Principal Financial Group, Inc. (NYSE:PFG) Stake Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc grew its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 5.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,729 shares of the company’s stock after acquiring an additional 2,081 shares during the quarter. CIBC Asset Management Inc’s holdings in Principal Financial Group were worth $3,241,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. EdgeRock Capital LLC acquired a new position in Principal Financial Group during the 2nd quarter valued at about $26,000. Strategic Financial Concepts LLC acquired a new position in shares of Principal Financial Group during the second quarter worth approximately $32,000. Family Firm Inc. bought a new position in Principal Financial Group in the 2nd quarter worth approximately $33,000. Innealta Capital LLC acquired a new stake in Principal Financial Group in the 2nd quarter valued at approximately $43,000. Finally, MCF Advisors LLC raised its stake in Principal Financial Group by 55.6% during the 2nd quarter. MCF Advisors LLC now owns 613 shares of the company’s stock valued at $48,000 after acquiring an additional 219 shares in the last quarter. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

PFG opened at $86.07 on Tuesday. The business has a fifty day simple moving average of $85.74 and a 200-day simple moving average of $82.27. The firm has a market cap of $19.69 billion, a PE ratio of -95.63, a P/E/G ratio of 1.00 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, Inc. has a fifty-two week low of $71.39 and a fifty-two week high of $91.97.

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 analysts’ consensus estimates of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the business earned $1.72 EPS. As a group, equities analysts predict that Principal Financial Group, Inc. will post 7.09 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Monday, December 2nd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio is -324.44%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PFG. Citigroup raised their price target on Principal Financial Group from $68.00 to $70.00 and gave the company a “sell” rating in a report on Tuesday, July 23rd. Piper Sandler boosted their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Barclays increased their price objective on shares of Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Keefe, Bruyette & Woods dropped their target price on Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating on the stock in a report on Tuesday, July 30th. Finally, Wells Fargo & Company increased their price target on Principal Financial Group from $85.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Principal Financial Group presently has a consensus rating of “Hold” and an average price target of $85.58.

Principal Financial Group 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.