Weiss Asset Management LP Purchases Shares of 37,525 Principal Financial Group, Inc. (NASDAQ:PFG)

Posted by Defense World Staff on Mar 19th, 2023

Weiss Asset Management LP purchased a new stake in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 37,525 shares of the company’s stock, valued at approximately $2,707,000.

Other large investors have also recently bought and sold shares of the company. Asset Dedication LLC grew its position in Principal Financial Group by 5,666.7% in the third quarter. Asset Dedication LLC now owns 346 shares of the company’s stock valued at $25,000 after acquiring an additional 340 shares during the period. Guardian Wealth Advisors LLC bought a new stake in shares of Principal Financial Group during the third quarter worth $34,000. Neo Ivy Capital Management bought a new stake in shares of Principal Financial Group during the third quarter worth $40,000. Strategic Asset Management LLC grew its holdings in shares of Principal Financial Group by 116.1% during the third quarter. Strategic Asset Management LLC now owns 670 shares of the company’s stock worth $48,000 after purchasing an additional 360 shares during the last quarter. Finally, RE Dickinson Investment Advisors LLC grew its holdings in shares of Principal Financial Group by 44.6% during the third quarter. RE Dickinson Investment Advisors LLC now owns 959 shares of the company’s stock worth $48,000 after purchasing an additional 296 shares during the last quarter. 74.21% of the stock is currently owned by institutional investors.

Principal Financial Group Stock Performance

Shares of NASDAQ:PFG opened at $69.99 on Friday. The company has a market capitalization of $17.01 billion, a price-to-earnings ratio of 3.72, a P/E/G ratio of 1.23 and a beta of 1.30. The firm’s 50 day simple moving average is $87.41 and its 200 day simple moving average is $85.04. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.31 and a quick ratio of 0.31. Principal Financial Group, Inc. has a fifty-two week low of $61.05 and a fifty-two week high of $96.17.

Principal Financial Group (NASDAQ:PFG – Get Rating) last announced its quarterly earnings results on Tuesday, January 31st. The company reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.16. The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.33 billion. Principal Financial Group had a net margin of 27.51% and a return on equity of 15.98%. During the same period last year, the company posted $1.85 EPS. As a group, sell-side analysts forecast that Principal Financial Group, Inc. will post 6.88 earnings per share for the current year.

Principal Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be given a $0.64 dividend. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.66%. Principal Financial Group’s dividend payout ratio is 13.60%.

Analyst Ratings Changes

Several analysts have recently commented on PFG shares. Royal Bank of Canada decreased their target price on Principal Financial Group from $94.00 to $88.00 and set a “sector perform” rating on the stock in a report on Friday, March 3rd. Barclays increased their target price on Principal Financial Group from $89.00 to $92.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 1st. Credit Suisse Group cut Principal Financial Group from a “neutral” rating to an “underperform” rating and set a $86.00 target price on the stock. in a report on Thursday, December 8th. JPMorgan Chase & Co. upped their price target on Principal Financial Group from $72.00 to $78.00 and gave the company an “underweight” rating in a research note on Friday, January 6th. Finally, Morgan Stanley upped their price target on Principal Financial Group from $76.00 to $77.00 and gave the company an “underweight” rating in a research note on Friday, February 24th. Eight investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, Principal Financial Group has an average rating of “Reduce” and an average price target of $78.64.

About Principal Financial Group

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Principal Financial Group, Inc engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through following segments: Retirement and Income Solutions, Principal Global Investors, Principal International, U.S.