Econ Financial Services Corp Makes New $3.96 Million Investment in Principal Financial Group, Inc. $PFG

Key Points

• Econ Financial Services bought a new stake of 44,914 shares in Principal Financial Group (PFG) in Q4 valued at about $3.96 million, making the position roughly 2.0% of Econ's portfolio and its 15th-largest holding; overall institutional ownership is about 75.08%, with Wedge Capital notably increasing its stake to 411,887 shares.
• CEO Deanna Strable‑Soethout sold 9,300 shares on Jan. 29 for roughly $884,616, contributing to insiders selling 24,965 shares over the past 90 days; insiders now own about 1.08% of the company.
• Analysts give PFG a consensus rating of "Hold" with a $94.22 price target, while the company reported $2.20 EPS for the quarter and pays a quarterly dividend of $0.80 (annualized $3.20, ~3.6% yield); market cap is about $19.5 billion and the P/E is ~17.1.

Econ Financial Services Corp bought a new stake in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 44,914 shares of the company's stock, valued at approximately $3,962,000. Principal Financial Group accounts for approximately 2.0% of Econ Financial Services Corp's portfolio, making the stock its 15th biggest holding.

Other institutional investors also recently made changes to their positions in the company. Mn Services Vermogensbeheer B.V. boosted its holdings in Principal Financial Group by 0.6% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 86,815 shares of the company's stock worth $7,658,000 after buying an additional 535 shares in the last quarter. Centennial Wealth Advisory LLC grew its position in Principal Financial Group by 5.2% during the fourth quarter. Centennial Wealth Advisory LLC now owns 6,060 shares of the company's stock worth $535,000 after buying an additional 301 shares during the period. Goelzer Investment Management Inc. increased its holdings in Principal Financial Group by 0.3% in the fourth quarter. Goelzer Investment Management Inc. now owns 116,588 shares of the company's stock valued at $10,284,000 after buying an additional 394 shares in the last quarter. Acropolis Investment Management LLC purchased a new position in Principal Financial Group in the fourth quarter valued at about $210,000. Finally, Wedge Capital Management L L P NC lifted its position in shares of Principal Financial Group by 1,173.8% during the 4th quarter. Wedge Capital Management L L P NC now owns 411,887 shares of the company's stock valued at $36,333,000 after acquiring an additional 379,552 shares during the period. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Principal Financial Group

In other news, CEO Deanna D. Strable-Soethout sold 9,300 shares of the company's stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $95.12, for a total value of $884,616.00. Following the sale, the chief executive officer directly owned 144,168 shares in the company, valued at $13,713,260.16. This represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 24,965 shares of company stock valued at $2,352,460 over the last ninety days. Insiders own 1.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Piper Sandler boosted their price target on Principal Financial Group from $94.00 to $100.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 23rd. Wells Fargo & Company raised Principal Financial Group from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $85.00 to $91.00 in a report on Wednesday, February 25th. Keefe, Bruyette & Woods reiterated a "hold" rating and set a $92.00 target price on shares of Principal Financial Group in a research report on Thursday, March 26th. Bank of America upped their target price on Principal Financial Group from $95.00 to $96.00 and gave the company a "neutral" rating in a report on Tuesday, February 10th. Finally, UBS Group raised their price target on Principal Financial Group from $88.00 to $92.00 and gave the company a "neutral" rating in a research report on Thursday, January 8th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Principal Financial Group currently has an average rating of "Hold" and a consensus price target of $94.22.

Principal Financial Group Stock Up 2.1%

PFG stock opened at $90.11 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27. The company's 50 day simple moving average is $91.67 and its 200-day simple moving average is $87.34. Principal Financial Group, Inc. has a 12 month low of $68.39 and a 12 month high of $97.88. The firm has a market capitalization of $19.54 billion, a PE ratio of 17.10, a P/E/G ratio of 0.82 and a beta of 0.87.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last issued its quarterly earnings data on Wednesday, February 18th. The company reported $2.20 earnings per share (EPS) for the quarter. Principal Financial Group had a return on equity of 16.09% and a net margin of 7.58%.The firm had revenue of $4.58 billion during the quarter.

Principal Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Wednesday, March 11th were given a dividend of $0.80 per share. The ex-dividend date of this dividend was Wednesday, March 11th. This represents a $3.20 annualized dividend and a yield of 3.6%. Principal Financial Group's dividend payout ratio (DPR) is presently 60.72%.

Principal Financial Group Company 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.

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