Vise Technologies Inc. Takes Position in Principal Financial Group, Inc. $PFG

Vise Technologies Inc. bought a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 6,132 shares of the company’s stock, valued at approximately $661,000.

Other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in Principal Financial Group in the second quarter worth about $2,157,181,000. Bank of America Corp DE lifted its position in Principal Financial Group by 9.6% during the 2nd quarter. Bank of America Corp DE now owns 12,370,852 shares of the company’s stock valued at $982,617,000 after purchasing an additional 1,083,991 shares during the period. Dimensional Fund Advisors LP lifted its position in Principal Financial Group by 3.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,886,509 shares of the company’s stock valued at $350,187,000 after purchasing an additional 119,327 shares during the period. Invesco Ltd. boosted its stake in shares of Principal Financial Group by 23.2% in the 3rd quarter. Invesco Ltd. now owns 3,376,797 shares of the company’s stock valued at $279,970,000 after purchasing an additional 636,334 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Principal Financial Group in the 4th quarter valued at about $273,276,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Price Performance

Principal Financial Group stock opened at $110.75 on Monday. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $23.71 billion, a P/E ratio of 15.73, a PEG ratio of 1.01 and a beta of 0.87. The business has a 50-day moving average of $111.67 and a 200-day moving average of $101.51. Principal Financial Group, Inc. has a 1 year low of $77.90 and a 1 year high of $116.61.

Principal Financial Group (NASDAQ:PFG) last announced its quarterly earnings results on Monday, July 27th. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.17. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.11 billion. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. During the same period last year, the company posted $2.16 EPS. On average, equities analysts anticipate that Principal Financial Group, Inc. will post 9.57 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 3rd will be given a dividend of $0.84 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.82. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 3rd. Principal Financial Group’s payout ratio is 46.59%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PFG shares. Piper Sandler boosted their price target on shares of Principal Financial Group from $113.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Keefe, Bruyette & Woods raised their price objective on shares of Principal Financial Group from $102.00 to $112.00 and gave the company a “market perform” rating in a research note on Monday, July 13th. Bank of America lifted their target price on shares of Principal Financial Group from $94.00 to $104.00 and gave the stock an “underperform” rating in a report on Tuesday, July 28th. Raymond James Financial reiterated an “outperform” rating and set a $121.00 target price on shares of Principal Financial Group in a research report on Monday, August 17th. Finally, Atlantic Securities set a $94.00 price target on Principal Financial Group in a research note on Wednesday, July 15th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Principal Financial Group currently has a consensus rating of “Hold” and a consensus price target of $106.67.

Principal Financial Group Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.