Elevation Point Wealth Partners LLC Acquires Shares of 9,515 Principal Financial Group, Inc. $PFG

Elevation Point Wealth Partners LLC acquired a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 9,515 shares of the company's stock, valued at approximately $1,026,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PFG. Integrated Wealth Concepts LLC acquired a new position in Principal Financial Group during the first quarter worth approximately $244,000. NewEdge Advisors LLC boosted its holdings in shares of Principal Financial Group by 24.1% in the first quarter. NewEdge Advisors LLC now owns 7,503 shares of the company's stock valued at $633,000 after acquiring an additional 1,455 shares during the period. Empowered Funds LLC boosted its holdings in shares of Principal Financial Group by 11.9% in the first quarter. Empowered Funds LLC now owns 4,678 shares of the company's stock valued at $395,000 after acquiring an additional 497 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Principal Financial Group by 96.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the company's stock worth $181,000 after acquiring an additional 1,117 shares during the last quarter. Finally, Cerity Partners LLC grew its position in shares of Principal Financial Group by 9.1% during the second quarter. Cerity Partners LLC now owns 37,957 shares of the company's stock worth $3,015,000 after acquiring an additional 3,175 shares during the last quarter. Institutional investors and hedge funds own 75.08% of the company's stock.

Principal Financial Group Stock Up 1.0%

Shares of Principal Financial Group stock opened at $111.89 on Tuesday. The company has a market cap of $23.96 billion, a P/E ratio of 15.89, a PEG ratio of 1.01 and a beta of 0.87. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.28 and a current ratio of 0.28. Principal Financial Group, Inc. has a one year low of $77.90 and a one year high of $116.61. The firm has a fifty day moving average of $111.70 and a two-hundred day moving average of $101.63.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last issued its earnings results on Monday, July 27th. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.17. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter in the previous year, the firm earned $2.16 earnings per share. On average, analysts forecast that Principal Financial Group, Inc. will post 9.57 earnings per share for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be given a $0.84 dividend. The ex-dividend date is Thursday, September 3rd. 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 yield of 3.0%. Principal Financial Group's payout ratio is 46.59%.

Analyst Ratings Changes

A number of analysts recently weighed in on PFG shares. Citigroup cut shares of Principal Financial Group from a "sell" rating to an "underperform" rating in a research note on Wednesday, June 24th. Evercore set a $108.00 target price on shares of Principal Financial Group in a report on Monday, April 27th. Jefferies Financial Group increased their target price on shares of Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Morgan Stanley raised their price target on Principal Financial Group from $107.00 to $112.00 and gave the stock an "equal weight" rating in a report on Monday, July 6th. Finally, Atlantic Securities set a $94.00 price target on Principal Financial Group in a research report on Wednesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $106.67.

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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