Allspring Global Investments Holdings LLC Sells 565 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Allspring Global Investments Holdings LLC cut its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 4.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,875 shares of the company’s stock after selling 565 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Principal Financial Group were worth $856,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PFG. GHP Investment Advisors Inc. increased its holdings in shares of Principal Financial Group by 143.0% in the third quarter. GHP Investment Advisors Inc. now owns 384 shares of the company’s stock worth $27,000 after purchasing an additional 226 shares during the last quarter. Fortis Group Advisors LLC bought a new stake in shares of Principal Financial Group in the third quarter worth about $33,000. Anchor Investment Management LLC bought a new stake in shares of Principal Financial Group in the fourth quarter worth about $40,000. Valley National Advisers Inc. increased its holdings in shares of Principal Financial Group by 81.7% in the third quarter. Valley National Advisers Inc. now owns 556 shares of the company’s stock worth $40,000 after purchasing an additional 250 shares during the last quarter. Finally, First Pacific Financial grew its position in Principal Financial Group by 91.2% in the fourth quarter. First Pacific Financial now owns 564 shares of the company’s stock worth $44,000 after acquiring an additional 269 shares in the last quarter. 75.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PFG has been the subject of several recent research reports. Morgan Stanley lifted their price target on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Piper Sandler lifted their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Keefe, Bruyette & Woods lifted their price target 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. 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 report on Thursday, April 11th. Finally, 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 report on Thursday, April 11th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $80.64.

Principal Financial Group Stock Performance

Shares of NYSE:PFG opened at $82.16 on Thursday. The company has a market capitalization of $19.32 billion, a price-to-earnings ratio of 33.53, a price-to-earnings-growth ratio of 0.86 and a beta of 1.25. Principal Financial Group, Inc. has a 52 week low of $65.17 and a 52 week high of $86.79. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average of $81.80 and a 200 day moving average of $77.36.

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

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 12th were given a dividend of $0.69 per share. The ex-dividend date was Monday, March 11th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.36%. Principal Financial Group’s dividend payout ratio is presently 112.65%.

Principal Financial Group declared that its Board of Directors has initiated a share repurchase program on Monday, February 12th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 7.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

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.