Pinnacle Financial Partners Inc Makes New $57,000 Investment in Principal Financial Group, Inc. (NYSE:PFG)

Pinnacle Financial Partners Inc bought a new position in Principal Financial Group, Inc. (NYSE:PFG) in the third quarter, HoldingsChannel.com reports. The fund bought 664 shares of the company’s stock, valued at approximately $57,000.

A number of other large investors have also added to or reduced their stakes in PFG. EdgeRock Capital LLC bought a new stake in Principal Financial Group in the 2nd quarter worth approximately $26,000. Strategic Financial Concepts LLC purchased a new position in shares of Principal Financial Group during the 2nd quarter worth $32,000. Family Firm Inc. purchased a new position in shares of Principal Financial Group during the 2nd quarter worth $33,000. Innealta Capital LLC purchased a new position in shares of Principal Financial Group during the 2nd quarter worth $43,000. Finally, MCF Advisors LLC boosted its stake in shares of Principal Financial Group by 55.6% during the 2nd quarter. MCF Advisors LLC now owns 613 shares of the company’s stock worth $48,000 after acquiring an additional 219 shares during the last quarter. Institutional investors own 75.08% of the company’s stock.

Analysts Set New Price Targets

PFG has been the topic of several analyst reports. Barclays lifted their price target on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Citigroup lifted their price target on shares of Principal Financial Group from $68.00 to $70.00 and gave the stock a “sell” rating in a research note on Tuesday, July 23rd. Wells Fargo & Company lifted their price target on shares of Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Piper Sandler lifted their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada lifted their target price on shares of Principal Financial Group from $83.00 to $87.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $85.58.

Principal Financial Group Stock Up 0.2 %

Shares of PFG stock opened at $86.56 on Friday. The stock has a market cap of $19.80 billion, a P/E ratio of -96.18, a PEG ratio of 1.00 and a beta of 1.20. Principal Financial Group, Inc. has a 52 week low of $71.37 and a 52 week high of $91.97. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35. The company’s fifty day simple moving average is $85.42 and its two-hundred day simple moving average is $82.15.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing the consensus estimate of $2.02 by ($0.26). The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $3.92 billion. Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. During the same quarter in the previous year, the firm earned $1.72 EPS. Analysts predict that Principal Financial Group, Inc. will post 7.12 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be paid a $0.73 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.92 annualized dividend and a yield of 3.37%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s payout ratio is presently -320.00%.

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.