Desjardins Global Asset Management Inc. Lowers Stake in Principal Financial Group, Inc. (NYSE:PFG)

Desjardins Global Asset Management Inc. lessened its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 80.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,388 shares of the company’s stock after selling 5,800 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Principal Financial Group were worth $109,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GHP Investment Advisors Inc. boosted its position 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 buying an additional 226 shares during the period. ICA Group Wealth Management LLC boosted its position in shares of Principal Financial Group by 100.0% in the first quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock worth $30,000 after buying an additional 200 shares during the period. Fortis Group Advisors LLC purchased a new stake in shares of Principal Financial Group in the third quarter worth about $33,000. Clear Street Markets LLC boosted its position in shares of Principal Financial Group by 96.1% in the first quarter. Clear Street Markets LLC now owns 449 shares of the company’s stock worth $33,000 after buying an additional 220 shares during the period. Finally, PrairieView Partners LLC purchased a new stake in shares of Principal Financial Group in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their target price 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. Royal Bank of Canada upped their target price on Principal Financial Group from $75.00 to $83.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 14th. Evercore ISI boosted their price target on Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. Wells Fargo & Company boosted their price target on Principal Financial Group from $86.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Finally, Morgan Stanley boosted their price target on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $80.64.

Principal Financial Group Trading Up 1.9 %

Shares of NYSE PFG opened at $80.44 on Friday. The stock’s 50 day moving average price is $81.64 and its two-hundred day moving average price is $77.04. Principal Financial Group, Inc. has a 52-week low of $65.17 and a 52-week high of $86.79. The stock has a market capitalization of $18.92 billion, a P/E ratio of 32.83, a PEG ratio of 0.97 and a beta of 1.25. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Monday, February 12th. The company reported $1.83 earnings per share (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 for the quarter, compared to analysts’ expectations of $3.53 billion. During the same quarter in the prior year, the firm posted $1.70 earnings per share. On average, analysts anticipate that Principal Financial Group, Inc. will post 7.6 earnings per share for the current fiscal year.

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 issued a $0.69 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Monday, March 11th. This represents a $2.76 annualized dividend and a dividend yield of 3.43%. Principal Financial Group’s dividend payout ratio (DPR) is 112.65%.

Principal Financial Group announced that its Board of Directors has initiated a stock repurchase program on Monday, February 12th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase programs are generally 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.