7,803 Shares in Principal Financial Group, Inc. $PFG Acquired by Raleigh Capital Management Inc.

Raleigh Capital Management Inc. purchased a new stake in Principal Financial Group, Inc. (NASDAQ:PFG) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,803 shares of the company’s stock, valued at approximately $703,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PFG. Norges Bank acquired a new position in shares of Principal Financial Group in the 4th quarter valued at $273,276,000. AQR Capital Management LLC raised its stake in Principal Financial Group by 112.8% during the 4th quarter. AQR Capital Management LLC now owns 2,348,233 shares of the company’s stock worth $207,138,000 after acquiring an additional 1,244,668 shares in the last quarter. Bank of America Corp DE raised its stake in Principal Financial Group by 9.6% during the 2nd quarter. Bank of America Corp DE now owns 12,370,852 shares of the company’s stock worth $982,617,000 after acquiring an additional 1,083,991 shares in the last quarter. UBS Group AG lifted its position in Principal Financial Group by 62.3% in the third quarter. UBS Group AG now owns 2,023,880 shares of the company’s stock valued at $167,800,000 after acquiring an additional 776,997 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Principal Financial Group by 23.2% in the third quarter. Invesco Ltd. now owns 3,376,797 shares of the company’s stock valued at $279,970,000 after acquiring an additional 636,334 shares during the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Insider Buying and Selling

In other Principal Financial Group news, insider Wee Yee Cheong sold 7,534 shares of Principal Financial Group stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $103.16, for a total value of $777,207.44. Following the transaction, the insider directly owned 66,443 shares in the company, valued at approximately $6,854,259.88. This trade represents a 10.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel George Djurasovic sold 2,571 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $100.83, for a total value of $259,233.93. Following the sale, the general counsel owned 21,906 shares of the company’s stock, valued at $2,208,781.98. This trade represents a 10.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 28,317 shares of company stock valued at $2,884,902 over the last ninety days. 1.13% of the stock is owned by insiders.

Principal Financial Group Stock Performance

NASDAQ PFG opened at $110.87 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.27 and a current ratio of 0.27. The firm has a market cap of $23.95 billion, a PE ratio of 15.86, a P/E/G ratio of 1.11 and a beta of 0.88. Principal Financial Group, Inc. has a one year low of $75.00 and a one year high of $112.45. The firm’s fifty day moving average is $104.72 and its two-hundred day moving average is $96.03.

Principal Financial Group (NASDAQ:PFG) last announced 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. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. The business had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter in the prior year, the firm earned $1.81 earnings per share. Analysts expect that Principal Financial Group, Inc. will post 9.37 earnings per share for the current year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Monday, June 1st were given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, June 1st. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.80. Principal Financial Group’s payout ratio is 46.92%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PFG shares. Citigroup lowered Principal Financial Group from a “sell” rating to an “underperform” rating in a report on Wednesday, June 24th. Evercore set a $108.00 target price on Principal Financial Group in a report on Monday, April 27th. Wells Fargo & Company decreased their target price on Principal Financial Group from $91.00 to $87.00 and set an “equal weight” rating for the company in a research report on Friday, April 10th. UBS Group raised their price target on Principal Financial Group from $92.00 to $94.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Finally, Piper Sandler lifted 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. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $100.90.

Principal Financial Group 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.