Glassy Mountain Advisors Inc. Takes Position in Principal Financial Group, Inc. (NASDAQ:PFG) - Defense World

Glassy Mountain Advisors Inc. purchased a new stake in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) in the first quarter, Holdings Channel reports. The firm purchased 3,000 shares of the company’s stock, valued at approximately $220,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PFG. Bank of America Corp DE grew its stake in Principal Financial Group by 771.1% during the 4th quarter. Bank of America Corp DE now owns 11,090,467 shares of the company’s stock worth $802,174,000 after buying an additional 9,817,312 shares during the last quarter. Norges Bank bought a new position in shares of Principal Financial Group in the fourth quarter worth $202,576,000. Bank of New York Mellon Corp grew its stake in shares of Principal Financial Group by 23.0% in the third quarter. Bank of New York Mellon Corp now owns 4,781,997 shares of the company’s stock worth $307,960,000 after purchasing an additional 895,728 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Principal Financial Group by 39.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,060,524 shares of the company’s stock worth $221,368,000 after purchasing an additional 865,635 shares in the last quarter. Finally, BlackRock Inc. grew its stake in shares of Principal Financial Group by 2.3% in the fourth quarter. BlackRock Inc. now owns 22,496,639 shares of the company’s stock worth $1,627,183,000 after purchasing an additional 511,634 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Shares of NASDAQ PFG opened at $65.48 on Wednesday. Principal Financial Group, Inc. has a 12 month low of $58.66 and a 12 month high of $80.36. The company has a market cap of $16.55 billion, a price-to-earnings ratio of 11.23, a P/E/G ratio of 1.19 and a beta of 1.46. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.36. The business has a fifty day simple moving average of $70.28 and a 200-day simple moving average of $71.61.

Principal Financial Group (NASDAQ:PFG – Get Rating) last announced its earnings results on Thursday, April 28th. The company reported $1.63 EPS for the quarter, beating the consensus estimate of $1.51 by $0.12. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.57 billion. Principal Financial Group had a return on equity of 12.25% and a net margin of 11.08%. During the same period in the prior year, the business posted $1.53 earnings per share. As a group, sell-side analysts expect that Principal Financial Group, Inc. will post 6.65 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Thursday, June 2nd will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend is Wednesday, June 1st. Principal Financial Group’s payout ratio is 43.91%.

In related news, EVP Wee Yee Cheong sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $71.00, for a total transaction of $710,000.00. Following the transaction, the executive vice president now directly owns 37,093 shares of the company’s stock, valued at $2,633,603. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.17% of the stock is currently owned by insiders.

PFG has been the subject of several recent analyst reports. Citigroup initiated coverage on Principal Financial Group in a research note on Monday, May 23rd. They issued a “sell” rating and a $63.00 price target for the company. Piper Sandler upped their price objective on Principal Financial Group from $76.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, April 6th. Morgan Stanley cut their price objective on Principal Financial Group from $75.00 to $72.00 and set an “equal weight” rating for the company in a report on Thursday, March 3rd. Finally, Royal Bank of Canada cut their price objective on Principal Financial Group from $82.00 to $79.00 and set a “sector perform” rating for the company in a report on Thursday, March 3rd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Principal Financial Group has a consensus rating of “Hold” and an average price target of $73.70.

Principal Financial Group Company Profile (Get Rating)

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 Global Investors, Principal International, and U.S. Insurance Solutions segments.

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Want to see what other hedge funds are holding PFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating).

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Glassy Mountain Advisors Inc. Takes Position in Principal Financial Group, Inc. (NASDAQ:PFG) - Defense World
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