Sequoia Financial Advisors LLC Acquires New Shares in Principal Financial Group, Inc. (NYSE:PFG)

Sequoia Financial Advisors LLC acquired a new stake in Principal Financial Group, Inc. (NYSE:PFG) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 5,014 shares of the company’s stock, valued at approximately $394,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GHP Investment Advisors Inc. increased its holdings in Principal Financial Group by 143.0% in the third quarter. GHP Investment Advisors Inc. now owns 384 shares of the company’s stock valued at $27,000 after purchasing an additional 226 shares during the last quarter. ICA Group Wealth Management LLC increased its holdings in Principal Financial Group by 100.0% in the first quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock valued at $30,000 after purchasing an additional 200 shares during the last quarter. Clear Street Markets LLC increased its holdings in Principal Financial Group by 96.1% in the first quarter. Clear Street Markets LLC now owns 449 shares of the company’s stock valued at $33,000 after purchasing an additional 220 shares during the last quarter. Fortis Group Advisors LLC bought a new stake in Principal Financial Group in the third quarter valued at about $33,000. Finally, Point72 Middle East FZE bought a new stake in Principal Financial Group in the fourth quarter valued at about $39,000. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

Shares of NYSE PFG opened at $78.48 on Thursday. The stock has a 50 day moving average price of $81.57 and a 200 day moving average price of $76.95. Principal Financial Group, Inc. has a 52 week low of $65.17 and a 52 week high of $86.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market capitalization of $18.45 billion, a PE ratio of 32.03, a price-to-earnings-growth ratio of 0.97 and a beta of 1.25.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Monday, February 12th. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.70 by $0.13. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. The firm had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same period in the prior year, the firm posted $1.70 earnings per share. Analysts predict that Principal Financial Group, Inc. will post 7.6 earnings per share for the current fiscal year.

Principal Financial Group declared that its Board of Directors has approved a stock repurchase plan on Monday, February 12th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 12th were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, March 11th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 annualized dividend and a yield of 3.52%. Principal Financial Group’s dividend payout ratio is 112.65%.

Analyst Ratings Changes

A number of research firms have issued reports on PFG. Piper Sandler boosted their target price on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Evercore ISI boosted their target price on Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Wells Fargo & Company boosted their target price on Principal Financial Group from $86.00 to $91.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Royal Bank of Canada boosted their target price on Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 14th. Finally, Keefe, Bruyette & Woods upped their price objective on Principal Financial Group from $85.00 to $89.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $80.64.

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.