Concord Wealth Partners Sells 2,800 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Concord Wealth Partners reduced its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 83.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 554 shares of the company’s stock after selling 2,800 shares during the quarter. Concord Wealth Partners’ holdings in Principal Financial Group were worth $44,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Fortis Group Advisors LLC acquired a new stake in shares of Principal Financial Group in the 3rd quarter valued at approximately $33,000. PrairieView Partners LLC bought a new stake in Principal Financial Group in the fourth quarter valued at approximately $39,000. Valley National Advisers Inc. raised its holdings in Principal Financial Group by 81.7% in the third quarter. Valley National Advisers Inc. now owns 556 shares of the company’s stock worth $40,000 after purchasing an additional 250 shares during the period. Anchor Investment Management LLC bought a new stake in shares of Principal Financial Group in the 4th quarter valued at $40,000. Finally, Authentikos Wealth Advisory LLC acquired a new stake in Principal Financial Group during the 3rd quarter worth $41,000. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

PFG opened at $81.21 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.35. The stock has a market cap of $19.03 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 0.91 and a beta of 1.24. Principal Financial Group, Inc. has a 12-month low of $65.17 and a 12-month high of $86.79. The business has a 50 day moving average of $81.77 and a 200-day moving average of $77.72.

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

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 12th were given a $0.69 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Monday, March 11th. This represents a $2.76 annualized dividend and a dividend yield of 3.40%. Principal Financial Group’s dividend payout ratio is presently 52.67%.

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

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Piper Sandler boosted their target price on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Wells Fargo & Company cut their price target on shares of Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. Morgan Stanley raised their price objective on shares of Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Evercore ISI increased their target price on Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. Finally, Keefe, Bruyette & Woods boosted their price target on Principal Financial Group from $85.00 to $89.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company. Based on data from MarketBeat, Principal Financial Group has an average rating of “Hold” and a consensus 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.