Sompo Asset Management Co. Ltd. Increases Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Sompo Asset Management Co. Ltd. grew its stake in Principal Financial Group, Inc. (NYSE:PFGFree Report) by 10.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,720 shares of the company’s stock after acquiring an additional 650 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Principal Financial Group were worth $529,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PFG. Wellington Management Group LLP grew its position in shares of Principal Financial Group by 15.0% during the 3rd quarter. Wellington Management Group LLP now owns 4,423,975 shares of the company’s stock valued at $318,836,000 after acquiring an additional 575,646 shares during the period. Northern Trust Corp lifted its position in Principal Financial Group by 0.4% during the third 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 last quarter. Norges Bank bought a new stake in Principal Financial Group during the fourth quarter worth approximately $253,990,000. First Trust Advisors LP raised its holdings in Principal Financial Group by 5.5% during the 4th quarter. First Trust Advisors LP now owns 2,783,578 shares of the company’s stock valued at $218,984,000 after buying an additional 144,262 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Principal Financial Group by 12.6% during the 3rd quarter. Invesco Ltd. now owns 2,231,757 shares of the company’s stock worth $160,843,000 after purchasing an additional 249,127 shares during the period. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Down 0.1 %

NYSE:PFG traded down $0.11 during midday trading on Friday, reaching $79.27. The company had a trading volume of 916,523 shares, compared to its average volume of 867,564. Principal Financial Group, Inc. has a 12-month low of $66.21 and a 12-month high of $86.79. The firm has a market capitalization of $18.58 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 0.85 and a beta of 1.23. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.35. The stock’s fifty day simple moving average is $81.88 and its 200-day simple moving average is $80.00.

Principal Financial Group (NYSE:PFGGet Free Report) last issued its earnings results on Thursday, April 25th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $1.48 EPS. On average, sell-side analysts anticipate that Principal Financial Group, Inc. will post 7.5 earnings per share for the current fiscal year.

Principal Financial Group declared that its board has initiated a stock repurchase program on Monday, February 12th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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 $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.58%. The ex-dividend date is Monday, June 3rd. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.69. Principal Financial Group’s payout ratio is 54.20%.

Analysts Set New Price Targets

PFG has been the subject of a number of recent analyst reports. Royal Bank of Canada boosted their target price on shares of Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 14th. Evercore ISI increased their price objective on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Keefe, Bruyette & Woods lifted their target price on Principal Financial Group from $85.00 to $89.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Wells Fargo & Company decreased their price target on shares of Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating for the company in a research report on Monday, April 29th. Finally, Morgan Stanley lifted 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 research report on Monday, April 15th. Two research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $80.30.

Get Our Latest Research Report on Principal Financial Group

Principal Financial Group Company Profile

(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.

Further Reading

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

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