Allstate Corp Takes $596,000 Position in Principal Financial Group, Inc. $PFG

Allstate Corp bought a new position in shares of Principal Financial Group, Inc. (NYSE:PFG) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 7,191 shares of the company’s stock, valued at approximately $596,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Traub Capital Management LLC acquired a new stake in Principal Financial Group in the second quarter worth about $26,000. Capital A Wealth Management LLC raised its position in shares of Principal Financial Group by 5,533.3% in the 2nd quarter. Capital A Wealth Management LLC now owns 338 shares of the company’s stock valued at $27,000 after purchasing an additional 332 shares during the last quarter. American National Bank & Trust acquired a new stake in Principal Financial Group in the 2nd quarter worth approximately $28,000. Curio Wealth LLC grew its position in Principal Financial Group by 37,800.0% during the 2nd quarter. Curio Wealth LLC now owns 379 shares of the company’s stock worth $30,000 after purchasing an additional 378 shares during the last quarter. Finally, Private Wealth Asset Management LLC grew its position in Principal Financial Group by 163.4% during the 2nd quarter. Private Wealth Asset Management LLC now owns 403 shares of the company’s stock worth $32,000 after purchasing an additional 250 shares during the last quarter. 75.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Barclays reiterated an “underweight” rating and set a $85.00 price objective on shares of Principal Financial Group in a research note on Thursday, January 8th. Keefe, Bruyette & Woods lifted their price target on Principal Financial Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a research report on Thursday, October 30th. Evercore ISI boosted their price target on Principal Financial Group from $92.00 to $94.00 and gave the company an “in-line” rating in a research note on Thursday, October 9th. Piper Sandler raised their price objective on Principal Financial Group from $94.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 23rd. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $103.00 target price on shares of Principal Financial Group in a report on Monday, January 5th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Principal Financial Group presently has an average rating of “Reduce” and a consensus price target of $92.88.

Principal Financial Group Stock Up 1.2%

PFG opened at $92.15 on Friday. The company has a fifty day moving average of $88.00 and a two-hundred day moving average of $83.14. The stock has a market capitalization of $20.53 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.76 and a beta of 0.89. Principal Financial Group, Inc. has a fifty-two week low of $68.39 and a fifty-two week high of $92.69. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Monday, October 27th. The company reported $2.32 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.12. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same quarter in the previous year, the firm posted $2.05 EPS. On average, research analysts expect that Principal Financial Group, Inc. will post 8.5 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Deanna D. Strable-Soethout sold 300 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $92.50, for a total transaction of $27,750.00. Following the completion of the transaction, the chief executive officer directly owned 62,252 shares of the company’s stock, valued at $5,758,310. This represents a 0.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Wee Yee Cheong sold 1,887 shares of Principal Financial Group stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $85.04, for a total transaction of $160,470.48. Following the completion of the sale, the executive vice president directly owned 81,421 shares in the company, valued at $6,924,041.84. This represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. 1.08% of the stock is owned by insiders.

About Principal Financial Group

Principal Financial Group, commonly known as Principal, is a global financial services company headquartered in Des Moines, Iowa. The firm provides a broad range of retirement, investment management and insurance solutions for individual, employer and institutional clients. Its core businesses include retirement plan services and recordkeeping, asset management, and life and disability insurance, supported by distribution through employers, financial advisors and direct channels.

On the retirement side, Principal offers 401(k) and other workplace retirement plans, individual retirement accounts and annuity products designed to help clients accumulate and manage retirement savings.