Weiss Asset Management LP Makes New $1.48 Million Investment in Principal Financial Group, Inc. (NYSE:PFG)

Weiss Asset Management LP acquired a new position in shares of Principal Financial Group, Inc. (NYSE:PFG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 17,171 shares of the company’s stock, valued at approximately $1,475,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PFG. CWM LLC increased its holdings in Principal Financial Group by 7.3% during the 2nd quarter. CWM LLC now owns 11,285 shares of the company’s stock worth $885,000 after purchasing an additional 763 shares in the last quarter. Simplicity Wealth LLC boosted its stake in shares of Principal Financial Group by 3.4% in the 2nd quarter. Simplicity Wealth LLC now owns 5,334 shares of the company’s stock worth $418,000 after buying an additional 173 shares during the last quarter. Capital Investment Advisors LLC boosted its stake in shares of Principal Financial Group by 10.8% in the 2nd quarter. Capital Investment Advisors LLC now owns 6,428 shares of the company’s stock worth $504,000 after buying an additional 626 shares during the last quarter. Czech National Bank boosted its stake in shares of Principal Financial Group by 6.5% in the 2nd quarter. Czech National Bank now owns 41,091 shares of the company’s stock worth $3,224,000 after buying an additional 2,499 shares during the last quarter. Finally, LVW Advisors LLC purchased a new position in shares of Principal Financial Group in the 2nd quarter worth approximately $262,000. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Price Performance

Principal Financial Group stock opened at $84.40 on Friday. Principal Financial Group, Inc. has a 12 month low of $72.21 and a 12 month high of $91.97. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. The business’s 50 day simple moving average is $86.31 and its 200 day simple moving average is $82.48. The company has a market cap of $19.30 billion, a price-to-earnings ratio of -93.78, a PEG ratio of 0.99 and a beta of 1.20.

Principal Financial Group (NYSE:PFG) last posted its earnings results 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 positive return on equity of 14.67% and a negative net margin of 1.47%. The company had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the prior year, the company earned $1.72 EPS. Sell-side analysts forecast that Principal Financial Group, Inc. will post 7.04 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be issued a $0.73 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend is Monday, December 2nd. Principal Financial Group’s dividend payout ratio (DPR) is presently -324.44%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PFG shares. Piper Sandler boosted their target price on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Morgan Stanley restated an “underweight” rating and issued a $80.00 target price (down previously from $86.00) on shares of Principal Financial Group in a research note on Thursday. 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 note on Friday, October 25th. Wells Fargo & Company boosted their target price on Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada boosted their target price on Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Principal Financial Group has a consensus rating of “Hold” and an average price target of $85.67.

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.