Centric Wealth Management Purchases New Position in Principal Financial Group, Inc. $PFG

Centric Wealth Management acquired a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 30,694 shares of the company’s stock, valued at approximately $3,053,000.

Other institutional investors have also recently bought and sold shares of the company. DV Equities LLC acquired a new stake in Principal Financial Group during the 4th quarter worth $25,000. Hilton Head Capital Partners LLC bought a new position in Principal Financial Group during the fourth quarter worth about $26,000. Valley Wealth Managers Inc. acquired a new position in Principal Financial Group in the first quarter valued at about $27,000. MBM Wealth Consultants LLC acquired a new position in Principal Financial Group in the first quarter valued at about $28,000. Finally, Quest 10 Wealth Builders Inc. increased its holdings in shares of Principal Financial Group by 343.6% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 346 shares of the company’s stock worth $30,000 after acquiring an additional 268 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Insiders Place Their Bets

In other news, insider Wee Yee Cheong sold 7,534 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $103.16, for a total transaction of $777,207.44. Following the completion of the transaction, the insider directly owned 66,443 shares of the company’s stock, valued at $6,854,259.88. This trade represents a 10.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.13% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PFG shares. Piper Sandler raised their price target on Principal Financial Group from $113.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Evercore set a $108.00 price objective on Principal Financial Group in a research report on Monday, April 27th. Weiss Ratings raised Principal Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Principal Financial Group from $106.00 to $107.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Finally, Wells Fargo & Company cut their price target on shares of Principal Financial Group from $114.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $105.83.

Principal Financial Group Stock Performance

PFG opened at $113.98 on Friday. The company has a market capitalization of $24.40 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.04 and a beta of 0.88. The business’s 50-day moving average price is $111.33 and its two-hundred day moving average price is $100.84. Principal Financial Group, Inc. has a 1 year low of $77.15 and a 1 year high of $116.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.28 and a quick ratio of 0.28.

Principal Financial Group (NASDAQ:PFG) last posted its quarterly earnings data on Monday, July 27th. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.17. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.11 billion. Principal Financial Group had a return on equity of 16.49% and a net margin of 9.93%.During the same period in the prior year, the firm earned $2.16 earnings per share. Equities analysts expect that Principal Financial Group, Inc. will post 9.56 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.84 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. Principal Financial Group’s payout ratio is currently 46.59%.

Principal Financial Group Company Profile

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.