Midland Wealth Advisors LLC Invests $1.31 Million in Principal Financial Group, Inc. (NYSE:PFG)

Midland Wealth Advisors LLC purchased a new stake in shares of Principal Financial Group, Inc. (NYSE:PFG) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 15,574 shares of the company’s stock, valued at approximately $1,314,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Leavell Investment Management Inc. raised its position in Principal Financial Group by 5.4% during the 4th quarter. Leavell Investment Management Inc. now owns 2,693 shares of the company’s stock valued at $208,000 after purchasing an additional 138 shares in the last quarter. Cidel Asset Management Inc. raised its holdings in shares of Principal Financial Group by 6.3% in the fourth quarter. Cidel Asset Management Inc. now owns 2,636 shares of the company’s stock valued at $204,000 after acquiring an additional 156 shares in the last quarter. Hartford Funds Management Co LLC lifted its stake in Principal Financial Group by 1.5% in the fourth quarter. Hartford Funds Management Co LLC now owns 11,241 shares of the company’s stock worth $870,000 after acquiring an additional 161 shares during the period. Argent Trust Co grew its holdings in Principal Financial Group by 0.6% during the 4th quarter. Argent Trust Co now owns 29,345 shares of the company’s stock worth $2,272,000 after acquiring an additional 161 shares in the last quarter. Finally, WFA Asset Management Corp increased its position in Principal Financial Group by 32.3% during the 1st quarter. WFA Asset Management Corp now owns 684 shares of the company’s stock valued at $59,000 after purchasing an additional 167 shares during the period. Institutional investors own 75.08% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on PFG. Piper Sandler upped their price target on shares of Principal Financial Group from $93.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Wells Fargo & Company boosted their price objective on shares of Principal Financial Group from $68.00 to $69.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 29th. UBS Group reduced their price objective on shares of Principal Financial Group from $93.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. Morgan Stanley raised their target price on shares of Principal Financial Group from $67.00 to $71.00 and gave the company an “underweight” rating in a research note on Monday, May 19th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Principal Financial Group from $86.00 to $87.00 and gave the stock a “market perform” rating in a report on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $83.85.

Principal Financial Group Stock Up 1.4%

Shares of PFG opened at $76.97 on Monday. The company has a market capitalization of $17.26 billion, a price-to-earnings ratio of 11.52, a PEG ratio of 0.76 and a beta of 1.00. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $91.98. The stock’s 50-day moving average price is $76.26 and its 200-day moving average price is $80.31. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Monday, April 28th. The company reported $1.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.02). Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same period last year, the company earned $1.65 earnings per share. On average, sell-side analysts predict that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Monday, June 2nd will be issued a $0.76 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $3.04 dividend on an annualized basis and a yield of 3.95%. Principal Financial Group’s payout ratio is presently 65.10%.

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.