Centric Wealth Management Boosts Stock Position in Principal Financial Group, Inc. (NYSE:PFG)

Centric Wealth Management boosted its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 4.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,834 shares of the company’s stock after buying an additional 1,060 shares during the period. Centric Wealth Management’s holdings in Principal Financial Group were worth $2,225,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PFG. EdgeRock Capital LLC purchased a new stake in Principal Financial Group during the 2nd quarter valued at about $26,000. Strategic Financial Concepts LLC bought a new position in shares of Principal Financial Group in the second quarter worth approximately $32,000. Family Firm Inc. bought a new stake in shares of Principal Financial Group during the second quarter valued at approximately $33,000. Peterson Financial Group Inc. purchased a new position in Principal Financial Group in the 3rd quarter worth approximately $33,000. Finally, Innealta Capital LLC bought a new position in Principal Financial Group in the 2nd quarter valued at approximately $43,000. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Stock Performance

NYSE:PFG opened at $87.28 on Friday. The stock has a 50-day moving average price of $86.38 and a 200 day moving average price of $82.45. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. Principal Financial Group, Inc. has a 12-month low of $71.39 and a 12-month high of $91.97. The stock has a market capitalization of $19.96 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.02 and a beta of 1.20.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the previous year, the business earned $1.72 EPS. Equities research analysts forecast that Principal Financial Group, Inc. will post 7.04 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 3.35%. 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 -320.00%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Barclays boosted their target price on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. 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 note on Thursday, October 10th. Piper Sandler raised their target price on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Morgan Stanley reduced their price target on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Finally, Wells Fargo & Company increased their price target on shares of Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $85.92.

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.