Everence Capital Management Inc. Acquires 2,590 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Everence Capital Management Inc. lifted its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 57.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,110 shares of the company’s stock after acquiring an additional 2,590 shares during the quarter. Everence Capital Management Inc.’s holdings in Principal Financial Group were worth $550,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PFG. JPMorgan Chase & Co. boosted its position in Principal Financial Group by 5.1% during the third quarter. JPMorgan Chase & Co. now owns 2,462,562 shares of the company’s stock valued at $211,534,000 after buying an additional 118,722 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Principal Financial Group by 3.0% in the 3rd quarter. Principal Financial Group Inc. now owns 231,277 shares of the company’s stock valued at $19,867,000 after acquiring an additional 6,817 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Principal Financial Group by 16.4% during the 3rd quarter. Franklin Resources Inc. now owns 84,378 shares of the company’s stock valued at $7,570,000 after acquiring an additional 11,868 shares during the period. Synovus Financial Corp bought a new position in Principal Financial Group during the 3rd quarter worth approximately $281,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Principal Financial Group in the 3rd quarter worth approximately $114,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Trading Up 0.7 %

NYSE PFG opened at $77.91 on Friday. The firm has a market capitalization of $17.82 billion, a PE ratio of -86.57, a P/E/G ratio of 0.92 and a beta of 1.20. The stock’s 50 day moving average is $82.36 and its 200 day moving average is $82.19. Principal Financial Group, Inc. has a twelve month low of $72.21 and a twelve month high of $91.97. 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 announced its earnings results on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $1.72 EPS. Research analysts forecast that Principal Financial Group, Inc. will post 7.03 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.73 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date was Monday, December 2nd. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.75%. Principal Financial Group’s dividend payout ratio (DPR) is currently -324.44%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wells Fargo & Company reissued an “underweight” rating and set a $75.00 price objective (down previously from $84.00) on shares of Principal Financial Group in a research note on Wednesday, December 11th. Piper Sandler raised shares of Principal Financial Group from a “neutral” rating to an “overweight” rating and set a $90.00 price target on the stock in a report on Wednesday, December 18th. Royal Bank of Canada upped their price objective on shares of Principal Financial Group from $87.00 to $91.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Barclays raised their target price on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, Bank of America dropped their price objective on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $84.75.

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.