AMG National Trust Bank Buys 35,521 Shares of Principal Financial Group, Inc. (NYSE:PFG)

AMG National Trust Bank grew its stake in shares of Principal Financial Group, Inc. (NYSE:PFGFree Report) by 45.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 112,952 shares of the company’s stock after acquiring an additional 35,521 shares during the period. AMG National Trust Bank’s holdings in Principal Financial Group were worth $8,886,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. 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 worth $318,836,000 after buying an additional 575,646 shares during the period. Northern Trust Corp boosted its holdings in Principal Financial Group by 0.4% in the 3rd quarter. Northern Trust Corp now owns 3,920,915 shares of the company’s stock valued at $282,580,000 after purchasing an additional 16,052 shares during the period. Invesco Ltd. boosted its holdings in Principal Financial Group by 12.6% in the 3rd quarter. Invesco Ltd. now owns 2,231,757 shares of the company’s stock valued at $160,843,000 after purchasing an additional 249,127 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Principal Financial Group by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,311,223 shares of the company’s stock valued at $103,154,000 after purchasing an additional 29,462 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in Principal Financial Group by 60.5% in the 3rd quarter. Hsbc Holdings PLC now owns 1,210,985 shares of the company’s stock valued at $87,305,000 after purchasing an additional 456,455 shares during the period. 75.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on PFG shares. Piper Sandler raised their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Royal Bank of Canada raised their price target on shares of Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a 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 company a “market perform” rating in a research report on Wednesday, April 10th. Evercore ISI lifted 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 report on Thursday, April 11th. Finally, Wells Fargo & Company dropped their price objective on shares of Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating for the company in a report on Monday, April 29th. Two research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. Based on data from MarketBeat.com, Principal Financial Group currently has a consensus rating of “Hold” and an average price target of $80.30.

Read Our Latest Stock Analysis on Principal Financial Group

Principal Financial Group Trading Up 1.0 %

Principal Financial Group stock traded up $0.85 during mid-day trading on Friday, hitting $85.13. The company’s stock had a trading volume of 606,860 shares, compared to its average volume of 966,945. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market cap of $19.95 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 0.91 and a beta of 1.24. The business has a 50 day moving average price of $82.46 and a 200-day moving average price of $78.93. Principal Financial Group, Inc. has a 12 month low of $65.17 and a 12 month high of $86.79.

Principal Financial Group (NYSE:PFGGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The company reported $1.65 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.09). The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.68 billion. Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. During the same period last year, the company posted $1.48 earnings per share. As a group, analysts forecast that Principal Financial Group, Inc. will post 7.5 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Monday, June 3rd will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.84 annualized dividend and a dividend yield of 3.34%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.69. Principal Financial Group’s payout ratio is currently 52.67%.

Principal Financial Group announced that its Board of Directors has authorized a share buyback program on Monday, February 12th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

About Principal Financial Group

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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