Nordea Investment Management AB Grows Position in Principal Financial Group, Inc. $PFG

Nordea Investment Management AB boosted its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 10.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 18,784 shares of the company’s stock after buying an additional 1,839 shares during the quarter. Nordea Investment Management AB’s holdings in Principal Financial Group were worth $1,487,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Kingstone Capital Partners Texas LLC purchased a new position in Principal Financial Group during the second quarter valued at $3,269,000. Blackhawk Capital Partners LLC. purchased a new position in Principal Financial Group during the first quarter valued at $281,000. Sumitomo Mitsui Trust Group Inc. lifted its position in Principal Financial Group by 2.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 526,649 shares of the company’s stock valued at $44,433,000 after purchasing an additional 13,483 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in Principal Financial Group by 3.5% during the second quarter. Public Employees Retirement System of Ohio now owns 72,348 shares of the company’s stock valued at $5,747,000 after purchasing an additional 2,469 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Principal Financial Group by 802.2% during the first 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. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Evercore ISI upped their target price on shares of Principal Financial Group from $92.00 to $94.00 and gave the stock an “in-line” rating in a report on Thursday, October 9th. Morgan Stanley raised shares of Principal Financial Group from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $80.00 to $81.00 in a report on Thursday. Piper Sandler set a $94.00 target price on shares of Principal Financial Group and gave the stock an “overweight” rating in a report on Tuesday, October 7th. JPMorgan Chase & Co. upped their target price on shares of Principal Financial Group from $92.00 to $101.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Finally, UBS Group upped their target price on shares of Principal Financial Group from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Tuesday, July 29th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $88.70.

Principal Financial Group Stock Up 0.4%

PFG opened at $79.44 on Friday. The firm has a 50-day simple moving average of $80.87 and a two-hundred day simple moving average of $78.57. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $90.31. The company has a market capitalization of $17.70 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. 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 released its quarterly earnings data on Monday, July 28th. The company reported $2.16 EPS for the quarter, beating the consensus estimate of $1.97 by $0.19. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same quarter in the prior year, the firm posted $1.63 earnings per share. Analysts forecast that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

About Principal Financial Group

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.