Synovus Financial Corp Buys New Shares in Principal Financial Group, Inc. (NYSE:PFG)

Synovus Financial Corp purchased a new position in Principal Financial Group, Inc. (NYSE:PFG) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,270 shares of the company’s stock, valued at approximately $281,000.

A number of other large investors have also bought and sold shares of the stock. EdgeRock Capital LLC bought a new position in shares of Principal Financial Group during the 2nd quarter worth about $26,000. Peterson Financial Group Inc. bought a new stake in Principal Financial Group in the 3rd quarter valued at about $33,000. Family Firm Inc. acquired a new position in Principal Financial Group during the 2nd quarter worth approximately $33,000. Truvestments Capital LLC bought a new position in Principal Financial Group in the third quarter worth approximately $43,000. Finally, Prospera Private Wealth LLC bought a new position in Principal Financial Group in the third quarter worth approximately $45,000. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Principal Financial Group Price Performance

Shares of NYSE PFG opened at $74.91 on Thursday. The company has a market capitalization of $17.13 billion, a PE ratio of -83.23, a PEG ratio of 0.92 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. The stock’s 50 day moving average price is $85.22 and its 200-day moving average price is $82.33. Principal Financial Group, Inc. has a twelve month low of $72.21 and a twelve month high of $91.97.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, October 24th. The company reported $1.76 earnings per share 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 business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the prior year, the firm posted $1.72 EPS. On average, equities analysts anticipate that Principal Financial Group, Inc. will post 7.03 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were given a dividend of $0.73 per share. The ex-dividend date was Monday, December 2nd. This represents a $2.92 annualized dividend and a yield of 3.90%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio is presently -324.44%.

Analyst Ratings Changes

Several equities research analysts have recently commented on PFG shares. Morgan Stanley restated an “underweight” rating and set a $80.00 price objective (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Piper Sandler upgraded shares of Principal Financial Group from a “neutral” rating to an “overweight” rating and set a $90.00 price objective on the stock in a report on Wednesday. Wells Fargo & Company reiterated an “underweight” rating and set a $75.00 price objective (down from $84.00) on shares of Principal Financial Group in a report on Wednesday, December 11th. Bank of America lowered their target price on shares of Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Finally, Royal Bank of Canada lifted their price target on 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. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Principal Financial Group currently has a consensus rating of “Hold” and a consensus target price of $84.75.

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.