Principal Financial Group, Inc. $PFG Shares Purchased by Belpointe Asset Management LLC

Belpointe Asset Management LLC boosted its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 17.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,726 shares of the company’s stock after buying an additional 686 shares during the period. Belpointe Asset Management LLC’s holdings in Principal Financial Group were worth $399,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PFG. Victory Capital Management Inc. lifted its stake in shares of Principal Financial Group by 802.2% in the 1st quarter. Victory Capital Management Inc. now owns 3,707,534 shares of the company’s stock valued at $312,805,000 after purchasing an additional 3,296,608 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Principal Financial Group by 114.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,613,143 shares of the company’s stock valued at $220,471,000 after purchasing an additional 1,393,008 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Principal Financial Group by 12.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,877,246 shares of the company’s stock valued at $145,318,000 after purchasing an additional 209,885 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Principal Financial Group by 1.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,468,728 shares of the company’s stock valued at $123,917,000 after purchasing an additional 20,221 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of Principal Financial Group by 1.7% in the 1st quarter. Royal Bank of Canada now owns 1,080,097 shares of the company’s stock valued at $91,128,000 after purchasing an additional 17,969 shares in the last quarter. 75.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PFG has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on Principal Financial Group from $92.00 to $101.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods reduced their price objective on Principal Financial Group from $90.00 to $88.00 and set a “market perform” rating on the stock in a research note on Monday, August 4th. Morgan Stanley lifted their price objective on Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a research note on Monday, August 18th. Piper Sandler lifted their price objective on Principal Financial Group from $88.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, July 3rd. Finally, Barclays raised their target price on Principal Financial Group from $76.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, July 7th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $86.90.

Principal Financial Group Price Performance

Shares of PFG opened at $82.70 on Monday. The firm has a market cap of $18.42 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 0.76 and a beta of 1.03. The stock has a 50 day moving average of $79.41 and a 200-day moving average of $78.93. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $91.97.

Principal Financial Group (NYSE:PFG) last issued its earnings results on Monday, July 28th. The company reported $2.16 EPS for the quarter, topping the consensus estimate of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same period last year, the business posted $1.63 earnings per share. As a group, analysts forecast that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Thursday, September 4th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Thursday, September 4th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.76. Principal Financial Group’s payout ratio is 62.78%.

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.