Centric Wealth Management Has $1.59 Million Position in Principal Financial Group, Inc. (NYSE:PFG)

Centric Wealth Management increased its position in Principal Financial Group, Inc. (NYSE:PFG) by 11.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,449 shares of the company’s stock after buying an additional 2,080 shares during the quarter. Centric Wealth Management’s holdings in Principal Financial Group were worth $1,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Spire Wealth Management increased its stake in shares of Principal Financial Group by 152.0% in the fourth quarter. Spire Wealth Management now owns 373 shares of the company’s stock valued at $29,000 after buying an additional 225 shares during the period. Fortis Group Advisors LLC acquired a new stake in Principal Financial Group during the 3rd quarter valued at approximately $33,000. PrairieView Partners LLC acquired a new stake in Principal Financial Group during the 4th quarter valued at approximately $39,000. Valley National Advisers Inc. increased its position in Principal Financial Group by 81.7% during the 3rd quarter. Valley National Advisers Inc. now owns 556 shares of the company’s stock valued at $40,000 after purchasing an additional 250 shares during the period. Finally, Anchor Investment Management LLC acquired a new stake in Principal Financial Group during the 4th quarter valued at approximately $40,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Up 0.9 %

Shares of PFG traded up $0.75 during trading hours on Wednesday, reaching $83.21. The stock had a trading volume of 415,580 shares, compared to its average volume of 1,112,667. Principal Financial Group, Inc. has a 12 month low of $65.17 and a 12 month high of $86.79. The firm has a 50-day simple moving average of $81.88 and a 200 day simple moving average of $78.08. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $19.50 billion, a price-to-earnings ratio of 15.74, a P/E/G ratio of 0.92 and a beta of 1.24.

Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). Principal Financial Group had a return on equity of 15.06% and a net margin of 8.70%. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter in the prior year, the business earned $1.48 earnings per share. Equities research analysts predict that Principal Financial Group, Inc. will post 7.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Monday, June 3rd will be issued a $0.71 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.69. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, June 3rd. Principal Financial Group’s dividend payout ratio (DPR) is currently 52.67%.

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

Analysts Set New Price Targets

PFG has been the subject of a number of recent analyst reports. Piper Sandler increased their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. Wells Fargo & Company decreased their target price on shares of Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating for the company in a research report on Monday, April 29th. Royal Bank of Canada increased their target price on shares of Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 14th. Keefe, Bruyette & Woods raised their price objective on shares of Principal Financial Group from $85.00 to $89.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. Finally, Evercore ISI raised their price objective on shares of Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $80.30.

About Principal Financial Group

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.