RIA Advisory Group LLC Buys 1,076,964 Shares of Principal Financial Group, Inc. (NYSE:PFG)

RIA Advisory Group LLC increased its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 35,473.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,080,000 shares of the company’s stock after acquiring an additional 1,076,964 shares during the period. Principal Financial Group accounts for about 24.7% of RIA Advisory Group LLC’s holdings, making the stock its largest position. RIA Advisory Group LLC owned about 0.45% of Principal Financial Group worth $84,964,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. GHP Investment Advisors Inc. lifted its position in shares of Principal Financial Group by 143.0% in the 3rd quarter. GHP Investment Advisors Inc. now owns 384 shares of the company’s stock worth $27,000 after acquiring an additional 226 shares during the period. ICA Group Wealth Management LLC lifted its position in shares of Principal Financial Group by 100.0% in the 1st quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock worth $30,000 after acquiring an additional 200 shares during the period. Clear Street Markets LLC lifted its position in shares of Principal Financial Group by 96.1% in the 1st quarter. Clear Street Markets LLC now owns 449 shares of the company’s stock worth $33,000 after acquiring an additional 220 shares during the period. Fortis Group Advisors LLC bought a new stake in shares of Principal Financial Group in the 3rd quarter worth approximately $33,000. Finally, Point72 Middle East FZE bought a new stake in shares of Principal Financial Group in the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Trading Up 1.9 %

Shares of Principal Financial Group stock traded up $1.48 during trading on Friday, reaching $80.44. 962,161 shares of the company were exchanged, compared to its average volume of 1,139,642. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a twelve month low of $65.17 and a twelve month high of $86.79. The business has a 50-day moving average price of $81.59 and a 200-day moving average price of $76.96. The firm has a market capitalization of $18.92 billion, a price-to-earnings ratio of 32.69, a P/E/G ratio of 0.96 and a beta of 1.25.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Monday, February 12th. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.13. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. The business had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same period in the previous year, the firm earned $1.70 earnings per share. Sell-side analysts anticipate that Principal Financial Group, Inc. will post 7.59 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 12th were issued a dividend of $0.69 per share. The ex-dividend date was Monday, March 11th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 annualized dividend and a yield of 3.43%. Principal Financial Group’s payout ratio is currently 112.65%.

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

Analyst Upgrades and Downgrades

PFG has been the subject of several analyst reports. Morgan Stanley raised their target price on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Monday. Piper Sandler raised their price target on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Wells Fargo & Company raised their price target on Principal Financial Group from $86.00 to $91.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. Royal Bank of Canada lifted their target price on 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. Finally, Evercore ISI lifted their target price on 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. Two equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $80.64.

About Principal Financial Group

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.