Commerce Bank Grows Stock Position in Principal Financial Group Inc (NYSE:PFG)

Commerce Bank lifted its stake in Principal Financial Group Inc (NYSE:PFG) by 1.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 184,249 shares of the financial services provider’s stock after buying an additional 2,369 shares during the period. Commerce Bank owned approximately 0.07% of Principal Financial Group worth $5,774,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Principal Financial Group by 81.1% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 227,020 shares of the financial services provider’s stock worth $12,486,000 after buying an additional 101,664 shares during the period. Blueshift Asset Management LLC purchased a new position in Principal Financial Group during the 4th quarter valued at about $335,000. Magnetar Financial LLC purchased a new position in Principal Financial Group during the 4th quarter valued at about $1,087,000. Andra AP fonden increased its holdings in Principal Financial Group by 13.3% during the 4th quarter. Andra AP fonden now owns 137,700 shares of the financial services provider’s stock valued at $7,574,000 after purchasing an additional 16,200 shares during the period. Finally, Amalgamated Bank increased its holdings in Principal Financial Group by 7.2% during the 4th quarter. Amalgamated Bank now owns 41,464 shares of the financial services provider’s stock valued at $2,281,000 after purchasing an additional 2,787 shares during the period. Hedge funds and other institutional investors own 68.64% of the company’s stock.

Principal Financial Group stock opened at $36.93 on Friday. The stock’s 50 day simple moving average is $32.36 and its two-hundred day simple moving average is $46.03. Principal Financial Group Inc has a fifty-two week low of $23.31 and a fifty-two week high of $60.81.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. The company had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the prior year, the firm earned $1.43 earnings per share.

Principal Financial Group announced that its Board of Directors has approved a share repurchase program on Tuesday, February 25th that authorizes the company to repurchase $900.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Monday, June 1st will be given a $0.56 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.07%.

A number of research analysts recently issued reports on the company. Piper Sandler reduced their price target on Principal Financial Group from $48.00 to $43.00 and set an “overweight” rating on the stock in a report on Friday, April 3rd. UBS Group boosted their price target on Principal Financial Group from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Friday, May 15th. Royal Bank of Canada restated a “hold” rating and set a $32.00 price target on shares of Principal Financial Group in a report on Monday, April 27th. Finally, Morgan Stanley reduced their price target on Principal Financial Group from $57.00 to $37.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 17th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $46.00.

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

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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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