Wealthfront Advisers LLC Has $6.16 Million Position in Principal Financial Group, Inc. $PFG

Wealthfront Advisers LLC boosted its position in Principal Financial Group, Inc. (NASDAQ:PFG) by 8.3% in the 1st quarter, HoldingsChannel.com reports. The firm owned 68,407 shares of the company’s stock after buying an additional 5,230 shares during the period. Wealthfront Advisers LLC’s holdings in Principal Financial Group were worth $6,164,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PFG. Eurizon Capital SGR S.p.A. bought a new position in Principal Financial Group during the fourth quarter worth about $32,473,000. National Wealth Management Group LLC bought a new stake in Principal Financial Group in the 4th quarter valued at about $998,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Principal Financial Group by 47.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 50,386 shares of the company’s stock worth $4,630,000 after purchasing an additional 16,171 shares in the last quarter. LBP AM SA acquired a new position in shares of Principal Financial Group during the 4th quarter worth approximately $10,400,000. Finally, VCI Wealth Management LLC bought a new position in shares of Principal Financial Group during the fourth quarter worth approximately $1,650,000. 75.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Principal Financial Group

In other Principal Financial Group news, insider Wee Yee Cheong sold 7,534 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $103.16, for a total transaction of $777,207.44. Following the completion of the transaction, the insider owned 66,443 shares of the company’s stock, valued at approximately $6,854,259.88. The trade was a 10.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel George Djurasovic sold 2,571 shares of Principal Financial Group stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total transaction of $259,233.93. Following the sale, the general counsel directly owned 21,906 shares in the company, valued at $2,208,781.98. This trade represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 28,317 shares of company stock valued at $2,884,902. 1.13% of the stock is owned by corporate insiders.

Principal Financial Group Stock Performance

Shares of NASDAQ:PFG opened at $113.95 on Friday. The company’s 50 day simple moving average is $107.26 and its 200 day simple moving average is $97.65. The stock has a market capitalization of $24.61 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 1.10 and a beta of 0.88. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27. Principal Financial Group, Inc. has a 1 year low of $75.00 and a 1 year high of $114.90.

Principal Financial Group (NASDAQ:PFG) last released its earnings results on Wednesday, April 29th. The company reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.06. The firm had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $4.11 billion. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.During the same period in the prior year, the company earned $1.81 earnings per share. As a group, research analysts predict that Principal Financial Group, Inc. will post 9.4 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Monday, June 1st were given a dividend of $0.82 per share. The ex-dividend date was Monday, June 1st. This represents a $3.28 annualized dividend and a dividend yield of 2.9%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.80. Principal Financial Group’s dividend payout ratio is currently 46.92%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PFG shares. Piper Sandler lifted their price target on shares of Principal Financial Group from $113.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Citigroup lowered Principal Financial Group from a “sell” rating to an “underperform” rating in a research note on Wednesday, June 24th. Atlantic Securities set a $94.00 price objective on Principal Financial Group in a report on Wednesday. Jefferies Financial Group upped their target price on Principal Financial Group from $91.00 to $98.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Finally, Evercore set a $108.00 price target on Principal Financial Group in a research report on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $104.83.

About Principal Financial Group

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.