 277,157 shares of the company’s stock valued at $21,804,000 after purchasing an additional 37,836 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Principal Financial Group by 15.0% in the 3rd quarter. Wellington Management Group LLP now owns 4,423,975 shares of the company’s stock valued at $318,836,000 after purchasing an additional 575,646 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Principal Financial Group by 1,218.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 250,602 shares of the company’s stock valued at $19,715,000 after purchasing an additional 231,601 shares during the last quarter. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Principal Financial Group Price Performance

Shares of PFG opened at $81.51 on Wednesday. Principal Financial Group, Inc. has a fifty-two week low of $65.17 and a fifty-two week high of $86.79. The firm’s 50 day moving average price is $81.73 and its 200 day moving average price is $77.33. The company has a market cap of $19.17 billion, a P/E ratio of 12.40, a PEG ratio of 0.86 and a beta of 1.25. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.36.

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

Principal Financial Group declared that its board has approved a stock repurchase program on Monday, February 12th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Principal Financial Group Increases Dividend

The company also recently declared 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 represents a $2.76 annualized dividend and a yield of 3.39%. The ex-dividend date was Monday, March 11th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.67. Principal Financial Group’s payout ratio is 112.65%.

Analyst Ratings Changes

PFG has been the topic of several recent analyst reports. Evercore ISI boosted their target price on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Piper Sandler boosted their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Morgan Stanley boosted their price target on shares of Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods boosted 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 research note on Wednesday, April 10th. Finally, Wells Fargo & Company boosted their price target on shares of Principal Financial Group from $86.00 to $91.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price 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.