Kovitz Investment Group Partners LLC Acquires Shares of 7,210 Principal Financial Group, Inc. (NYSE:PFG)

Kovitz Investment Group Partners LLC acquired a new stake in Principal Financial Group, Inc. (NYSE:PFG) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 7,210 shares of the company’s stock, valued at approximately $619,000.

A number of other institutional investors have also recently bought and sold shares of the business. Worldquant Millennium Advisors LLC grew its stake in Principal Financial Group by 34.8% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 140,831 shares of the company’s stock valued at $12,097,000 after purchasing an additional 36,338 shares during the period. Weiss Asset Management LP purchased a new position in shares of Principal Financial Group during the 3rd quarter valued at $1,475,000. Quantinno Capital Management LP lifted its position in shares of Principal Financial Group by 10.1% during the 3rd quarter. Quantinno Capital Management LP now owns 45,194 shares of the company’s stock valued at $3,882,000 after buying an additional 4,145 shares during the last quarter. Redwood Investment Management LLC lifted its position in shares of Principal Financial Group by 4.1% during the 3rd quarter. Redwood Investment Management LLC now owns 18,245 shares of the company’s stock valued at $1,571,000 after buying an additional 713 shares during the last quarter. Finally, Resurgent Financial Advisors LLC purchased a new position in shares of Principal Financial Group during the 3rd quarter valued at $217,000. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

NYSE:PFG opened at $79.29 on Friday. The business’s 50-day moving average price is $86.05 and its two-hundred day moving average price is $82.45. Principal Financial Group, Inc. has a twelve month low of $72.21 and a twelve month high of $91.97. The stock has a market cap of $18.14 billion, a P/E ratio of -88.71, a PEG ratio of 0.98 and a beta of 1.20. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.26). The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $3.92 billion. Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. During the same period in the previous year, the business earned $1.72 EPS. As a group, equities analysts predict that Principal Financial Group, Inc. will post 7.03 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.73 per share. The ex-dividend date is Monday, December 2nd. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 3.68%. Principal Financial Group’s dividend payout ratio is -324.44%.

Analysts Set New Price Targets

PFG has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an “underweight” rating and set a $75.00 price target (down previously from $84.00) on shares of Principal Financial Group in a research report on Wednesday. Morgan Stanley reaffirmed an “underweight” rating and set a $80.00 price target (down previously from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Royal Bank of Canada upped their price target on Principal Financial Group from $87.00 to $91.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Bank of America dropped their price target on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. Finally, Piper Sandler upped their price target on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $84.75.

Principal Financial Group Company Profile

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.