Convergence Investment Partners LLC Acquires New Shares in Principal Financial Group, Inc. (NYSE:PFG)

Convergence Investment Partners LLC purchased a new stake in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,343 shares of the company's stock, valued at approximately $957,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. bought a new position in Principal Financial Group during the first quarter valued at about $32,000. Ameriflex Group Inc. bought a new position in Principal Financial Group during the fourth quarter valued at about $37,000. Navigoe LLC bought a new position in Principal Financial Group during the fourth quarter valued at about $37,000. Covestor Ltd grew its stake in shares of Principal Financial Group by 144.3% in the 4th quarter. Covestor Ltd now owns 540 shares of the company's stock valued at $42,000 after purchasing an additional 319 shares during the period. Finally, MorganRosel Wealth Management LLC bought a new stake in shares of Principal Financial Group in the 1st quarter valued at approximately $46,000. 75.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays upped their price objective on Principal Financial Group from $76.00 to $80.00 and gave the company an "underweight" rating in a research note on Monday, July 7th. Keefe, Bruyette & Woods upped their price objective on Principal Financial Group from $87.00 to $90.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Morgan Stanley reiterated an "underweight" rating and issued a $75.00 price objective (up from $71.00) on shares of Principal Financial Group in a research note on Monday, July 14th. Wells Fargo & Company upped their price objective on Principal Financial Group from $69.00 to $73.00 and gave the company an "underweight" rating in a research note on Thursday, July 10th. Finally, UBS Group lowered their price objective on Principal Financial Group from $93.00 to $80.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 29th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $86.30.

Principal Financial Group Trading Up 0.9%

NYSE:PFG traded up $0.72 during trading hours on Friday, hitting $81.05. 737,934 shares of the stock were exchanged, compared to its average volume of 1,398,396. The company's 50 day moving average is $78.63 and its two-hundred day moving average is $79.92. The company has a market capitalization of $18.17 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 0.76 and a beta of 0.99. Principal Financial Group, Inc. has a twelve month low of $68.39 and a twelve month high of $91.97. 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 - Get Free Report) last issued its earnings results on Monday, April 28th. The company reported $1.81 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.02). 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 $1.65 EPS. On average, sell-side analysts anticipate 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.